Alex Bornyakov, Ukraine’s deputy minister at the Ministry of Digital Transformation, has revealed Ukraine has received “close to $100 million” in cryptocurrency donations. More than $60 million of those were received in the main fund run by local crypto exchange Kuna.

The total amount of fees spent on the Ethereum network declined in February after rising the month before. Total fees paid dropped 49.8% to $673 million, with the average fee per transaction dropping 43.5% to $21.25.

The leader of South Korea’s People Power Party, Yoon Suk-yeol, has become the country’s new president after securing roughly 49% of the votes. His campaign pledged to deregulate the country’s cryptocurrency industry.

CryptoCompare's Digital Asset Summit is returning on 30th March at Old Billingsgate, London. As Europe's flagship institutional summit for digital assets, this is the perfect opportunity to connect with key industry decision-makers and leading names in finance who are adopting and embracing the digital asset revolution.

Top stories in the Crypto Roundup today:

• Crypto Donations to Ukraine Near $100 Million
• Fees Spent on Ethereum Fell Below $1 Billion in February
• South Korea Elects Crypto-Friendly President
• What Is Uniswap?
• CCDAS Summit - Get 10% Off for Being a Loyal Reader

Crypto Donations to Ukraine Near $100 Million

Alex Bornyakov, Ukraine’s deputy minister at the Ministry of Digital Transformation, has revealed Ukraine has received “close to $100 million” in cryptocurrency donations. More than $60 million of those were received in the main fund run by local crypto exchange Kuna.

Bornyakov detailed that the rest of the donations were sent to several other smaller funds. Asked whether Ukrainian President Volodymyr Zelensky had a view on the role of crypto in the war, Bornyakov replied “he shares our vision” that the use of crypto could be a “breakthrough from an economic standpoint.”

The funds being sent to Ukrainian exchange Kuna are reportedly being spent on non-lethal equipment including fuel and food. With Kuna’s support, Ukraine has been accepting a large number of cryptoassets including BTC, ETH, USDT, DOT, SOL, BNB, DOGE, and more.

It’s unclear whether Bornyakov’s figures includes donations supported by other fundraising methods, such as that of UkraineDAO. The decentralized autonomous organization auctioned off a non-fungible token (NFT) of the Ukrainian flag for millions in ETH, and is set to donate the funds to an NGO.

Fees Spent on Ethereum Fell Below $1 Billion in February

The total amount of fees spent on the Ethereum network declined in February after rising in the month before. Total fees paid dropped 49.8% to $673 million, with the average fee per transaction dropping 43.5% to $21.25.

CryptoCompare’s Asset Report details the total transactions fees spent on Ethereum dropped along with the total value locked on its decentralized finance (DeFi) space, which receded 2.7% to $110 billion.

While total fees paid dropped, average daily active addresses on Ethereum grew 1.56% in February to 595,000. The cryptocurrency was mainly inflationary last month, burning a daily average of 7,600 ETH, 40.7% less than in January.

Ethereum’s hashrate kept on trending upwards in February to close the month at 955 TH/s. Ethermine remained the largest ETH mining pool in February with a 30.7% share of the market. Behind it were unknown miners commanding 26.7% of the market and F2Pool with 13.7%.

South Korea Elects Crypto-Friendly President

The leader of South Korea’s People Power Party, Yoon Suk-yeol, has become the country’s new president after securing roughly 49% of the votes. His campaign pledged to deregulate the country’s cryptocurrency industry.

Yoon declared that it’s necessary to “overhaul regulations that are far from reality and unreasonable" during an event in the South Korea’s capital Seoul. He was quoted saying:

"We must shift to a negative regulation system to ensure at least the virtual asset market has no worries.”

The new president’s proposed specific measures include easing tax requirements on cryptocurrency investments. The president has also suggested he will review a 2017 ban on initial coin offerings (ICOs),

Both Yoon and his opponent Lee Jae-myung of the ruling Democratic Party both issued non-fungible tokens (NFTs) related to their campaigns.

What is Uniswap?

The boom in Decentralized Finance (DeFi) has been fueled by various projects on the Ethereum blockchain that later expanded to other protocols. Uniswap is one of them.

At its core, Uniswap is a decentralized automated market maker (AMM). It’s a decentralized exchange that does not have an order book, a token listing evaluation process, and can be used directly from an Ethereum wallet like Metamask.

Instead of using an order book, Uniswap uses a model that requires liquidity providers to deposit their funds into liquidity pools. Uniswap matches buy and sell orders against these liquidity pools, and uses a decentralized pricing mechanism that smooths out order book depth. The code behind it is open-source and can be reviewed on GitHub.

Find out more on CryptoCompare’s guide on Uniswap below.

CCDAS Summit - Get 10% Off for Being a Loyal Reader

CryptoCompare's Digital Asset Summit is returning on 30th March at Old Billingsgate, London. As Europe's flagship institutional summit for digital assets, this is the perfect opportunity to connect with key industry decision-makers and leading names in finance who are adopting and embracing the digital asset revolution.

Time is running out to secure your place at The CryptoCompare Digital Asset Summit! CryptoCompare readers can save 10%  today with code NEWSLETTER10. You can find more information here

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