- Title: Proposal for TRYB - USDC Public Pools
- Author(s): Murat Firat
- Related Discussions: NA
- Submission Date: 27/12/20222
The BiLira (TRYB) token is a full-reserve Turkish Lira stablecoin that is available on Ethereum, Avalanche, Polygon, Solana, Algorand and BSC networks, issued and managed by the BiLira company and backed 1:1 with the Turkish Lira. BiLira goes through regular audits performed by independent 3rd parties which can be found here. We are proposing to open TRYB and USD stablecoin public pools on Ethereum, Avalanche, Polygon and BNB.
Abstract & Motivation:
BiLira offers a convenient fiat on-ramp and off-ramp solution for crypto traders to combat high price volatility and to support the future applications of decentralized finance.
BiLira is the sole fiat on/off ramp solution available to the Turkish community and is being used since early 2020 as a bridge to the decentralized internet. Having TRYB pools on Hashflow will help onboard many users to the protocol, in turn increasing the liquidity and volume benefiting the whole ecosystem. MENA Crypto volumes grew fastest Between July 2021 and June 2022 — Turkey being the region’s largest market. The Turkish community will also be able to use Hashflow for bridging and accessing better rates for their swaps. With the ability to use different blockchains, the users will have the ability to provide liquidity in their blockchain of choice.
Opening public pools will allow Turkish users to participate in the Hashflow ecosystem with only a domestic bank transfer via BiLira. Hashflow will be onboarding a lot of new users from a very active Turkish crypto community.
Turkish crypto users tend to start their crypto journey via the local exchanges. By doing so, they avoid interacting with the complexities of the blockchain, such as the use of wallets and addresses. The BiLira team believes that the future of finance is decentralized, where users control their assets in their own wallets, without the intermediaries and swift access to DeFi. We want the Turkish Lira and its users to be able to bridge between chains, swap their assets, and provide liquidity to earn rewards.
Specification & Rationale:
With the TRYB public pools on Hashflow, Hashflow gets to onboard the Turkish community and bring in liquidity and volume(both from BiLira and from the community) in turn benefiting the entire ecosystem. By enabling public pools, all parties will be able to bring liquidity over in their blockchain of choice and make it efficient for both MM’s and the daily swap users to get better transactions and also incentive to participate in the Hashflow ecosystem.
BiLira is already operational on Hashflow on Ethereum and Avalanche blockchains via private pools for internal MM. If the proposal gets approved, BiLira will bring in liquidity for public pools on each of the blockchains that we are operating on: Ethereum, Avalanche, Polygon, BNB and other chains when we become operational on them. As of now our private pools liquidity is >$50K for ETH and >$25K for the Avalanche blockchains.
- Increase the portfolio of non-usd stablecoins
- Integrate a Turkish Lira fiat bridge via BiLira.
- It will help Hashflow onboard thousands of Turkish Crypto users and provide access to potential new Turkish crypto users
- Help Hashflow boost liquidity, market and social interest on all the chains TRYB is operational on by bringing our own liquidity and attracting LP’s.
Main risk associated with stablecoins is regarding the loss of peg. This is not relevant for BiLira since it is a fiat backed coin and BiLira is the sole issuer. TRYB tokens can be easily minted and redeemed on the BiLira platform. Periodic audit reports are available via the link in references below.
- Total Issuance: 5.192.876.480,29 TRYB
- Total Redemption: 5.150.440.753,83 TRYB
- TRYB tokens are backed 1:1 with TRY fiat reserves, BiLira (1 TRYB) is always supported by one unit of the reserve currency (1 TRY) in Turkish banks.
- BiLira has been audited by trusted 3rd parties and requires users to go through the KYC and AML process.
- There hasn’t been any hacks or vulnerabilities in the project.
- The contract is verified on explorers.
The total size of the media community is over 50,000+ users across all social media platforms
Yes means that you support Hashflow to proceed with the above arrangement.
No means you do not support Hashflow to proceed with the above arrangement.