Georgetown, Cayman Islands, May 25, 2022 (GLOBE NEWSWIRE) --
Earn yield by supporting the jNZDS pool
Mint jNZDS and add to 2nzd pool on Curve for rewards
Use Beefy or Harvest to accelerate yield
Arb trade or initiate seamless and efficient cross-border payments
Redeem $NZDS at Dasset (Ethereum) or Techemynt (Ethereum/Polygon)
This week DeFi protocol Jarvis Network is kicking off a new 60-day reward program that includes Techemynt’s NZDS. The program aims to incentivise liquidity providers who contribute to their Curve pools with swap fees as well as a portion of JRT (Jarvis governance token). These pools function as a seamless and cost-effective way to convert between $NZDS and Jarvis’ synthetic New Zealand dollar, jNZD. jNZD can then be converted to other fiat tokens or USDC on Jarvis.
Jarvis Network functions as an on-chain decentralized exchange and has pioneered a capital-efficient means of issuing synthetic fiat currencies called jFIATs. jFIATs are stablecoins for both decentralized and centralized finance that are designed to be usable: they keep their peg, have a high on-chain liquidity and are easy to scale.
Jarvis believes that non-USD stablecoins hold the keys to drive user adoption and financial inclusion, but most of them struggle to attain the required network effect to make them practical and usable - the biggest bottleneck being liquidity and peg preservation. Jarvis works exclusively with USDC to mint and partners with 1:1 backed/fully collateralized stablecoin issuers to ensure maximum stability.
Synthereum, the engine powering Jarvis Network, allows for the issuance of stable and liquid non-USD stablecoins, solving the challenges met by other stablecoins through a capital-efficient on-chain Forex market. Jarvis Network is working with New Zealand-based Techemynt (https://www.techemynt.com/) in its mission to support more local currencies besides the USD denominated currencies on its platform.
‘$NZDS’ is a New Zealand Dollar stablecoin backed 1:1 with physical New Zealand Dollars in cash and cash equivalents. New Zealand’s currency is a leader in adaptability, resilience and market trust. NZD is the 10th most traded currency globally on Forex markets. The NZD stablecoin offers cryptocurrency users the stability and utility of the New Zealand Dollar with the versatility of a cryptocurrency.
Jarvis Network currently offers a wide and growing array of synthetic stablecoins including major currencies like the jGBP, jCNY and jEUR, as well as smaller, less represented currencies like the jSEK, jPHP and jNZD. Jarvis Network helps individuals, institutions and protocols who are passively holding cryptocurrency assets, or their fiat equivalent to earn yield, and facilitate cross-border swaps/payments through their decentralized, on-chain minting mechanism. All currencies are backed by USDC and over-collateralized to provide maximum stability and assurance to the customer.
“We are excited to add $NZDS to the on-chain Forex liquidity network we are building at Jarvis Network. This network allows users to earn yield in multiple currencies, to perform cross-border payments, and to ease the onboarding of people into DeFi, from their local currency. Adding $NZDS to it allows us to grow a community and provide services in New-Zealand. NZD is a trusted and highly sought-after currency not just in Asia Pacific but across the world. We have now made it a lot more accessible to cryptocurrency holders around the globe to earn more on their $NZDS” said Pascal Tallarida, Founder and CEO, Jarvis Network.
“We believe that by partnering with Jarvis Network, Techemynt as well as $NZDS holders will be privy to a whole host of benefits which will further bolster their ecosystem and help promote adoption in a more inclusive financial environment that provides real value to its participants - some of which are detailed below:
Offer $NZDS exposure on international DeFi money markets through both Jarvis and Curve protocols
Maximise yield-bearing opportunities for $NZDS users
Increase on-chain liquidity for $NZDS, to provide DeFi users with the best fiat on and off-ramp in New-Zealand.
Add support for NZD stablecoin (jNZD, $NZDS and the yield-bearing 2nzd stablecoin) to money markets such as Market.xyz, to either borrow NZD stablecoin, or to lend NZD stablecoins).
By creating the 2nzd pool, $NZDS would be easily exchangeable for jNZD, which has some specific properties: it could be converted without any price impact for any other jFIAT currency (jEUR, jCHF, jCAD, jCNY etc.) as well as for USDC; this means that $NZDS would be connected to Jarvis’ on-chain Forex market. Since most jFIATs have a working fiat on and off-ramp, that would allow for cross-border payment to happen (EUR -> jEUR -> jNZD -> $NZDS -> NZD).
Foster partnerships with DeFi yield aggregators like Harvest and Beefy to further bolster yield-bearing capabilities and create a flywheel effect for $NZDS
1) USDC based stablecoin holders - provide liquidity/stake in jNZD/USDC pool through Jarvis
2) Deposit on Curve pool for portion of fees and Jarvis Rewards
3) Accelerate yield generation with Harvest and Beefy
Access to all aforementioned protocol communities via Twitter and DAO forums for $NZDS brand awareness
Allow arbitrageurs the opportunity to make plays off New Zealand dollar stablecoin with the 2NZD Curve pool - increasing transaction throughput and bolstering use cases
Facilitate Integration with emergent wallet providers and financial intermediaries to provide seamless on/off-ramps for $NZDS - eventually, allowing holders to purchase crypto directly with $NZDS through payment infrastructure providers
In the true spirit of DeFi and Web 3, as a permissionless protocol, Jarvis enables everyone with a cryptocurrency wallet to be able to mint synthetic stablecoins safely, cheaply and in a transparent way while earning significantly better yield.
About Jarvis Network: Jarvis Network is a set of protocols and applications on EVM-compatible chains to bridge legacy and decentralized finance (DeFi). Its mission is to build an infrastructure layer that can be leveraged by anyone to develop use cases facilitating the adoption of DeFi, and to build applications to onboard the next billion users. Its first protocol, Synthereum, pioneers an innovative and capital-efficient manner to issue and exchange synthetic fiat currencies called jFIATs, thanks to a fully on-chain Forex market. jFIATs are stablecoins designed to be usable: they keep their peg, are highly liquid, and are scalable. Please visit www.jarvis.network for more details. The company also invites partners and like-minded groups on the protocol to join forces and help support the underserved banking needs everywhere.
About Techemynt: Techemynt (https://www.techemynt.com/) is the issuer of $NZDS, a stablecoin backed 1:1 by the New Zealand Dollar. $NZDS provides a blockchain-based analogue of the New Zealand Dollar that allows arbitrage, remittance, and digital payments, while positioning the New Zealand Dollar as a prominent participant in the global digital asset economy. Techemynt is led by Fran Strajnar, founder of the digital asset investment firm Techemy Capital and digital asset data infrastructure company Brave New Coin.
About $NZDS: $NZDS is a stablecoin backed 1:1 by the New Zealand Dollar, merging the flexibility of cryptocurrency with the stability of fiat. $NZDS was deployed on the Ethereum blockchain by Blockchain Labs, using the robust FiatToken framework developed by Centre and issuance by Techemynt.
CONTACT: hello at jarvis.network