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- Aid for Ukraine, a decentralized autonomous established by Solana and the Ukrainian government in collaboration, raised around $1.4 million.
- Meanwhile, the global crypto community successfully raised approximately $25 million via various official channels.
- The Ukrainian crisis is an example of how cryptocurrency can help an entire country when traditional funds can not be raised.
People all around the world came forward to help when Russia invaded Ukraine and backed the country with a lot of donations. However, these efforts weren’t entirely successful as many fundraising pages like Pateron were put down without any apparent reason. However, innovators managed to work towards a decentralized future.
Tremendous Global Support For Ukraine
Soon after the conflict started and various economic and commercial centers were attacked, it became apparent that traditional funding wouldn’t be of any use if all banking institutions stopped operating. At that time, pointing towards popular cryptocurrency, Ukraine’s prime minister said that “even meme can lend support to our army and save lives from Russian invaders.”
A decentralized autonomous organization (DAO) platform, Aid for Ukraine, established by Solana and the Ukrainian government together, proved to be the first milestone in the entire crypto donation process. Currently, the charity initiative has funds worth around $1.4 million. The developers ensure that these funds will be utilized for aiding Ukrainians on the ground.
In the meantime, Uniswap, a crypto exchange, has introduced a function that would let its users convert any Ethereum-backed digital currencies into Ether and transfer them directly to the Ukrainian government wallet. However, another side to it is that crypto donations can only be made in ETH or USDT, which are assets that every crypto enthusiast owns.
That’s where the initiative comes in; the developers created a feature that no third party such as Patreon can shut it down, using the decentralized technology of the Polkadot.
Despite such harsh circumstances, the initiative managed to raise around $1.5 million in different cryptocurrencies from the Kusama and Polkadot communities through Sub.ID for Ukrainian Military Fund and Ukrainian Humanitarian Fund.
Moreover, Dr. Gravin Wood, the founder of Polkadot, also announced to donate $5M if they set up an account for Polkadot.
A Polkadot account was soon created by the Ukrainian government for facilitating Dr. Wood, the Subsocial team, or anyone who wishes to make donations to Ukraine in DOT, KSM, or different other tokens.
Cryptocurrency To Rescue
Meanwhile, the global crypto community managed to raise around $25 million using multiple official channels using various official channels.
The Ukrainian crisis has set an example of how cryptocurrencies that initially were associated with illegal operations such as money laundering are proven to be of great assistance for an entire country when traditional currencies cease to work.
At this time, cryptocurrency has shown what it is capable of, establishing that it is much more than an asset and can yield life-saving results.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
