The Polkadot Effect In War-Torn Ukraine

Polkadot co-creator Gavin Woods has emerged as a generous donor and a clever businessman

Ukraine, affected by Russia's invasion, has started accepting cryptocurrencies as donations for its military expenditure. In this, Gavin Woods, the co-founder of Ethereum and Polkadot (DOT), has taken accolades for his crypto DOT by donating heavily.

Ukraine Asked For Donation

Ukraine's Twitter account tweeted in English on 26 February, appealing for donations in cryptocurrency to help Ukraine in the war. For this, Bitcoin, Ethereum and USDT (ERC-20) addresses were also issued. Vice Prime Minister Mykhailo Fedorov also tweeted the same, urging people to donate in crypto.

Large Donation Starts

On March 1st, cryptocurrency exchange Uniswap Labs acknowledged the said appeal in a quoted retweet, by releasing a feature that allows Ethereum-based digital currencies to be converted into Ether for sending it to the Ukrainian government's centralized Ether address. Just then, Polkadot blockchain co-founder, Gavin Woods, offered to donate $5 million to Ukraine if they post a DOT address.

A Promise Delivered

Shortly after Wood's tweet, Ukraine's Vice Prime Minister Fedorov and the Ukrainian account tweeted a DOT address for Polkadot donation, as well as announcing that Ukraine would accept other cryptocurrencies too. Wood's offer thus paved the way for almost all cryptocurrencies in Ukraine.

Within hours of receiving the DOT address, Wood kept his promise by sending 309,939 DOTs, for which he also received thanks from the Ukrainian government. This also increased the value of DOT in the market, i.e. the DOT received by Ukraine became much more than $5 million.

The Polkadot Effect

International Effect :- Ukraine will now import goods from other allies from the DOT it receives, the allies cannot simply refuse it, they will either have to provide free support to Ukraine, or create an official DOT address.

Ukrainian National Effect :- Even if Ukraine uses the DOTs in its own country, it will still do the government purchase and sale of goods or services, or to pay the salaries/pension to government servants; so the DOT will easily get established in Eastern Europe.

Conclusion

Thus, Gavin Woods, not only created the market for Polkadot, but created an opportunity to make it acceptable to the world.