BiLira and DFX partnership began in September 2021. Initially, BiLira’s pool was established on the Ethereum network, and then expanded to Polygon network, making TRYB on DFX more accessible to retail users. With the recent launch of Arbitrum One on DFX, TRYB was bridged to the network as well. Our goal is to expand the reach of TRYB to a wider user base on both Arbitrum One and DFX. We anticipate a mutually beneficial journey as we explore possibilities presented by Arbitrum One. With this development, we hope to unlock new opportunities for both BiLira and DFX, as well as provide enhanced benefits to our users on these platforms.
The BiLira (TRYB) token is a full-reserve stable cryptocurrency that is built on 6 different blockchains, issued and managed by the BiLira organization, backed by the Turkish Lira and collateralized 1 : 1, secure and compatible with ERC-20 token standards. Users can use the web application to conduct TRYB issuances and redemptions between their local banks and their digital wallets.
The minting of on-chain TRYB is from fully collateralized bank deposits. Users connect their wallets and deposit fiat currency (TRY) into BiLira’s bank account. BiLira confirms the transaction and verifies the smart contract. The smart contract then mints corresponding TRYB tokens and sends them to the customer’s crypto wallet. Corresponding fiat currency is held in BiLira’s reserves. This information can be verified through our audit reports that are done via 3 party firms.(link to the reports can be found below). Another factor is that BiLira doesn’t hold the users crypto assets. The issuance process is non-custodial and the assets are sent to the users wallet addresses that they provide. For redemption, users send their TRYB to their BiLira redemption wallets, and convert the specified TRYB to Turkish Lira through website. All of the redeemed TRYB from customers are burned in a monthly routine. BiLira firm uses enterprise-grade multi-layer security measures such as Multi-Sig wallets through Fireblocks.
Snapshot link will be added after discussion.