Hello subscribers! Welcome to the 7th edition of the Techemynt fortnightly newsletter. This week the content of the newsletter is dominated by analytics and NZDS hitting volume and transaction count milestones.
In the last fortnight, the US dollar hit a twenty-year-high after Federal Reserve Chairman Jerome Powell made comments where he stated America’s Central Bank will “forcefully” tackle inflation. This implies that large interest rate hikes are incoming in the country.
The Dollar index surged on the back of these statements because higher interest rates for dollars increase global demand for dollar exposure and deposits. The Dollar index which measures the US Dollar against a basket of 6 other major currencies surged following Powell’s statements and reached a price it has not reached since 2002.
The US dollar has gained against the New Zealand dollar in September despite market expectations of the Official Cash Rate (OCR), New Zealand’s equivalent of the Fed Funds rate, reaching 4.5%. The last time the OCR reached this interest rate was in 2008. The current exchange rate between NZD to USD is 0.61. This is the weakest the NZD has been against USD in 2022.
Highlights of the last fortnight include:
- The total number of NZDS DEX transactions approaches 3000
- Over US$8 million has been bridged from the Ethereum Network
- The total cumulative volume of NZDS crosses US$158 million
NZDS DEX transactions
The total number of NZDS DEX transactions approaches 3000.
The aggregated number of NZDS Decentralised Exchange (DEX) trades on the Ethereum and the Polygon blockchain networks is approaching 3000. A total of 1912 NZDS trades have been made on the Polygon network, while 1067 NZDS trades have been made on Ethereum. This equals 2979 trades.
On Polygon, NZDS is available for trading on Curve, DFX, and Uniswap V3. On Ethereum, NZDS is available for trading on DFX and Uniswap V3, additionally, NZDS can also be swapped via DEX aggregators 1inch, Paraswap.
Total amount of NZDS bridged
Over US$8 million has been bridged from the Ethereum Network.
The total amount of NZDS bridged between the Ethereum and Polygon blockchains is now just over US$8 million. The bridging of NZDS across the two blockchains has been organic and user-led.
The cheap fees and fast transaction times of Polygon meant that large sums of NZDS were moved to Polygon when the bridge was first opened. There is, however, also NZDS being moved back from Polygon to Ethereum.
Blockchain bridges act similarly to their namesakes. Similar to how physical bridges connect two physical locations, a blockchain bridge connects two blockchain ecosystems. Bridges facilitate communication between blockchains through the transfer of information and assets. NZDS can be bridged between Ethereum and Polygon using bridges like the Polygon Bridge, and the Umbria network bridge.
The total cumulative volume of NZDS
The total cumulative volume of NZDS crosses US$158 million.
The total cumulative volume of NZDS on the Ethereum and the Polygon version of decentralised exchange DFX has just crossed the US$158 million mark. The total cumulative volume for NZDS across the two networks currently sits at US$158.5 million DFX Finance is a decentralised foreign exchange (FX) protocol optimised for trading fiat-backed stablecoins.
NZDS is currently the 4th most popular asset by AUM on the platform behind CAD-C, XSGD, and EURS.
NZDS DFX volumes on the Ethereum network
NZDS DFX volumes on the Polygon network
NZDS Brand