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Deep dives into real yield, protocol mechanics, and the evolving landscape of onchain finance — new articles published every week by the Brix research team.
The First Onchain FX Carry Market: wiTRY/USDM Is Live on Morpho
The first onchain FX carry market is live. Deposit wiTRY, a yield-bearing token backed by Turkish Lira money market funds, as collateral; and borrow USDM against it. At up to 77% LTV, users can loop the lira carry to as much as 39% APY in USD. The market is curated by Feather on Morpho and runs on MegaETH.
wiTRY and the Lira Carry: Why It Has Worked, and Why It Keeps Working
From June 2023 to today, 100 TRY parked at the CBRT's compounded overnight reference rate has turned into ~356 TRY. That’s about 1.79× your money in USD terms, through a 75% inflation peak and multiple geopolitical shocks. This isn’t a market anomaly waiting to be arbitraged. It's a textbook risk premium, and the governing bodies that pay it out are structurally reinforcing the premium, not eroding it.
Tokenizing RWAs in Emerging Markets: the Untapped Potential
Brix’s architecture starts from one premise: tokenization is not the product. Market structure is. Wrapping a local instrument into an onchain token is the easiest layer to build and the least useful in isolation. What earns onchain capital’s attention is the surrounding system that lets the token compose, finance, settle, and price.
Epoch 2: Now Live
If EPOCH 1 was about bootstrapping liquidity, EPOCH 2 is about new ways for users to access yield. Welcome to the trenches.
Epoch 1: A check-in
Since the start of Epoch 1 last Thursday, we've been getting lots of questions about iTRY and wiTRY, how they work, and what to expect next. We figured we'd come on here and share a recap of where we're at, with answers to some of your questions.
Epoch 1: Everything you need to know
Epoch 1 is a phased launch of wiTRY with limited supply. Every day a fresh batch of $500k USDM worth of wiTRY will roll out on World Markets. Follow for updates.
Brix Manifesto
Brix makes EM yield accessible and composable at a global scale. This creates a new engine for economic signaling where global capital and emerging economies can finally connect without intermediaries.