Uniswap builds interface to exchange altcoins into ETH donations for the Ukrainian people

On Tuesday, decentralized exchange Uniswap launched an interface that converts ERC-20 tokens — such as Aave, Chainlink’s LINK, and Decentraland’s MANA — directly into Ether (ETH). The coins are then sent to the official crypto wallet addresses of the Ukrainian government in one transaction.

In explaining the rollout, Uniswap claimed that the address shared by Ukraine is on a centralized exchange and only accepts Ether and Tether (USDT). Thus, the feature simplifies the donation process for anyone who has ERC-20 tokens on the Uniswap list and wants to donate them by linking their wallet to the DEX.

But in a tweet quoted by the Uniswap team, some members of the crypto community are expressing concern that “the keys of these wallets are held by a centralized Ukrainian exchange” and are calling for a more “secure custody approach”. Nevertheless, Ukraine rolled out support for donations in Polkadot’s DOT earlier today. Polkadot founder Gavin Wood personally donated $5.8 million in DOT to the newly supported address. The blockchain community has been active in helping Ukraine withstand an ongoing war. Aside from donations, efforts such as dropping non-replaceable tokens to support Ukrainian artists and UkraineDAO have also gained momentum.

According to records maintained by Coin-Crypto, the Ukrainian government and non-profit organizations operating in the country have received more than $53 million in donations at the time of publication. The numbers are based on tracked projects and do not take into account donations between individuals or donations made through different altcoins. Notable donation initiatives include Kuna’s Reserve Fund of Ukraine, Come Back Alive and Bitcoin (BTC), Ether, Tether and DOT sent directly to wallet addresses verified by the Ukrainian government. It is worth noting, however, that the increase in the value of donations stems in part from capital appreciation resulting from a ongoing rally in the cryptocurrency markets.

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