TRYB would be a great addition to Aave v3 for the Turkish community.
I would move all my TRYB to Aave if this happens.
TRYB being the only stablecoin for Turkish Lira, Aave will benefit by onboarding many users with this token.
Great proposal! As a fellow Turkish, I’d be glad to see this go through. I’ve been following BiLira (TRYB) work since 2020 and have seen consistency in their development. In addition little known fact is that BiLira (TRYB) is the first ever stablecoin issued in Avalanche network, showing TRYB’s commitment to contribute on building a DeFi ecosystem.
I’ve been utilizing and following Bilira #TRYB for a long time. In addition to steadily enhancing its position on the global and Turkish stock markets, Bilira also collaborates with potents of the Defi ecosystem. AAVE, in my opinion, is among the greatest.
I can’t wait to move all of my TRYB to AAVE if it happens
TRYB is one of the leading crypto organisations around the MENA region. They have a B2C web platform as a stablecoin (which is a very rare occasion tbh) to provide users with a direct on-ramp to the non-custodial wallets. Other fiat gateways are just exchanges with different rules. I see a great fit between AAVE and BiLira’s capabilities.
Even though there is no regulation in Turkey for stablecoins, BiLira has been audited by the Central Bank of Turkey and uses KYC and AML processes for maintaining risk and security considerations. Also, it has a very low fee for TRYB redemption. Proposal will be a good addition to the AAVE platform, Avalanche Network, and Turkish community.
Do we have any updates on the onboarding of TRYB? We are very curious about it… already positioned on BiLira and ready to use it on AAVE. It would be delightful if we had it on AAVE as soon as possible. Thanks.
Thought we would jump in and give some initial thoughts.
When considering this, we have to consider the amount of TRYB on chain at a given moment and the liquidity there. Looks like there is about $55k of liquidity on Avax (Pangolin): Very miniscule. Prices diverge from the Lira constantly and volatility for an already very volatile currency is massive. Using this info, let’s assume $55k or so of TRYB is deposited into Aave. Anything more and markets just seem immensely unstable given current liquidity. With ~$50k, and in isolation mode, TRYB is just so new in the crypto space that we could literally find 0 applications that utilize the token.
Therefore, any borrows of TRYB would pretty much purely be speculators selling and effectively shorting the token. If this a healthy scenario for TRYB? Further, for users who do happen to enjoy holding LIRA/TRYB, they’ll earn what… like 2/3%? Anything higher on the utilization curve would cause the borrow side apr to skyrocket and therefore prove inefficient for LIRA shorters as they could just short more effectively in a forex market. At the end of the day, we’re looking at pretty much negligible revenue for Aave and a market where LIRA/TRYB is only used to speculate shorts on chain.
This is why we are currently leaning towards a no. There is just not enough on chain TRYB liquidity and not enough use cases for the token in chain to justify this Aave listing in our opinions. However, we are still very open to discussions and possibly changing our minds on the matter before we submit a vote in the near future.
PS: C’mon now; whether it’s the core team or a passionate member(s), do you think creating 10 new accounts to comment the same positive things and coincidently like every other positive comment is something we should still be doing lol.