Welcome to the 9th edition of the Techemynt fortnightly newsletter. Throughout global financial markets, the US Dollar is dominating. The Greenback has been on a relentless rise this year and has approached parity levels against the Euro and the Sterling. It has also performed strongly against the New Zealand dollar.
The rising interest rates in the United States, an uncertain global macro environment, and the dollar’s position as the world’s most liquid currency are pulling money towards it. Despite this, there is still growing demand to mint NZDS. There are market participants who view digitization, and not dollarization, as a preferred macro hedge option.
Highlights of the last fortnight include:
- BlueJay x Techemynt Twitter Spaces
- NZDS dashboard analytics live on Dune
- The total cumulative DEX volume of NZDS
- The total supply of NZDS returns to levels above 7 million
- Defi Basket is now called Picnic
Bluejay and Techemynt webinar
On the 4th of October, Techemynt founder Fran Strajnar joined the decentralised stablecoin issuer Bluejay team to discuss building crypto adoption in New Zealand. During the discussion, Fran discussed the unique utility of a digital version of the New Zealand Dollar, the Kiwi’s important position in the world of FX trading and blockchain technology disrupting traditional finance remittance systems.
“We’re basically witnessing the decentralisation of the foreign exchange market”
Play recording: Bluejay X @techemynt: Buidling Crypto Adoption in New Zealand — twitter.com
Bluejay Finance’s Space · Where live audio conversations happen
Dune Dashboard Analytics
Following months of development, the NZDS dune dashboard is now live and publicly accessible. Dune Analytics is a site that lets anyone publish and view business intelligence crypto dashboards, powered by blockchain data.
Public Service Announcement: 1:1 backed #NZD dollar #stablecoin $NZDS @DuneAnalytics Dashboards for @ethereum and @0xPolygon are now live! 🥳🎉https://t.co/iXKzwNCus0
— Techemynt (@techemynt) September 28, 2022
Dune’s co-founder Fredrik Haga describes Dune as an enabler. “[Dune is] maybe a name on the back of the cover but mostly just low key be there and empower good folks to do the best work of their lives.” he tweeted in a post around Dune’s role in the DeFi ecosystem.
The new NZDS dashboard includes basic data like market cap data, holders and price, as well as more advanced metrics like DEX volume, LP supply and mint and burn data. Data is also granular and is broken down to an exchange & pool level. The dashboards encompass both the Ethereum and Polygon NZDS dashboards as well as data on the bridging activity of NZDS between the 2 chains. There are also some off-chain aspects of the dashboard including the amount of NZDS on centralised exchange partners like Dasset.
We look forward to NZDS holders interacting with the dashboard, providing feedback and even forking the dashboard.
The total cumulative DEX volume of NZDS
The total cumulative NZDS DEX volume crosses US$183 million.
The total cumulative decentralised exchange volume of NZDS on the Ethereum and Polygon network currently sits at US$183,101,068. Ethereum is growing in popularity as an onramp for NZD fiat holders who purchase NZDS on Dasset and then transfer it to the Ethereum blockchain. Once they gain custody of their NZDS, holders can participate in forex trading opportunities via the DFX platform or stake their NZDS in pools operated by Curve and Jarvis Finance.
NZDS is currently the 4th most popular asset by AUM on the DFX trading platform behind CAD-C, XSGD, and XIDR.
The total supply of NZDS
The total supply of NZDS returns to levels above 7 million
Despite the value of NZD dropping in value quickly against the US dollar, the market capitalization of NZDS has risen in US dollar terms in the last two weeks. Since April 27th, there have been 6 minting events for NZDS totalling 550,000 NZDS and one burn equalling 150,000 NZDS. This equals a net issuance of 400,000 NZDS.
There has been steady external demand to convert fiat NZD to NZDS. The supply of NZDS slipped to below 7 million after a number of consecutive redemptions, however, following a number of minting events in the last 2 weeks, there are now more than 7 million NZDS in circulation once again.
Defi Basket is now called Picnic
Defi Basket is now called Picnic!
Picnic makes investing in DeFi simpler and more straightforward by bringing together multiple DeFi operations across a variety of protocols, into a single UI and transaction. It is an exciting ease-of-life DeFi tool and congratulations to the Picnic team on their rebrand.
1/ We are proud to announce Picnic 🎉, a portfolio management protocol that allows you to invest in many DeFi protocols in a single transaction. pic.twitter.com/9U29dUvJk6
— Picnic (@usePicnic) September 29, 2022