Uniswap Labs, operator of the world’s largest decentralized exchange protocol, said it had built a platform that allows users to quickly donate ERC-20 tokens to Ukraine.
Donate an ETH token now
Uniswap shared the platform in a tweet, linking it to the official Ukrainian account† The government had shared an official wallet address last week and accepted donations in Bitcoin, Ethereum and Tether.
1/ To ensure that anyone who wants to donate ERC-20 tokens to the Ukrainian government can do so, we built an interface that exchanges any token for ETH and then sends it directly to the Ukrainian government in one transaction.https : //t.co/3zuJLpmWNQ https://t.co/Fg3HSdbNSF
— Uniswap Labs 🦄 (@Uniswap) March 1, 2022
Uniswap, whose protocol has a market value of more than $7 billion, said the platform will allow users to convert all ERC-20 tokens to Ethereum and donate them to Ukraine in a few clicks.
The address shared by the Ukrainian government is a centralized exchange that seems to accept only USDT and ETH. We built this interface so that anyone who wants to donate but has other ERC-20 tokens can do it with one click.
ERC-20 is the most popular technical standard used for creating tokens and smart contracts on the Ethereum blockchain. Popular tokens that use the protocol include Loopring and Basic Attention Token.
Crypto donations to Ukraine are soaring
Uniswap’s move comes amid rising crypto donations to Ukraine. What started as a few million BTC to the Ukrainian Armed Forces crossed $20 million after the government officially began soliciting crypto donations.
With electronic payments suspended in the country, crypto appears to be one of the few reliable ways to send financial aid to Ukraine.
Ethereum founder Vitalik Buterin was one of the early proponents of crypto donations to the country, even in public Verify the wallet address of the country.
Ukraine’s official Twitter account seeking donations
Donations, adoption put crypto in the spotlight
The Russian invasion of Ukraine has served as a sort of phase for crypto as conventional financial systems were either sanctioned or removed. Russian and Ukrainian citizens were seen piling up in crypto when their respective currencies crashed, and, in the case of Ukraine, when financial systems went offline as a result of the invasion.
The deluge of crypto donations to Ukraine also allowed people from all over the world to support the country directly, rather than through charities or intermediaries.
Amid all this, a healthy bitcoin recovery also fueled more optimistic optimism about crypto.
But there has also been much speculation about Russia possibly using crypto to evade strict US sanctions.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
About the author
A former Reuters correspondent with over five years of experience in global financial markets. Ambar plans to use this knowledge to cover the fast-growing world of crypto and DeFi.
This post Uniswap (UNI) Builds Platform to Donate ERC-20 Tokens to Ukraine
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