BiLira (TRYB), the Turkish Lira-backed stablecoin, concluded the top three biggest gainers of the week. The token gained 4,301 spots to reach number 624 on the overall voting chart for the week. In this article, we have decided to review the stablecoin to give an insight into what the project is all about and what might have made the 18digit community vote for the token this week.

Who is behind the project?

Sinan Koc (CEO), Murat Firat (CTO), and Vidal Arditi (COO) created BiLira (TRYB), the first blockchain-based Turkish stablecoin, in April 2019. BiLira envisions a blockchain-based stablecoin that can enable financial transactions as simple, convenient, and quick as connecting and exchanging information on the internet.

BiLira: a decentralized internet solution

BiLira intends to bridge the gap between web 2.0 (fiat-based monetization) and web 3.0 (crypto-based monetization) by providing a straightforward on-ramp and off-ramp solution for crypto traders to combat high volatility and enable future decentralized finance applications.

BiLira’s mission is to provide smooth connectivity to the decentralized internet to every Turkish citizen. The BiLira project team believes that the economy’s future will be globally open, freely dispersed, and accessible to anybody willing to connect to a decentralized financial system. The team was formed out of a desire to accomplish this vision of empowering Turkish citizens. With significant partners like Avalanche, Ethereum, and LunaDAO, the BiLira team is constantly working to strengthen the Turkish crypto ecosystem.

TRYB Tokenomics

BiLira (TRYB) price is always supported by the reserve currency, which is Lira (TRY). Therefore, one unit of TRYB is also valued as one TRY unit. TRYB is currently worth $0.061014 per unit, equivalent to the US dollar to the Turkish Lira. The token has a market capitalization of $20,164,906 with a circulating supply of 330,811,934 TRYB. (Price index from the 29th of May,2022).

TRYB is now available on the Ethereum, Avalanche, Binance Smart Chain, Algorand, and Solana networks, as well as a variety of DeFi platforms such as UniSwap, PancakeSwap, DFX, 1inch, and Pangolin. TRYB/USD, TRYB/USDT, and BTC/TRYB are some of the most popular BiLira trading pairs.

What are the perks of the TRYB token?

BiLira is a stable coin built on the ERC-20 Ethereum blockchain system. Thanks to the network, you can use the blockchain to withdraw BiLira balances to your wallets, transfer them to other wallets, and spend them anywhere. BiLira allows you to use the actual Turkish Lira in a digital environment without losing value. It has all of the benefits of a stable coin.

The founders of BiLira adhere to a highly clear policy of allocating a Turkish Lira to each BiLira balance, ensuring that you can buy 1 TRYB with 1 TRY and that your 1 TRYB balance is always converted to 1 TRY actual currency. These accounts are audited regularly, and the results of these audits are made public. 

BiLira uses blockchain technology to provide individuals with tokenized fiat money that allows for fast transaction throughput, top security, and lower fees when transferring value over the internet compared to banks. The advantages and what the project entails made the community vote BiLira as it skyrocketed up the charts.

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