Perhaps if nothing else, the Russian invasion of Ukraine has proved why interoperability in crypto is the need of the hour. While supporters sent coins to the Ukrainian government and pro-military NGOs, government officials found themselves on the receiving end of various crypto assets – including NFTs.
The question is: how to deal with the enormous variety?
Ukraine in the EU niswap
Ukraine’s Deputy Prime Minister Mykhailo Fedorov thanked Uniswap for its “donate to Ukraine” feature that would help donors turn their assets into Ether. At the request of the minister, Uniswap has put the donation app on its homepage.
1/ Update: The 🇺🇦 Donate app is now linked from the Uniswap homepage. https://t.co/liqYXtQoM2 https://t.co/7MJDFM0eUL
— Uniswap Labs 🦄 (@Uniswap) March 2, 2022
At the time of writing, a Uniswap V3 transfer cost an average of $17.14.
Is the grass greener here?
It’s time to take a closer look at the state of Uniswap right now. Weighted sentiment for Uniswap was negative for most of February. In March, however, a huge spike pushed sentiment from -0.99 to 0.367.
Source: Santiment
This followed UNI’s share price performance, which was trading at $9.89 after rallying at 28.91%.
In addition, development activity on Uniswap started to pick up again after a low in late February. It remains to be seen whether Uniswap’s involvement in Ukraine’s fundraising will further increase investor interest in UNI and the network as a whole.
For now, the resumption of growth and the price rally are positive signals for developers and investors alike.
Source: Santiment
When collecting money isn’t just fun
Ukraine’s call for crypto donations was not in vain as users around the world sent Bitcoin, Ether and USDT to the addresses shared by Ukraine’s official Twitter account.
However, controversy arose after Polkadot founder Gavin Wood pledged to donate $5 million – if the account shared a DOT address. Many criticized Wood, claiming he was trying to generate press for DOT, while others pointed to the costs associated with swapping assets.
Finally, a DOT address was posted and Wood donated just over 298,367 DOT, worth about $5.7 million at press time. All said and done, but the incident highlighted the need for fast and affordable interoperability tools when making crypto donations. This is where Uniswap and its ETH transfer options want to fit in.
In that regard, a report from Arcane Research stated:
“Over $24 million in crypto has been donated to Ukraine so far, but this number is likely an underestimate as numerous smaller NGOs are raising funds.”
This post Did Uniswap’s aid to Ukraine solve this big problem?
was published first on https://ambcrypto.com/has-uniswaps-help-to-ukraine-solved-this-major-problem/
