Ukraine DAO established, selling national flag NFTs to raise funds for aiding the people; NGO receives $400,000 in cryptocurrency donations in a single day

The Russian military officially invaded Ukraine on the 24th. In order to assist those in need due to the war, many cryptocurrency users are raising funds for donations. When it comes to fundraising, DAO cannot be overlooked. The Ukrainian DAO was officially established today, led by the Russian feminist punk rock band Pussy Riot. Updated donation methods and national flag auctions on 3/1, and voting results updated on 3/4.

Ukraine DAO Established

Political activist and critic of Russian President Putin, Nadya Tolokonnikova, announced the establishment of Ukraine DAO on Twitter yesterday. She is best known as a founding member of the Russian feminist punk rock group "Pussy Riot," which frequently stages performance art protests related to Russian political life in prominent locations.

Additionally, digital artist Trippy Labs and NFT charity collection organization PleasrDAO are also members of the DAO.

"Our goal is to raise funds to donate to Ukrainian civil organizations to help those suffering from Putin's war against Ukraine," stated Pussy Riot.

According to Tolokonnikova's statements to the media outlet Decrypt, they will mint 10,000 Ukrainian flags on Ethereum to give to donors. All proceeds will be donated to the Come Back Alive Foundation and the non-governmental organization Proliska. Additionally, major donors will receive unique NFT flags.

"Because it has nothing to do with any specific artist or aesthetics, it's something more important than all of us, a pure symbol of unity," Tolokonnikova said when discussing the use of the Ukrainian flag.

Shortly after the organization was established, Ethereum's co-founder Vitalik also expressed his support on Twitter.

Ukraine Receives Large Cryptocurrency Donations

According to the blockchain analytics company Elliptic's previous report, as tensions between the two countries escalate, Ukrainian non-governmental organizations received significant cryptocurrency donations in 2021, totaling around $570,000.

With news of the war officially starting, Elliptic observed from on-chain data that the Come Back Alive Foundation received $400,000 in just one day yesterday, an organization that primarily provides military assistance to the Ukrainian army.

Ukraine DAO Opens Donation and Flag Auction Update on 3/1

Ukraine DAO opened donations on Sunday the 27th, offering two methods:

1. Directly donate cryptocurrency to UkraineDAO.eth
2. Participate in a crowd fundraising auction for Ukrainian flag NFTs

Ukraine DAO has launched a Ukrainian flag NFT fundraising campaign through PartyBid, where anyone willing to assist the Ukrainian people can donate ETH on this platform. Donors will receive LOVE tokens in proportion to their donation, which have no practical use but serve as a beautiful token and a reminder of the contributor's involvement.

Currently, UkraineDAO.eth has received approximately $430,000 in donations, with ETH being the majority.

The NFT fundraising has received around 1462 ETH, approximately $4.26 million in donations, with the highest bid at 1103 ETH, made by Ukraine DAO, and is expected to close on the evening of 3/2.

Ukraine DAO Flag Auction Ends Update on 3/4

After the auction ended on the evening of 3/2, Ukraine DAO raised a total of 2,258 ETH, approximately $6.2 million, with the final bid at 2174 ETH. In addition to receiving LOVE tokens in proportion to their donations, donors will also receive POAP NFTs as a commemoration.

The current price of LOVE is nearly $5, with a total of approximately 2.31 million tokens worth around 4160 ETH. Compared to the initial 2258 ETH received, this represents an increase of nearly 85% in terms of the coin's value.

Note: LOVE contract address 0x5380442d3c4ec4f5777f551f5edd2fa0f691a27c

The address holding the most LOVE tokens currently is only.eth, with a total of 500,000 tokens. This address belongs to the adult site Onlyfans, which donated 500 ETH to Ukraine DAO on 2/28.