A decentralized autonomous organization (DAO) has been established to generate funds for Ukrainian soldiers fighting the Russian army. PleasrDAO, the NFT studio Trippy Labs, and the Russian art collective Pussy Riot have already raised more than $3 million in Ethereum-based tokens. Through UkraineDAO, a fundraising drive coordinated by PleasrDAO, the NFT studio Trippy Labs, and the Russian art collective Pussy Riot.
The initiative is inspired by previous politically-minded DAOs, such as AssangeDAO, which supports Wikileaks founder Julian Assange, and ConstitutionDAO, which attempted and failed to acquire an original copy of the United States Constitution at auction. UkraineDAO joins the Ukrainian government in requesting bitcoin donations to assist the resistance in the aftermath of Russia’s invasion.
Hevchenko returned from Thursday’s anti-war rally at 10 Downing Street to a PleasrDAO Zoom call, where she found a team already prepared. UkraineDAO, as she described it, self-organized quite swiftly. This isn’t Shevchenko’s first crowdfund; she presently works as the operations and community lead for FreeRossDAO. Ross Ulbricht, founder of FreeRossDAO intends to give cryptocurrency to Silk Road.
UkraineDAO intends to fund Ukrainian soldiers with its official war chest (ukrainedao.eth). Come Back Alive is a Ukrainian charity that was recently removed from the Patreon crowdfunding website. They violate the site’s terms of service. Come Back Alive is the organization to which the group plans to give. Separately, Come Back Alive has raised around $6.9 million in bitcoin contributions.
NFT of the Ukrainian Flag
Before the prohibition, Come Back Alive was collecting US dollar donations for the Ukrainian military. In a letter explaining its decision to suspend the crowdfund, Patreon cited elements of the organization’s website that referenced funding and training military personnel. The message also said that the corporation had repaid all donations, which is not feasible with cryptocurrency.
The DAO issued a one-of-one NFT of the Ukrainian flag this weekend. It now hopes to purchase with the contributed monies. It’s all occurring through PartyBid, a fractionalized bidding tool that enables for group NFT purchases. Donate to the winning group in the auction. Then, you’ll receive a set of ERC-20 tokens equivalent to your donation, or in this example, $LOVE tokens. Indeed, $LOVE may have actual value complicates the process; a gift to UkraineDAO is as much a charity giving as an investment in $LOVE tokens.
It’s also doable that the PartyBid will lose the transaction for the flag NFT if a Goliath intervenes at the last nanosecond. The money would still go to UkraineDAO, but PartyBid donors would have to reclaim their funds from the point Come Back Alive would conceivably collect the moneybags. It is a competitive rather than a cumulative giving structure.
The DAO is also donating to the NGO Proliska and has indicated that it may donate to the Red Cross. Shevchenko believes that the contributions are the best to use in military. She suggested that all of our help should be on the troops. We will have no citizens to assist us if you do not stand up for our soldiers right now.
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