Ukraine Won’t Drop ‘Reward’ To Crypto Donors
Key points to remember
- War-stricken Ukraine confirmed early this morning that it will be conducting an airdrop for its crypto backers.
- Other than the snapshot time scheduled for tomorrow, the country did not share any other details regarding the specifics of the airdrop.
- So far, the country has directly received at least $28 million in donations from the crypto community, more than from the United Nations.
Share this article
Ukraine has confirmed that it will conduct an airdrop to reward donors who have financially aided the country in its war efforts against Russia.
Ukraine confirms airdrop, snapshot due tomorrow
Ukrainian government plans crypto airdrop after receiving millions of dollars in crypto donations.
The crypto community has rallied in support of Ukraine in recent days in an effort to help the country fight off the Russian military strike. On Saturday, the government issued a call for donations of Bitcoin, Ethereum, and Tether, and has since started accepting TRON, Polkadot, and Solana. Government donations alone have exceeded $28 million so far.
Today, Ukraine plans to thank its donors, at least symbolically. “Airdrop confirmed,” the Eastern European country announced on Twitter this morning. “The photo will be taken tomorrow, March 3, at 6 p.m. Kyiv time. Reward to follow!”
Airdrop confirmed. The snapshot will be taken tomorrow, March 3, at 6 p.m. Kyiv time (UTC/GMT +2 hours).
Rewards to follow!
Follow the following news about Ukraine’s crypto donation campaign at @FedorovMykhailo
— Ukraine / Україна (@Ukraine) March 2, 2022
Crypto airdrops typically involve project teams distributing free tokens to specific groups within the crypto community – usually early adopters – as a reward for starting the project. They are also commonly used as a promotional tactic. Tokens are usually created out of thin air and start life as worthless assets. However, they can become valuable after distribution, depending on their usefulness or value proposition.
In some cases, some platforms or companies send free Bitcoins to attract users. For example, El Salvador dropped $30 worth of Bitcoin to each of its citizens who downloaded the official Chivo digital wallet app to promote Bitcoin adoption within the country.
In the case of Ukraine, however, airdropping Bitcoin would defeat the purpose of the charity campaign. Although the country has not shared any specific details about the airdrop, it is safe to assume that it will likely be done on a blockchain other than Bitcoin due to the network’s limited programming capabilities. If the airdrop works on Ethereum or Polkadot, however, Ukraine will be able to reward its donors with worthless fungible tokens, NFTs, or even POAP Badges. TRON founder Justin Sun responded to Ukraine’s announcement saying it would be unfair for TRON donors to be excluded from distribution, sparking outrage from the wider crypto community. “It’s not about waiting for a comeback, but if an airdrop goes to all that gave and kicks out TRON, that’s UNFAIR!” he wrote on several tweets, prompting a torrent of calls from onlookers.
Ukraine’s airdrop announcement appears to have been incredibly successful in attracting more donations. Zerion Data shows that Ethereum donations started accumulating immediately after the announcement of the airdrop at 6:43 UTC. In less than six hours since then, Ukraine has received more than $3 million in Ethereum and Tether, representing almost a third of all donations received at this address since the war-torn country began accepting crypto on February 26.
While the Ukrainian government has received around $28 million, at least $23 million has been raised through other fundraising campaigns, including a Bitcoin advocacy from the nonprofit Come Back Alive. and various NFT-focused initiatives. This brings the total raised through cryptocurrency significantly higher than the The United Nationsfinancial aid for the country, which is currently around 20 million dollars.
Update 03/03: Ukraine has since announced that it is canceling its airdrop. Learn more here.
Disclosure: At the time of writing this article, the author of this article owned Ethereum and several other cryptocurrencies.
Earn high returns without the complexity of DeFi? Welcome to Hodlnau…
One of the most popular cryptocurrency trends dates back to ancient times: lending money to earn interest. In the traditional banking system, people store their funds and they get…
Ukraine asks for Polkadot donations and hints at Airdrop
Polkadot’s Gavin Wood has pledged to donate $5 million in DOT over the weekend. Ukraine Now Accepting Polkadot Donations Ukraine is not only looking for Bitcoin, Ethereum and Tether to fund…
Ukrainian government approves AidForUkraine DAO
AidForUkraine, a decentralized autonomous organization that aims to support Ukraine’s defense efforts, was launched. It is backed by the Solana Foundation, the Everstake Pool (a staking platform focused on proof-of-stake…