Ukraine DAO, a decentralized autonomous organization founded by NFT marketplace SuperRare curator Trippy Labs, Nadya Tolokonnikova of performance art group Pussy Riot, and members of PleasrDAO is collecting direct crypto donations as well as auctioning an NFT of the Ukrainian flag. Ukraine DAO raises funds to support Ukrainian civilians and military suffering from the attack by Putin’s forces earlier in the week.
What is Ukraine DAO?
Alona Shevchenko, born in eastern Ukraine and currently based in London, created the Twitter account for Ukraine DAO a few days before Russian President Vladimir Putin announced the invasion. This isn’t Shevchenko’s first crowdfund; she currently works as the operations and community lead for Free Ross DAO, which looks to funnel crypto toward the jailed Silk Road founder Ross Ulbricht.
UkraineDAO plans to use its official war chest (ukrainedao.eth) to support Ukrainian soldiers. Specifically, the group hopes to donate to a Ukrainian organization called Come Back Alive, which was recently banned from the fundraising platform Patreon for violating the site’s terms of service. Come Back Alive has separately raised about $6.9 million from bitcoin donations.
Ukrainian flag NFT
Before the ban, Come Back Alive was accepting U.S. dollar donations for the Ukrainian military; in a letter explaining its decision to block the crowdfund, Patreon quoted sections of the organization’s website, which pointed to “financing and training military personnel.”
Shevchenko called Patreon’s policy “delusional.” Last weekend, the DAO released a one-of-one NFT of the Ukrainian flag, which it now plans to purchase (from itself) with the donated funds. It’s all happening through the fractionalized bidding service Party Bid, which allows for group NFT purchases. Donate to the group that ends up winning the auction, and you’ll receive a set of ERC-20 tokens proportionate to what you put in (in this case, LOVE tokens).
The process is complicated by the fact that LOVE could have real value; a contribution to UkraineDAO is as much a charitable donation as an investment in LOVE tokens, which can be bought and sold on centralized exchanges like MEXC.
It’also possible that the PartyBid could lose the auction for the flag NFT, if a whale swoops in at the last moment. In that case, the funds would still go to UkraineDAO, but PartyBid contributors would need to reclaim their donations from the site: Come Back Alive would theoretically still get the money, but the funds in the group bid would be rendered meaningless. It’s a competitive donation scheme, rather than a cumulative one.
The DAO is also giving money to the NGO Proliska, and has suggested it might give to the Red Cross. But the way Shevchenko sees it, the contributions are best used militarily.
LOVE Token
UkraineDAO’s native token LOVE was listed on March 4 in MEXC’s Assessment zone with the opening price of 1.0 USDT , the highest price reached at 6.2 USDT within the initial day, up 620%.
DAOs for charity. Saving humanity
DAOs are the most decentralized form of organization currently available. They lay the groundwork for creating customer-driven applications and platforms that reflect the future technological and interpersonal communication trends, which is decentralized and community-run. During this early stage of DAO development, the sector must capitalize on its skyrocketing financial positions and token values to promote a positive influence – energizing a social accountability practice within these new enterprises.
Cryptocurrency pioneers have already proved the immense potential of crypto-charity. It’s time to elaborate on this idea and discover what this new sort of decentralized charity might resemble. DAOs are organizations that operate in various disciplines, from art to sports, and use both crowdsourcing and cryptocurrency to do it. They’re now showing up in the field of philanthropy as well, with UkraineDAO being one of them.
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