Uniswap builds interface to swap altcoins into ETH donations for Ukraine

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On Tuesday, decentralized trade Uniswap launched an interface that immediately converts ERC-20 tokens — resembling Aave, Chainlink’s LINK and Decentraland’s MANA — to Ether (ETH). The cash are then despatched to the official crypto pockets addresses of the Ukrainian authorities, all in a single transaction. 

In explaining the rollout, Uniswap claimed that the handle shared by Ukraine is situated on a centralized trade and solely accepts Ether and Tether (USDT). Thus, the function simplifies the donation course of for anybody holding ERC-20 tokens on Uniswap’s checklist and who needs to donate by connecting their pockets to the DEX.

However in a tweet cited by the Uniswap staff, some members of the crypto neighborhood specific concern that “The keys to those wallets are held by a centralized Ukrainian trade” and are asking for a extra “safe custody method.” Nonetheless, Ukraine rolled out assist for donations in Polkadot’s DOT earlier right this moment. Polkadot’s founder, Gavin Wooden, personally donated $5.8 million in DOT to the newly supported handle. The blockchain neighborhood has been energetic in serving to Ukraine resist an ongoing conflict. Donations apart, efforts resembling nonfungible tokens drops to assist Ukrainian artists and UkraineDAO have additionally gained traction. 

Per knowledge tracked by Cointelegraph, the Ukrainian authorities and nonprofit organizations working within the nation have obtained greater than $53 million in donations on the time of publication. The numbers are primarily based on tracked tasks and don’t account for donations between people or these made through varied altcoins. Notable donation initiatives embrace Kuna’s Reserve Fund of Ukraine, Come Again Alive, and Bitcoin (BTC), Ether, Tether and DOT despatched on to pockets addresses verified by the Ukrainian government. It’s value noting, nevertheless, that the surge within the donations’ worth partly stems from capital appreciation as a result of an ongoing rally in the cryptocurrency markets