There is no right or wrong in war, only tragedy. The sharp escalation of the Russian-Ukrainian conflict has made it the largest military conflict in Europe since World War II. Today marks the 23rd day of the Russian-Ukrainian conflict, a military operation that will also leave Europe facing its biggest refugee crisis since World War II, as more than 3 million Ukrainians flee their homeland.
Cryptocurrencies are now an inescapable part of the global financial system, which means that, for better or worse, they are also inevitably part of international conflicts, which was also fully reflected in the Russian-Ukrainian conflict.
Crypto background of Russia and Ukraine
In the words of The Washington Post, the war between Russia and Ukraine is “the world’s first cryptocurrency war,” which is inseparable from the two countries’ backgrounds in the crypto space.
Russia is the third-largest country for bitcoin mining, and according to a government report in January, its citizens have more than 12 million cryptocurrency wallets for storing digital assets, with funds amounting to about 2 trillion rubles, or about $23.9 billion. And this is just the address data after passing KYC, which is actually much larger than this number.
The Russian government’s attitude toward cryptocurrencies has been hot and cold, with Russia’s central bank trying to ban cryptocurrencies in January. However, in just a few days, the Russian government’s attitude towards encryption turned 180 degrees, announcing that it had approved the concept of legislation for the regulation of cryptocurrency circulation, and asked the Ministry of Finance and the Central Bank to submit a draft regulation law on cryptocurrency on February 18. . Could such a sudden change in attitude be a coincidence?
Ukraine has been aggressively promoting its own domestic cryptocurrency industry for the past few years, ranking fourth in the world in terms of crypto adoption, according to Chainalysis’ annual report.
On February 17, the official website of the Ukrainian government announced that the parliament approved the amendment to the virtual asset law proposed by the president with a high vote and recognized the legality of virtual assets in Ukraine, which is less than a week before the official start of the war.
Fundraising the DAO Way
On February 25, the second day of the war, UkraineDAO was officially established. The founder tweeted that the goal of UkraineDAO was to raise funds and donate to Ukrainian civil organizations to help those suffering from the war.
On February 28, Ethereum founder Vitalik Buterin also called on social media to provide support for locals in Ukraine through UkraineDAO. V God has also tweeted to express his opposition to the war – “Ethereum is neutral, and I am not”,
UkraineDAO minted 10,000 Ukrainian flag NFTs on Ethereum and raised funds by selling NFTs. Additionally, there was a separate NFT auction on February 27, with a total of 3,271 donors raising 2,258 ETH.
On March 11, OnlyFans, a creator social platform headquartered in London, UK, contributed 500 ETH to the NFT minting of UkraineDAO, worth about $1.38 million
As of March 17, UkraineDAO has raised over $50 million.
Government announces wallet address
On February 26, the Ukrainian government announced the official donation address on Twitter, calling for crypto donations in the form of BTC, ETH, and USDT to aid Ukraine. Subsequently, the Ukrainian government announced the donation addresses of virtual currencies such as DOGE and Polkadot.
There is a small episode. Before the official Polkadot address was released, Gavin Wood, the founder of Polkadot ecology, left a message on this Twitter saying that if there was an address for Polkadot, he would donate $5 million. Afterwards, Gavin Wood was attacked by “Internet violence”, accusing him of using the Russian-Ukrainian conflict for marketing.
On March 1, CryptoPunk #5364 worth nearly $200,000 was donated to the Ukrainian government Ethereum wallet. NFTs have also played an increasingly important role in the Russian-Ukrainian conflict as a channel for donations and fundraising.
On March 3, Ukraine’s Deputy Prime Minister announced that a series of NFTs would be launched to support the Ukrainian Armed Forces.
On March 15, the Ukrainian government launched Aid For Ukraine, a website dedicated to cryptocurrency fundraising. Through cooperation with everstake, FTX and KUNA, the cryptocurrency received by the wallet address will be directly converted into US dollars and transferred to the Ukrainian government.
As of March 17, the Ukrainian government official wallet has raised a total of more than 50 million US dollars, and Aid For Ukraine has also raised 55.64 million US dollars.
Volunteer organization accepts virtual currency
Founded in 2014, Come Back Alive is a Kyiv, Ukraine-based volunteer organization whose mission is to support the Ukrainian Armed Forces by providing medical and security kits, including weaponry
Come Back Alive began accepting donations in cryptocurrency as early as 2018, and according to blockchain data analysis firm Elliptic, the group has received more than $4 million in bitcoin donations amid the Russian-Ukrainian conflict.
Fundraising by issuing coins
On February 24th, an Ethereum-based token project called Help Ukraine ($HUKR) emerged and has been donating ETH to a fundraiser called Support Ukrainian Sovereignty, which promises to allocate its funds to Various charities in Ukraine.
As of March 17, Help Ukraine has donated more than $300,000 worth of Ethereum.
There are also many corporate individuals who have contributed to Ukraine’s fundraising. FTX gave $25 to every Ukrainian who has an account on the FTX exchange; TRON founder Justin Sun announced a donation of $200,000 for Ukraine; Binance donated $10 million And launched the first crowdfunding of the Ukraine Emergency Relief Fund and so on.
This Russian-Ukrainian conflict is an exam for the crypto world, and the results on this exam are very good. Especially when it comes to fundraising, no organization can raise so much money more efficiently than the DAO. And NFT is no longer an ordinary jpg, it is the embodiment of every buyer’s love.
In a war environment, when the sovereign state itself is under threat, the currency relying on sovereign credit is unavoidable, and super-sovereign hard currency is a life-saving straw. It seemed that there was only gold in the past, but now there is an option. Finally, I hope that the war will end soon and peace will come soon.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/the-worlds-first-crypto-war-what-role-did-daos-and-nfts-play-in-ukraine/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.