The Giving Block Adds Support for More Cryptocurrency Donations: BAL, BNT, MATIC, SNX, YFI

Updated: 3 days ago

The Giving Block is excited to announce that we’re adding support for more cryptocurrencies in our donation widget and fundraising platform. This week, we have added support for: Balancer (BAL), Bancor Network Token (BNT), Polygon (MATIC), Synthetix (SNX), and Yearn.Finance (YFI). These tokens join a growing list of cryptocurrencies that nonprofits can accept with the fundraising tools and services powered by The Giving Block.

Added on July 20, 2021: Aave (AAVE), Compound (COMP), Curve (CRV), SushiSwap (SUSHI), and Uniswap (UNI).

Learn more about what makes each asset unique in the cryptocurrency ecosystem:

Added on July 27, 2021:

Balancer (BAL)

Balancer is an automated portfolio manager and trading platform. Conceptually, it somewhat resembles an index fund, in the sense that users can create funds based on their crypto holdings. Unlike an index fund, users don’t pay fees to portfolio managers, they collect fees from other traders using the platform. Balancer offers users the flexibility to create and join private, shared, or smart contract-controlled liquidity pools. Users can earn profits by contributing to pools and by holding its governance token, BAL.

Bancor Network Token (BNT)

Bancor Network allows users to convert cryptocurrencies instantly—faster than what’s possible on exchanges. Its particular focus is on small- and micro-cap coins. Bancor Network is considered a leader in the current wave of decentralized finance protocols. By eliminating any barriers to entry, anyone can use Bancor Network. Because of its integration of smart contract technology, it is ideal for those who want to trade small- or micro-cap coins. BNT is Bancor Network’s token.

Polygon (MATIC)

Polygon (formerly “Matic Network”) is an Ethereum-compatible protocol and a framework for building blockchain networks. Established to solve several challenges with blockchains and encourage crypto adoption, it combines “the best of Ethereum and sovereign blockchains into a full-fledged multi-chain system.” Polygon optimizes for security, fast transaction speed, and low costs for transactions. MATIC, its native token, is used for paying transaction fees, staking, and governance.

Synthetix (SNX)

Synthetix is a decentralised protocol built on Ethereum. It enables users to deal in synthetic assets, which are tokenized derivatives of their underlying assets. In other words, users can trade and hold synths without directly holding any of the underlying assets. What makes Synthetix unique in the crypto ecosystem is its offering of non-blockchain assets, like gold and silver synths. Its native token is SNX, which is used to pay out fees to holders who contribute to the network.

Yearn.Finance (YFI)

Yearn.Finance is intended to be a simple-to-use interface for users who wish to access the decentralized finance ecosystem. By offering a suite of products, Yearn.Finance functions as a portal to its own native liquidity pools as well as those on other decentralized exchanges. Yearn.Finance users earn interest on trades and loans of crypto they have deposited on its protocols. Founder Andre Cronje was seen as a true champion of decentralization because he did not allocate any of Yearn.Finance’s token, YFI, to himself.

Added on July 20, 2021:

Aave (AAVE)

Aave is an open-source, decentralized finance protocol that allows users to borrow cryptocurrencies or deposit them and earn passive income through interest. Aave’s operations rely on smart contracts that enable users to borrow from a “liquidity pool,” which is essentially made up of crypto that has been deposited into Aave by its users. In other words, Aave borrowers do not get loans from specific financial institutions or directly from individuals. Borrowers pay interest on their loan, while lenders receive interest on their deposits. Its native coin, AAVE Tokens, can be stored, transferred, and traded on several crypto exchanges.

Compound (COMP)

Compound enables users to borrow cryptocurrency or earn interest on crypto they already hold. Compound is one of the most popular Ethereum-based dApps and Compound Labs, its developer, was backed by venture capital investment firm Andreessen Horowitz (a16z). When users deposit crypto, they receive cTokens in return which can increase in value over time and are redeemable for the original tokens deposited by users. Its governance coin, COMP, can be purchased via most third-party exchanges, and any COMP holder can propose changes to Compound’s protocol—true to the spirit of decentralization.

Curve (CRV)

Curve is a decentralized exchange that exclusively deals with stablecoins. Because centralized exchanges tend to have relatively high fees, is seen as a solution that offers “low fees and low slippage.” Curve has set itself apart from other exchanges through its specialization in stablecoins, which are experiencing renewed interest as of late. The governance token of Curve’s decentralized autonomous organization, CRV, can be purchased on an exchange or through “yield farming,” a practice by which users earn rewards in exchange for depositing into the Curve liquidity pool.

SushiSwap (SUSHI)

Founded in 2020, SushiSwap is an exchange originally based on Uniswap’s open-source code. The exchange aims to provide users access to newer cryptocurrencies that aren’t readily available on larger exchanges, while empowering its users to play an increasingly critical role in its governance. SushiSwap’s token, SUSHI, is freely tradable on exchanges. Its holders receive portions of the exchange’s transaction fees and can propose changes to SushiSwap’s operations.

Uniswap (UNI)

Uniswap is one of the most popular decentralized crypto trading protocols built for the Ethereum network. Its open-source AMM (automated market maker) software has inspired several offshoot exchange platforms in the DeFi space. UNI, its governance token, can be bought and sold at most major exchanges. Currency, 60% of UNI is allocated to Uniswap community members. Uniswap was created by Hayden Adams, an Ethereum developer.

Why Donate Crypto?

  • How does the phrase “lower taxes” sound? Making a charitable donation of bitcoin or another cryptocurrency usually offsets one’s capital gains taxes.

  • The more nonprofits and charities receive cryptocurrency gifts, the more institutional adoption we’ll see. As the old saying goes: “if you build it, they will come.”

  • Best of all, it’s a quick and simple process. No 16-digit credit card numbers needed!

To Donate Crypto, Follow These Easy Steps:

  1. Select a nonprofit or charity that resonates with your values and ideals

  2. Choose the cryptocurrency you’d like to use for your donation (like Aave, Compound, Curve, SushiSwap, & Uniswap)

  3. Enter an amount to donate

  4. Donate anonymously (or enter your info if you’d like to stay in touch)

  5. Send your donation to the displayed wallet address

  6. That’s it! Afterwards, you’ll automatically receive a tax receipt

We have more great news on the way: in the coming weeks, we’re adding support for 30+ cryptocurrencies! Stay tuned for the latest rollout announcements by following us on Twitter @TheGivingBlock.

Learn more about the power of donating crypto with The Giving Block.