Core contributors of Ethereum-based decentralized exchange (DEX) SushiSwap have donated over $1 million to charitable causes via an ‘on-chain’ method using a decentralized autonomous organization (DAO).
Reminder that back when @LevxApp got hired he pledged to donate 10% or 14k Sushi to hungry children this is mission accomplished ✅
Apes 🦍 also got taken care of https://t.co/TNlsrx1ktw
— 0xMaki 源 義経 (@0xMaki) April 27, 2021
Sushi for a cause
Over 17 organizations centered on 6 general cause areas received grant awards. These cause areas include global hunger, Autism awareness, environmental and climate impact, cancer research, gorilla sanctuary development, and diversity in blockchain.
The gift was processed via SushiSwap and led by the project’s anonymous core developer 0xMaki, with the team donating over 55,100 SUSHI to Endaoment, the charitable DAO.
3/ Together with several other fellow contributors, the group amassed 55,100 $SUSHI to be donated.
The 55,100 $SUSHI was turned into just under $1,000,000 in USDC—using @SushiSwap, of course. It was the first 7-figure gift on @endaomentdotorg 🎉🥳
— Endaoment – DeFi’s Philanthropy (@endaomentdotorg) April 27, 2021
Endaoment is one of the first Donor-Advised Funds (DAF), a charitable financial account owned by a nonprofit public charity in which donors give assets to the DAF provider as a tax-deductible donation.
Donors can then make grant recommendations, advising their DAF, in this case, Endaoment, on where they’d like its holdings committed.
“This donation from 0xMaki and the SushiSwap developer team is not only historic for Endaoment, but also for the greater crypto and blockchain nonprofit community,” said Endaoment President and CEO, Robbie Heeger.
He added the donation served as proof of what Endaoment and other blockchain-based nonprofits aimed to achieve as they bridge the gap between crypto and fiat donations. “The sheer size of this donation also exemplifies the sophistication and effectiveness of Endaoment’s infrastructure, team, and community,” Heeger said.
Ethereum for US non profits
As the first public charity in the crypto space, Endaoment can uniquely power Ethereum-based donations to nearly any nonprofit organization within the United States.
Meanwhile, Endaoment said it would further work with SushiSwap to launch the “SushiSwap Community Fund”—enabling SUSHI holders to make donations that will be delivered to nonprofits determined by the broader community.
In turn, SushiSwap has also allocated a portion of their gift to Endaoment in order to assist in the advancement of DeFi-native philanthropic vehicles that let users suggest grants in USD to nearly any charity in the country.
“This donor advised fund will be the best place for $SUSHI holders that want to give back while having a meaningful net-positive impact on the world,” noted 0xMaki, a contributor to SushiSwap.