The decentralized exchange platform Uniswap has introduced an interface that allows users to convert ERC-20 tokens like Aave, Chainlink (LINK), and Decentraland (MANA) to Ether (ETH). The platform announced on Tuesday that coins are then sent in one transfer to the Ukrainian government’s official crypto wallet addresses.
Uniswap said that the address supplied by Ukraine is on a centralized exchange that is only taking Ether and Tether in its explanation of the rollout (USDT). As a result, anyone owning ERC-20 tokens on Uniswap’s list who wishes to donate by linking their wallet to the DEX can do so more easily.
1/ To ensure that everyone who wants to donate ERC-20 tokens to the Ukrainian government 🇺🇦 can do so, we built an interface that swaps any token for ETH and then sends it directly to the Ukrainian government in a single transaction.https://t.co/3zuJLpmWNQ https://t.co/Fg3HSdbNSF
— Uniswap Labs 🦄 (@Uniswap) March 1, 2022
However, some members of the crypto community are concerned that the keys to these wallets are held by a centralized Ukrainian exchange. As per a tweet cited by the Uniswap team, the community is calling for a more “secure custody approach.”
Continuous support from the crypto community
Regardless, Ukraine took action on request on accepting other crypto tokens and added donation support to DOT earlier today. Gavin Wood, the founder of Polkadot, gave $5.8 million in DOT to the newly supported address. The blockchain community has been engaged in supporting Ukraine in its fight against the current war. Aside from donations, initiatives like NFT drops to benefit Ukrainian artists and UkraineDAO have gained popularity.
The Ukrainian government and nonprofit groups have received over $55 million in donations at the time of publication. The figures are based on monitored projects and do not include personal contributions or donations made using multiple altcoins.
Kuna’s Reserve Fund of Ukraine, Come Back Alive, and Bitcoin (BTC), Ether, Tether, and DOT transferred directly to wallet addresses verified by the Ukrainian government are among the notable donation projects. It’s worth mentioning, though, that the increase in the value of the donations is due in part to capital growth as a result of the crypto markets’ ongoing boom.