• Ukraine’s Aid DAO Raises Funds in Collaboration With FTX

  • Solana co-founder Anatoly Yakovenko, a Ukrainian by birth, adds a DAO to the disaster relief fund efforts in his native country, which has been besieged by Russian military.

    Sergey Vasylchuk, CEO of crypto staking firm Everstake, spoke to the Solana podcast on Friday about Aid For Ukraine, a new relief movement to support Ukraine.

    Vasylchuk contacted Solana co-founder Anatoly Yakovenko about forming a decentralized autonomous organization (DAO) based in Solana in collaboration with FTX.

    Under martial law, it is difficult to purchase necessities.

    Since the implementation of martial law in Ukraine, the central bank has placed restrictions that make it difficult for volunteer organizations within Ukraine to make payments in USD to equipment providers in order to purchase crucial military equipment. According to Vasylchuk in a recent podcast interview, cryptocurrency came to the rescue as a natural alternative.

    The DAO funds are directed to a special account recently formed by Ukraine’s central bank for donations to humanitarian and military activities. FTX, a cryptocurrency exchange, will handle the conversion of cryptocurrency to euros or dollars for deposit into the central bank.

    The smart contracts for cryptocurrency donations, which can be made in SOL, Wrapped ETH, BTC, USDT, and NFTs, were created by Solana engineers. Everstake has donated $375000 in SOL to the DAO, as well as three NFTs to the cause: “WOOFers #5326,” “sunflowers,” and “Chicky Town #658.”

    What is the DAO’s level of transparency?

    Everstake’s business partners were initially skeptical of Vasylchuk’s DAO idea because they wanted clarity on how the funds were being used.

    Vasylchuk enlisted the assistance of Ukraine’s Ministry of Digital Transformation to rectify the situation.

    The Ministry of Digital Transformation was established a few years ago with the goal of digitizing citizens’ documents and improving residents’ access to high-speed internet.

    Vasylchuk approached the ministry, which consented to make a fundraising appeal on their Twitter account. Furthermore, the deputy minister of digital transformation provided his own Solana key to the multi-sig wallet, which will hold donations before distribution. Vasylchuk then contacted the founders of a few “respectable companies” in Ukraine and requested their Solana keys, as well as linking the founders’ Twitter accounts to the keys, in order to legitimize the DAO. Furthermore, according to the DAO’s website, the “situation on the ground is dynamic, and we’re continuing to examine the best approach to get this money into the places where it’s most needed.”

    Basic bitcoin wallets, according to Bitpay, “need only one signature to sign a transaction.” A transaction is made and signed in order to send funds from a basic wallet. By signing the transaction, you are stating digitally, “I am the owner of the funds, I have the key to control them, and I authorise this transaction.” To send funds using a multi-sig wallet, several signatures are necessary. The Ukrainian Ministry of Digital Transformation has two signatories to the Aid for Ukraine DAO, Everstake has three, and Distributed Lab has one.

    Vasylchuk believes that the $1.45 million raised so far is insufficient to make a difference in the battle, and he aims to publicize the DAO to a larger audience. Every cryptocurrency owner, including whales, can give any sum ranging from $1 to $10 million.

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