Ukraine Cancells Crypto Airdrop Program, Instead Embraces NFTs Plan

Ukraine’s government announced on Thursday that it cancelled its plan of a crypto airdrop for receiving donations towards its fight against last week’s Russian invasion. The authorities have instead stated that they will sell non-fungible tokens (NFTs) to raise funds to support its armed forces.

Mykhailo Fedorov, Ukraine’s Vice Prime Minister, informed the public on Thursday that the nation has made the decision to cancel an airdrop for crypto donations that was announced on Tuesday and instead now plans to raise more funds through the sale of NFTs.

“After careful consideration, we decided to cancel airdrop. Instead, we will announce NFTs to support Ukrainian Armed Forces soon. We DO NOT HAVE any plans to issue any fungible tokens.” Fedorov announced on his Twitter account.

Ukraine’s government expected to start the airdrop yesterday (on Thursday) at 6 p.m. Kyiv time. However, the crypto airdrop program took an unexpected turn on Wednesday when scammers started targeting Ukraine’s fundraising attempts by creating a fake token designed to look official. Scammers created a fake token and made it look like it was the official airdrop token for crypto donors.

The fake airdrop started almost an hour before the officially announced time, but Etherscan eventually flagged it as fake. Several hours later, Fedorov announced that Ukraine has cancelled the crypto airdrop program and now plans to use NFTs to support the country’s armed forces. Although the airdrop program is now dropped, it was a successful marketing tool in getting further donations. After the airdrop was announced, the official Ukrainian crypto wallet for donations reportedly obtained $7 million in donations.

Though the minister didn’t reveal the reason why the government cancelled the airdrop, some in the crypto community were disappointed about the U-turn and others also found it strange.

Cryptocurrency Helping Ukraine

According to Chainalysis, Ukraine is one of the world’s biggest adopters of cryptocurrency, ranking behind only Vietnam, India and Pakistan. Ukraine began accepting cryptocurrencies as donations toward its military as Russia’s invasion continues. The use of crypto in the country is evidence of the technology’s benefits.

Ukraine announced the airdrop program on Wednesday after it received strong support from the crypto community and millions of dollars in digital asset donations.

In the previous week, Ukraine has been getting crypto donations in the form of Bitcoin, Ethereum, and other crypto coins. The Ukrainian government first announced on February 26 that it was accepting crypto donations. The government is reported to have received over $10 million and $16 million in Bitcoin and Ethereum respectively. To date, the total amount of crypto funds raised has reached more than $50 million.


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Top Crypto Exchange 1inch Airdropping $84,000,000 to Crypto Traders

Decentralized exchange aggregator 1inch is airdropping $84 million worth of 1INCH tokens to its own users and those who use competing exchange Uniswap.

The fourth-largest decentralized exchange (DEX) by volume is announcing that it is implementing another round of distribution of its native token.

Users who interacted with the 1inch DEX, formerly known as Mooniswap, before December 24th, 2020 are eligible for the distribution as long as they had one trade before September 15th, 2020, had four total trades, or had trades that amount to $20.

“3.57 million tokens were sent to 1,308 participants in the second liquidity mining program, 4.8 million to 9,094 users of Mooniswap, 310,000 to limit order users and 375,000 to Argent, Authereum, Gnosis and Pillar wallets with transaction relayers.”

In what appears to be an effort to woo crypto users who primarily use Uniswap, the 1inch Foundation is also distributing 1INCH tokens to those who used Uniswap under certain conditions.

“In addition, the 1inch Foundation distributed 6 million 1INCH tokens to Uniswap’s non-relayed traders who have never swapped tokens on 1inch nor on Mooniswap. This distribution is based on a list of Uniswap addresses, from which were excluded trading bots. The other condition for receiving 1INCH tokens is to have at least 20 unique trading days and at least 3 trades made in 2021.”

1inch CEO Sergej Kunz says the team hopes that the airdrop can showcase the DEX’s advantages over competing exchanges.

“We see substantial potential in expanding our community to users who haven’t used the 1inch DEX aggregator so far. We want to show them the advantages of our aggregator, which offers the best prices, protection from front-running and lucrative farming opportunities.”

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