Following Russia’s invasion of Ukraine, cryptocurrency users have taken it upon themselves to collect funds for the besieged country. To that aim, decentralized autonomous organizations are springing up to assist people who have been harmed by the invasion.
A decentralized autonomous organization UkraineDAO, Pussy Riot’s Nadya Tolokonnikova, Trippy Labs, and PleasrDAO members, raised $2,188 ETH ($6.1 million) for a 1/1 Ukrainian flag nonfungible coin. The raised money will go to charitable groups in Ukraine. They will help in assisting individuals who have been impacted by Russia’s invasion.
welcome to @Ukraine_DAO.
our goal is to raise funds to donate to Ukranian civilian organizations who help those suffering from the war that Putin started in Ukraine.
we’ll be buying an NFT of Ukrainian flag.
— 💦 (@pussyrrriot) February 24, 2022
The NFT auction was held as a PartyBid auction. The auction has let users pool their resources and bid for fractionalized ownership of the digital Ukrainian flag. Depending on the payment amount, contributors will receive ERC-20 tokens in the form of LOVE tokens.
The NFT has not yet been fractionalized, and the money has not yet been disbursed.
1- $LOVE TLDR (and thread) 🇺🇦🇺🇦🇺🇦
✅ Funds (over $6M / 2100ETH) safu in the ukrainedao.eth multisig
✅ We will combine partybid contributions & direct ETH contributions with a snapshot tomorrow at 6AM EST
✅ $LOVE tokens distributed tomorrow evening https://t.co/It87H0mTYi
— UkraineDAO (@Ukraine_DAO) March 2, 2022
Tolokonnikova said that she pressed for the usage of the Ukrainian flag because it’s about something far greater than anyone. She says that it is a sincere act of solidarity.
The mind behind the UkraineDao
Alona Shevchenko, a Ukrainian activist residing in England, came up with the idea for Ukraine DAO. Shevchenko expressed her hope that the Ukraine DAO would not be required. She hoped that regional tensions would subside.
Shevchenko added that she started reaching out to her friends not so long ago. Then they linked her with Pussy Riot’s Nadya and other PleasrDAO members.
Shevchenko worked with FreeRossDAO and has been associated with decentralized communities since 2020. She said that she reached out to the community. Not so long after, twenty individuals were on the phone, ready to contribute to the project.
Creating a DAO is an effective approach to gain worldwide and Web3 attention. Nevertheless, DAO also gives Ukrainians a voice. Shevchenko states that DAOs are for using the power of blockchain to effect change in the real world.
The initiators of UkraineDao
Pussy Riot is a feminist punk music band from Moscow, founded in 2011. The group is known for putting on guerilla or pop-up concerts in support of LGBT rights. They also use a lot of provocative anti-Putin lyrics.
Trippy Labs is a digital artist and the inventor of Entopic. Trippy Labs has collaborated with SuperRare and FreeRossDAO. It is done to curate an NFT collection incorporating original Silk Road founder Ross Ulbricht paintings.
PleasrDAO, on the other hand, is a group of digital artists and collectors. Those artists buy culturally meaningful work with a humanitarian bent. Pplpleasr, a digital artist, inspired the group’s name.
Elliptic is a data analytics company. They stated that Bitcoin payments to a pro-military Ukrainian NGO had increased significantly in the recent 24 hours.
On one hand, there is a group that promises to provide arms and medical aid to soldiers. On the other, we have UkraineDAO is utilizing its fame to assist Ukrainian residents.
Your capital is at risk.