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

Zhiyuan Sun 16 seconds ago Uniswap builds interface to swap altcoins into ETH donations for the Ukrainian people

“We built this interface so anyone who wants to donate but holds other ERC-20 tokens can do so with one click,” said the Uniswap team.

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On Tuesday, decentralized exchange, or DEX, Uniswap launched an interface that directly converts ERC-20 tokens, such as Aave, Chainlink (LINK), and Decentraland, to Ether (ETH). These coins are then sent to the official crypto wallet addresses of the Ukrainian government, all in a single transaction.

In explaining the rollout, Uniswap claimed that the address shared by the Ukrainian government is located on a centralized exchange and only accepts ETH and Tether (USDT). Thus, the feature simplifies the donation process for anyone holding ERC-20 tokens on Uniswap's list and who wishes to donate by conecting their wallet to the DEX.

2/ The address shared by the Ukrainian government is a centralized exchange that appears to accept only USDT and ETH. We built this interface so anyone who wants to donate but holds other ERC-20 tokens can do so with one click.https://t.co/0BfhARcgxS

— Uniswap Labs (@Uniswap) March 1, 2022

But in a tweet cited by the Uniswap team, members of the crypto community have expressed concern that “keys to these wallets are held by a centralized Ukrainian exchange” and are asking for a more “secure custody approach.” Nevertheless, the Ukrainian government rolled out its support for Polkadot (DOT) donations earlier today. Its founder, Gavin Wood, personally donated $5.8 million in DOT to the newly supported address. The blockchain community has been active in helping Ukraine resist an ongoing war. Donations aside, efforts such as nonfungible tokens drops to support Ukrainian artists and Ukraine DAO have also gained traction.

At the time of publication and per data tracked by Cointelegraph, crypto donations received by the Ukrainian government and non-profit organizations operating in the country had surpassed $53 million. The numbers are also based on tracked projects and do not account for donations between individuals or those made via several altcoins. Notable donations initiatives include Kuna's Reserve fund of Ukraine, Come Back Alive, as well as Bitcoin (BTC), ETH, USDT, DOT sent directly to wallet addresses verified by the Ukrainian government. It's worth noting, however, that the surge in the donations' value partly stems from capital appreciation from an ongoing rally in the cryptocurrency markets.