Proposal : An Emerging Market where DeFi is soaring; Turkey

0 replies, 1533 views, 4 likes



Baran proposed to add support for the Turkish Lira stablecoin BiLira (TRYB) on Aave, citing Turkey's high crypto adoption rate and economic conditions as potential for market growth. The implementation could attract more assets due to competitive interest rates and expand Aave's user base in Turkey.

The discussion primarily revolved around the proposal by Baran to incorporate support for the Turkish Lira stablecoin BiLira (TRYB) on the platform. The rationale behind this suggestion is the high rate of crypto adoption in Turkey, coupled with the country's economic conditions, which make it a promising market for lending and borrowing platforms like Aave.

TRYB, issued by BiLira Technology, is backed by the Turkish Lira at a 1:1 ratio and was launched in 2019. It has since been listed on numerous Centralized Exchanges (CEXs) and Decentralized Exchanges (DEXs). The current Assets Under Management (AUM) stand at 35 million BiLira, which is approximately equivalent to 5 million USD.

Baran's argument is that Aave could potentially offer competitive interest rates for lenders, thereby attracting more assets. This proposal, if implemented, could significantly expand Aave's user base and increase its market presence in Turkey.

Posted 3 years ago

Last reply 3 years ago

Summary updated 2 months ago

Last updated 03/12 08:01