The Uniswap protocol has added a new feature to its interface so that users can directly transfer their ERC-20 tokens to the Ukrainian government’s Ethereum (ETH) wallet. A move that adds to the various forms of support from the cryptocurrency world to help Ukraine in its conflict with Russia.
Uniswap adds new feature to help Ukraine
On Tuesday, decentralized exchange (DEX) Uniswap (UNI) added a swap feature to its interface so users can donate directly to the Ukrainian government.
This new feature allows all ERC-20 tokens to be swapped into Ether (ETH) and then transferred directly to the Ukraine wallet. It’s not clear how much has been paid out through Uniswap, but the Ukrainian government’s Ethereum wallet is currently worth $956,000.
Swap interface to Ukrainian government wallet (Source: Uniswap)
More than 130 different tokens have been used to help Ukraine via the Ethereum network, with a majority of stablecoins (USDC and USDT) alone accounting for $137,000 in donations. The next largest donations were made in Dogs Of Elon (DOE) for $58,600, Wrapped Ether (wETH) for $18,000 and GreenCoin (GRC) for $15,700.
On 26 February, the official Twitter account of Ukraine published Bitcoin (BTC), Ethereum (ETH) and USDT ERC-20 addresses for donations. The operation was a great success and the number of donation possibilities increased rapidly. It is now possible to donate with Polkadot (DOT), and other cryptocurrencies are also expected to be added to the list soon, according to the Ukrainian government.
Mixed feedback
According to Uniswap, the Ethereum address provided by Ukraine is said to come from a centralized exchange:
2/ The address shared by the Ukrainian government is a centralized exchange that appears to accept only USDT and ETH. We built this interface so anyone who wants to donate but holds other ERC-20 tokens can do so with one click.https://t.co/0BfhARcgxS
– Uniswap Labs (@Uniswap) March 1, 2022
And this can be a problem. Indeed, centralized exchanges can be pressured and constrained by institutions, and are often accused of not fitting the philosophy of freedom around cryptocurrencies, which is manifested in decentralization.
Some people have expressed surprise at this choice, such as Twitter user @ctjlewis:
The creator of the Rainbow wallet] confirmed that access to these wallets is guarded by a centralized Ukrainian exchange, which is not ideal. If you are planning to make a large donation (over $1000), it would be better to wait a few days until they come up with a more secure solution. You will have to compromise. “
Remember that it is possible to make donations in DOT since yesterday. The creator of Polkadot, Gavin Wood, personally donated the equivalent of 5.6 million dollars at the time of the transaction.
Other initiatives to support Ukraine include donations of non-fungible tokens (NFTs) and organisations such as UkraineDAO, which has already raised $1808 ETH, or over $5.4 million.
In total, more than $50 million has been raised in cryptocurrencies through various NGOs and projects. An amount supported by the bullish trend of the crypto market, which has been observing a rise since February 28.
