Ukraine’s Army Gets $3.5m Worth Of Eth Funds Through New DAO
Russia’s invasion of Ukraine has created instability and turbulence in Ukraine. Many economic experts view the 2014 dignity revolution as the source of disagreement between the two nations. The disagreement occurred after Russia claimed the Crimea region out of Ukraine. The new Russian invasion started last Thursday.
Chaos Is Already The Order Of The Day In Ukraine
The fight between the nations has led to massive chaos in Ukraine. Thus, leaving many Ukrainians and Ukrainian residents helpless and stranded. Also, the Ukrainian army has had to seek help from humanitarian organizations globally. Hence, when the Ukrainian government sought the world’s help, many acceded to their request through financial donations and other kinds of help.
One of the ways many felt would help the Ukrainian government was the creation of a DAO (decentralized autonomous organization, known as UkraineDAO where funds can be raised in unison and given to the Ukrainian government in bulk. PleasrDAO, Trippy Labs, and Pussy Riot were among the most prominent members of this DAO. One of the latest requests from the DAO was crypto donations for the Ukrainian army. Now, the DAO is reporting that it has received nearly $3.5m worth of eth coins since the request.
Supporting Ukraine Through The DAO
Surprisingly, this DAO’s Twitter account was created by Alona Shevchenko before Russia invaded Ukraine. Shevchenko (based in London but is of Ukrainian descent) revealed that she created the account when she started receiving information about an alleged Russian assault on Ukraine. She further stated that she reached out to a friend at PleasrDAO after receiving the information of a possible invasion from credible sources.
Shevchenko received fast responses to her request after reiterating the need for the account to be created and organized rapidly. Besides her involvement with UkraineDAO, she is also the operations and community leader for the freerossDAO, among other crowdfunding interests.
The freeRossDAO is a crypto-only crowdfunding request seeking the freedom of jailed Silk Road founder Ross Ulbricht. Part of the funds received by UkraineDAO would be to support the nation’s soldiers. These funds would also go to a Ukraine NGO (the Come Back Alive initiative).
How UkraineDAO Intends To Disburse Received Funds
While it is yet to receive any funds from UkraineDAO, the Come Back Alive has already received nearly $7m in crypto and other fiat donations. The amount raised by this initiative is quite surprising given that it raised the sum without using any fundraising platform following its ban from Patreon (a crowdfunding site) for breach of the site’s terms and conditions.
Furthermore, the UkraineDAO released an NFT of the Ukrainian flag this past weekend. Any funds raised through it would also be used to purchase more NFTs. The DAO intends to use the PartyBid service to procure these intended NFTs. The group requests donations from everyone for the auction of the Ukrainian flag NFT. However, the auction winner will receive their ETH tokens commensurate with their donations.
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