Published On: 26 January 2023

Welcome to the 13th edition of the Techemynt fortnightly newsletter. It has been an exciting, encouraging start to the new year for the Techemynt and New Zealand Dollar Stablecoin teams.

The Techemynt team has begun the first steps to recover the NZDS stranded on Polygon following the exploit of smart contracts on the DFX protocol on November 10th, 2022. The recovery plan will compensate NZDS pool Liquidity Providers affected by the exploit pro-rata.

NZDS holders who provided liquidity to the Ethereum-based NZDS/USDC pool suffered losses. 25% of the funds stolen from the pool remain stuck on Polygon because liquidity issues inhibited the hacker from liquidating into ETH to route through Tornado Cash. NZDS totaling ~820K remain idle in the hacker’s wallet there.

The first step of the plan to recover funds is blacklisting the Polygon-to-Ethereum NZDS bridge. The team is working on a plan that will involve full recovery of the outstanding NZDS on Polygon totaling ~820K and full repatriation to affected LPs pro-rata.

While we finalize the best way to achieve this, and to avoid complications and inconvenience, we strongly advise users who have NZDS on the Polygon to bridge back to Ethereum as soon as possible.

We are allocating a 7-day grace period starting today (24th January 2023) to allow NZDS-based Polygon users to withdraw funds from the chain. After this time Techemynt will blacklist the Polygon bridge, putting it out of commission. Polygon-based NZDS holders who do not remove funds from the Polygon chain within this period will likely experience further delays and inconvenience, as each account will have to be manually administered.

Highlights of the last fortnight include:

  • The New Zealand Dollar ticking upwards
  • Total NZDS transfer volumes hit new milestones
  • There are now over 175 unique wallets holding NZDS
  • Total NZDS transaction volume on Polygon crosses US$31 million

The New Zealand Dollar ticks upwards

Since October 15th, the price of New Zealand Dollars in US Dollar terms has risen by ~16.2%. From a price of 0.5565 to a price of 0.6494. The New Zealand Dollar has been on a roll, shaking off potentially bearish events such as the resignation of Prime Minister Jacinda Ardern on the 19th of January.

The New Zealand economy grew by an unexpected 2% in 2023. This number exceeded the expectations of economists and was driven by a rebound in construction, services, and tourism after the country opened its borders last year.

New Zealand’s growth at the tail end of last year was higher than any other developed country in the world. While both the Central Bank of New Zealand and its treasury predict some form of recession in 2023, the resilience of our economy is encouraging.

Total NZDS transaction volume

The total NZDS transfer volume on Ethereum approaches USD7.5 million

The total transfer volume of NZDS on the Ethereum network currently sits at USD7.447 million. There has been a consistent transfer volume on the network supported by spiking periods when numbers soar.

Ethereum is the world’s largest smart contract blockchain platform and the native blockchain network used for NZDS. It has recently transitioned from Proof-of-Work to Proof-of-Stake.

Unique NZDS Wallets

There are now over 175 unique wallets holding NZDS

Additional to Harvest, an NZDS pool has just been deployed on Beefy Finance, a decentralised, multi-chain yield optimiser platform. It auto compounds yield for users who deposit their LP tokens. An excellent quality-of-life tool for DeFi users managing multiple yield revenue streams.

Polygon Transaction volume

Total NZDS transaction volume on Polygon crosses US$31 million

The total transaction volume of NZDS on the Polygon network currently sits at US$31,415,584. Polygon continues to be an excellent, popular, cheaper and faster alternative to transacting on NZDS’s native network, Ethereum.

The Polygon (MATIC) network is a blockchain scalability platform that offers tools to improve existing blockchain platforms’ speed, cost, complexity, and interconnectedness. Polygon is currently focused on addressing the limitations of the largest platform blockchain in the world, Ethereum (ETH). NZDS currently utilises Polygon PoS as a layer 2 solution to support Ethereum.

On Polygon, NZDS is available for trading on Curve, DFX, and Uniswap V3.


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