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Russia’s Strategic Shift to Bitcoin for International Trade

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Russia’s Strategic Shift to Bitcoin for International Trade


Russian Finance Minister Anton Siluanov has confirmed that Bitcoin is being used by the country for international trade, highlighting its potential to reduce reliance on traditional payment systems such as the U.S. dollar and SWIFT transactions. By leveraging cryptocurrencies, Russia aims to establish a resilient alternative payment infrastructure capable of evading the impact of international sanctions and maintaining cross-border trade activities.

Bitcoin’s Role in Russia’s International Trade

Anton Siluanov, Russia’s Finance Minister, recently disclosed that Russian companies have started using Bitcoin (BTC) to conduct international trade. This announcement followed the government’s legislative amendments introduced earlier this year, paving the way for firms to adopt cryptocurrencies as a tool to counteract the impact of international sanctions.

These sanctions, implemented by the United States and its allies in response to Russia’s military actions in Ukraine, have significantly disrupted the country’s access to traditional financial networks. As a result, Bitcoin has emerged as a preferred solution for cross-border transactions, bypassing the restrictions of SWIFT-based payment systems and reliance on the U.S. dollar.

Bypassing Sanctions with Cryptocurrency

Under the weight of stringent international sanctions, Russian companies are increasingly relying on Bitcoin to facilitate trade. Speaking to Reuters on December 25, Siluanov confirmed the active use of BTC by businesses for trade settlements, a method that offers a way to sidestep financial restrictions.

Cryptocurrencies provide an alternative payment infrastructure that is decentralized and resilient to control by centralized authorities. This feature makes Bitcoin particularly valuable for Russia in maintaining economic activity despite geopolitical challenges.

Reducing Dependence on the U.S. Dollar

Russia’s adoption of Bitcoin signifies a strategic effort to decrease reliance on the U.S. dollar for international transactions. For decades, the dollar has dominated global trade, granting the United States considerable influence over economic and political dynamics worldwide. However, countries in the BRICS group, including Russia, have been exploring alternative financial systems to reduce this dependency.

Siluanov’s comments align with the broader trend of leveraging digital currencies to overcome financial barriers. Earlier in December, the Russian President emphasized that technologies like Bitcoin cannot be banned, underlining their potential to enhance cost-efficiency and transaction reliability.

Bitcoin’s Geopolitical Implications

Russia’s increasing adoption of Bitcoin demonstrates the geopolitical significance of cryptocurrencies in regions facing limited access to conventional financial mechanisms. Bitcoin’s decentralized nature, global liquidity, and transparency make it a compelling option for international trade.

Although cryptocurrencies are far from replacing the U.S. dollar as the primary global trade currency, Russia’s use of Bitcoin highlights its potential to evolve into a viable cross-border transaction tool. This development marks a notable shift in the financial strategies of sanctioned nations.

Solaxy: Revolutionizing Blockchain with Layer 2 Solutions

Solaxy is an innovative Layer 2 solution built on the Solana blockchain, designed to enhance speed, scalability, and reliability. By addressing challenges such as network congestion and failed transactions, Solaxy ensures efficient and secure operations, making it a valuable addition to the Solana ecosystem.

The SOLX token serves as the native currency within the Solaxy network, facilitating various transactions and interactions. During the presale phase, participants can purchase SOLX tokens at favorable rates. Additionally, staking options allow users to lock their tokens and earn rewards. Following the Token Generation Event (TGE), SOLX will be listed on both centralized and decentralized exchanges, providing liquidity and broader access.

Solaxy’s integration enhances Solana’s capabilities by offloading transactions from the main chain, reducing congestion and improving overall performance. This approach introduces customizations that cater to decentralized applications (dApps) while maintaining Solana’s security and efficiency. Developers and users benefit from faster transaction speeds, lower costs, and a more robust blockchain environment.

In summary, Solaxy represents a significant advancement in blockchain technology, offering solutions that address existing limitations within the Solana network. The SOLX token plays a crucial role in this ecosystem, providing utility and incentives for participants. As the project progresses through its presale and upcoming exchange listings, it presents a compelling opportunity for those interested in the evolving landscape of decentralized finance. For more detailed information and updates, visit the official Solaxy website.

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Azuki Leads NFT Volume Record With $2.51M

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Azuki Leads NFT Volume Record With $2.51M



Anime-themed NFT project Azuki has caught the eyes of many in the non-fungible market as it ranked first among leading NFT collections in 24-hour traded volume. An on-chain insight revealed that Azuki soaked up a trading volume of $2.51 million as 66 digital collectibles were sold on the secondary marketplace.

Following the launch of 10,000 Azuki NFTs in January 2022, its community members have resonated with the project’s anime background. Over the years, the project has explored various endeavors to make its IP popular. Among them was the project’s decision to create an anime-themed network in collaboration with the team behind the Arbitrum blockchain. The NFT project also developed a three-part anime anthology series dubbed Enter The Garden.

Azuki’s creator, Zagabond, recently hinted that the anime-themed project could soon launch a native crypto asset. Zagabond stressed that most altcoins lack appeal to retail traders because they have no real use case, product, or vision. However, the project’s creator stated that an anime-themed coin will likely dominate the market.

Many NFT projects have recently delved into the crypto world by launching native cryptocurrencies tied to their non-fungible brand. Pudgy Penguins, Magic Eden, Nifty Island, and more are among them.

While Azuki ranked first among NFT collections by traded volume ranking, Pudgy Penguins came second with $1.91 million after 32 NFT sales. Pudgy Penguins’ recently launched PENGU token has sparked engagement from crypto, NFT, and non-crypto natives. This likely aided its growth to the current record. Doodles V4 came third with a 24-hour traded volume of $1.11 million from 52 sales.

Interestingly, one of Azuki’s brainchilds, Azuki Elementals, took fourth position in this ranking, generating a 24-hour traded volume of $838.61K from 150 NFT sales. Although it shares some similarities with the Azuki collection, this 20K-piece project features the four elements within the garden – water, fire, lightning, and earth.

Topping the chart shows how much effort Azuki puts into bringing its project to the mainstream audience, especially those enthusiastic about animes. The project likely has more anime-themed initiatives to unveil in the coming year. Time will tell how this unfolds.

Solana’s Jito staking pool exceeding $100M in monthly tips: Kairos Research

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Solana’s Jito staking pool exceeding $100M in monthly tips: Kairos Research


Solana staking pool Jito clocked monthly revenues from priority fees and tips of more than $100 million in November and December, according to a Dec. 26 note from Kairos Research, a cryptocurrency researcher. 

In 2024, Jito’s validators scaled tip revenues by an average of 32% each month, Kairos said. Monthly income peaked in November at approximately $210 million. 

Jito’s growing tip revenues reflect the Solana network’s surging popularity. They also flag validators’ rising earnings from prioritizing certain transactions over others, a practice known as Maximum Extractable Value (MEV).

Source: Kairos Research

Related: DeFi TVL nears 2021 highs on liquid restaking, Bitcoin L2s

MEV bounty

Users pay validators tips to prioritize transactions during block building and order certain transactions ahead of others within blocks. This helps users ensure transactions are properly executed but also contributes to higher transaction costs. 

In 2024, Solana’s validators earned more from MEV than Ethereum’s for the first time. This coincided with transaction fees on the Solana network nearly tripling from roughly 60,000 Solana (SOL) per day in January to more than 150,000 in October, according to data from Dune Analytics.

As of Dec. 26, upward of 93% of Solana validators use Jito’s software to maximize earnings from block-building, according to Jito’s developer, Jito Labs. 

Source: Dune Analytics

SOL restaking

Jito, which also issues liquid restaking token (LRT) JitoSOL, has emerged as Solana’s most popular decentralized finance (DeFi) protocol, with nearly $2.75 billion in total value locked, according to DefiLlama. 

Restaking involves taking a token that has already been staked — posted as collateral with a validator in exchange for rewards — and using it to secure other protocols simultaneously. LRTs represent a tradable claim on a pool of restaked assets.

In October, holders of Jito’s governance token, JTO, voted to distribute a portion of tip revenues to JitoSOL restakers. According to Kairos, Jito plans to route 0.15% of tip revenue to JitoSOL restakers. Validators will continue to pocket an overwhelming majority of income from tips. 

As of Dec. 26, Jito touts yields of approximately 8.6% for JitoSOL restakers. Ethereum continues to dominate staking and restaking TVL, with top restaking protocol EigenLayer commanding nearly $15 billion, according to DefiLlama.

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