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.

We reached $2M in TVL yesterday. It's pretty much impossible to know how launching a token is going to go, not to mention launching the yield-bearing version of the token first, and on a DEX you don't have full control of. Each of these were intentional decisions with multiple trade-offs involved for our current stage of growth.

We're really happy with the early experimentation on Brix and are getting ready to start scaling.

But before we look forward, let's do a deep dive on iTRY and wiTRY for those just joining.

What are iTRY and wiTRY?

• iTRY is the underlying asset that behaves like a Turkish lira stablecoin. It is backed by Turkish Lira Money Market Funds. It is not yet live.
• iTRY tracks the lira. So when the lira depreciates, so does iTRY.
• wiTRY is the yield-generating version of iTRY. You can access it on World Markets.

How does the yield work?

Turkey has a high interest-rate environment which affects Turkish lira money market funds. The yield generated by the Turkish lira money market funds backing iTRY is distributed into wiTRY directly. This means that when you buy and hold wiTRY, you're already earning yield: the yield is baked in.

In order to buy wiTRY, you have to deposit USDM into World Markets. During Epoch 1, that is the only way.

Whether you leave your wiTRY in World Markets or withdraw it is up to you. That's a personal security measure preference. The yield is baked into wiTRY no matter where it lives.

It is important to understand that wiTRY provides access to a new kind of trading in DeFi that wasn't previously possible. These are not made-up sources of yield, they are yield sources from real capital markets.

If you're interested in unique types of financial strategies... what you really want is wiTRY (incidentally, why we wanted to offer it first).

Please see this article for a thorough overview of some of these strategies, especially the carry trade

We've also received a large amount of feedback about the interface on the USDM-wiTRY World Markets page. We realize there are certain challenges with this and are working closely with the team. If you don't want to purchase wiTRY on World Market DEX, you can always wait for the native Brix app. When that launches, you'll be able to purchase iTRY and stake it for wiTRY directly in-app. Regardless of how you are obtaining wiTRY, the yield generated will be the same.

Finally, we've had some questions about supply increase.

Every week day, market makers are selling an additional $500K USDM worth of wiTRY. Please check for spreads when buying wiTRY. As liquidity increases, this will be less of an issue.

Launching wiTRY onchain is historic. For the first time, people have access to innovative trade strategies previously gatekept by large institutions. We want to scale it intentionally and steadily.

If you have more questions or want to get involved, slide into our Telegram.