Ethereum DEX SushiSwap (SUSHI) makes an ‘on-chain’ $1 million donation

The Ethereum DEX SushiSwap (SUSHI) made an ‘on-chain’ donation of one million SUSHI tokens, which is about $1 million, to the Giveth organization on September 28. The donation was made during the inaugural On-chain SUSHI Burn and Give Event, hosted by Giveth, a blockchain-based non profit organization. During the event, SUSHI tokens were burned on the Ethereum blockchain, and the funds were immediately sent to Giveth’s wallet.

On-chain transactions are transactions that occur directly on the blockchain, without the need for a trusted third party. These transactions are publicly recorded on the blockchain, which helps to create a permanent and immutable audit trail. SushiSwap (SUSHI) is a decentralized exchange for Ethereum tokens that recently made an on-chain $1,000,000 donation to a charity called GiveDirectly.

Leading members of the Ethereum-based decentralized exchange (DEX) SushiSwap have donated more than $1 million to charity through an on-chain method using a decentralized autonomous organization (DAO).

Remember when @LevxApp was hired, he promised to give 10% or 14k sushi to starving children, and that mission has been accomplished ✅.

The monkeys are also taken care of https://t.co/TNlsrx1ktw.

– 0xMaki 源 義経 (@0xMaki) April 27, 2021

Sushi for companies

More than 17 organisations in 6 major fields of activity have received grants. These areas include global hunger, autism awareness, environmental and climate impacts, cancer research, gorilla reserve development, and blockchain diversity.

The giveaway was organized via SushiSwap led by the project’s anonymous lead developer, 0xMaki. The team donated over 55,100 SUSHI to the charity DAO Endaoment.

3/ Along with several other donors, the group raised $55,100.

The $55,100USHI turned into just under $1,000,000USDC – with the help of @SushiSwap, of course. This was the first 7-figure donation to @endaomentdotorg.

– Endaoment – DeFi Philanthropy (@endaomentdotorg) April 27, 2021

Endaoment is one of the first Donor-Advised Funds (DAF), a charitable financial account in which donors donate assets to a DAF provider as a tax-deductible gift.

Donors can then make grant recommendations by telling their CFO, in this case Endaoment, where they want their funds to go.

This donation from 0xMaki and the SushiSwap development team is historic, not only for Endaoment, but for the entire non-profit crypto and blockchain community, said Robbie Heager, President and CEO of Endaoment.

He added that the donation served as proof of what Endaoment and other blockchain-based non-profits are striving for by bridging the gap between crypto and fiat donations. The size of this donation is also a testament to the development and effectiveness of Endaoment’s infrastructure, team and community, Heager said.

Ethereum for nonprofit organizations in the United States

As the first public charity in the crypto space, Endaoment is the only one that can channel Ethereum donations to virtually any nonprofit in the United States.

Meanwhile, Endaoment said it will partner with SushiSwap to launch the SushiSwap Community Foundation, which will allow SUSHI owners to make donations that will go to publicly identified nonprofit organizations.

In turn, SushiSwap also donated a portion of its gift to Endaoment to promote DeFi-native Philanthropy, which allows users to donate dollar-for-dollar to virtually any charity in the country.

This donation-based fund will be the best place for $SUSHI owners who want to give back by making a meaningful positive impact on the world, noted 0xMaki, a SushiSwap contributor.

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Ethereum DEX SushiSwap (SUSHI) makes an ‘on-chain’ $1 million donation

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