Crypto Donations for Ukraine Cross $83 Million Led by Ethereum & Bitcoin
- The total amount donated in crypto has crossed $83.5 million.
- Of the $83 million, 52.54% of the donations went directly to the Ukrainian government.
- Bitcoin and Ethereum combined account for 67.73% of all donations.
As Ukraine continues to fight the invasion from Russia, support continues to pour in for the country.
One of the most significant sources of this aid is cryptocurrencies, which have surpassed expectations in the last two weeks. Data analysis shows that there are some interesting observations even in these donations.
Government > DAO
Even in decentralization, there is centralization. Since crypto brought the concept of Decentralised Autonomous Organization (DAO) into existence, one would expect to be the biggest receiver of these donations.
Surprisingly not, since people have more faith in an entity that can be held accountable, which is why about 52.54% or about $44 million of all donations have gone directly to the Ukrainian government.
The UkraineDAO, which was established for the sake of helping the country, only received about $13.38 million.
Even though it stood as the third biggest entity donation-wise, it was still behind the second biggest centralized foundation.
The eight-year-old Come Back Alive foundation, supporting Ukrainian troops since 2014, received close to $14.43 million.
Furthermore, beyond these three, the Binance Ukraine Emergency Relief Fund, run by the biggest crypto exchange in the world, managed to accrue close to $10 million.
However, this pattern does show that there is much more trust in a centralized system over a decentralized one.
Ethereum Trumps Bitcoin
The second peculiar observation was the domination of Ethereum in the distribution of donations. Contributing 39.27% to all donated cryptocurrency, Ethereum donations accounted for $32.84 million.
This was followed by the king coin, Bitcoin, accounting for $23.8 million (28.46%) of all donated cryptocurrencies.
The not-so-surprising addition to this mix was Polkadot, through which about $6.14 million was donated to Ukraine.
It isn’t surprising because, as reported by FXEmpire, 91.2% ($5.6 million) of the entire amount came from Polkadot’s founder Gavin Woods when Ukraine enabled donations in DOT.
The other donated cryptocurrencies included BNB BEP2, Solana, NEAR Protocol, BNB BEP20, and Dogecoin. These tokens cumulatively accounted for 32.37% ($26.86 million) of the $83 million donations.
These figures are only expected to increase since tension in the warzone is increasing by the day, and so are the donations. Not only are they rising day by day but also week by week.
Since the beginning of February, the total donations in the two weeks only witnessed 56 transactions in all.
However, the week after that, transactions grew by 45,584% to 15,533 and the following week by another 538% to 99,252.
Put simply, within two weeks, transactions shot up by 291817% and will only continue rising as the world stands with Ukraine.