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Activists Launch UKAN Humanitarian Token to Aid Ukraine
Summary: A group of activists have launched Ukan Token (UKAN), a humanitarian token on Wednesday, designed to aid the Ukrainian government in the wake of the Russia-Ukraine conflict that has now been going on for five weeks. UKAN is based on the Ethereum network and is available on Uniswap with plans to list it on additional ...
A group of activists have launched Ukan Token (UKAN), a humanitarian token on Wednesday, designed to aid the Ukrainian government in the wake of the Russia-Ukraine conflict that has now been going on for five weeks.
UKAN is based on the Ethereum network and is available on Uniswap with plans to list it on additional exchanges to provide further liquidity. It is currently valued at less than $.001 and down 13.41 percent on the day.
According to the white paper, after minting 1,000 trillion tokens, 50 percent will be used as liquidity on Uniswap, while the other 50 percent will be sent to Ukrainian President Volodymyr Zelenksyy. The founders felt it was best for the Ukrainian president to decide how, when and why those funds should be spent.
While the official launch was Wednesday, activists began investing in the rescue coin prior to the release based on word-of-mouth. As of writing, the UKAN community already has hundreds of holders and a total value locked (TVL) of over $6.14 million.
Total value locked (TVL) is the overall value of crypto assets deposited in a decentralized finance (DeFi) protocol – or in DeFi protocols generally. It is considered a key metric for gauging interest in that particular sector of the crypto industry.
Cryptocurrency has already played a massive role in this major conflict abroad. Namely, it has been identified as a possible player for Russia in their attempt to circumvent global sanctions and has helped Ukraine receive foreign funding.
In addition, Russia Pavel Zavalny, Chairman of the Committee of State Duma of the Russian Federation on Energy, mentioned Bitcoin as a payment option for countries still interested in buying Russian energy at a press conference, which possibly contributed to the recent
Lastly, according to Alex Bornyakov, Ukraine’s deputy minister at the Ministry of Digital Transformation and the de facto crypto spokesperson of the government, Ukraine has received a total of "close to $100 million" in crypto donations.
Author: Tyler Irvin
