It has been reported that the 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 Ukraine is located on a centralized exchange and only accepts Ether and Tether (USDT).
However, the feature simplifies the donation process for anyone holding ERC-20 tokens on Uniswap’s list and who wishes to donate by connecting their wallet to the DEX.
Uniswap Labs stated:
“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.”
The report said that the Ukrainian government and nonprofit organizations operating in the country have received more than $53 million in donations, as of March 1. The numbers are based on tracked projects and do not account for donations between individuals or those made via various 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.
Thus, the surge in the donations’ value partly stems from capital appreciation due to an ongoing rally in the cryptocurrency markets.