#CarryTrade

Mega launches first onchain Turkish Lira carry trade market

Brix Money has launched the first onchain FX carry trade involving the Turkish Lira, enabling users to capture high yields through a new lending market on MegaETH. The protocol utilizes wiTRY, a yield-bearing token backed by regulated Turkish money market funds that currently offer approximately 45% APY. By posting wiTRY as collateral on a Morpho market built by Featherlend, users can borrow USDM to execute a traditional carry trade strategy. The ecosystem, which raised $5.5 million, leverages RedStone for price feeds and LayerZero for cross-chain functionality. While the high yields are attractive, the strategy carries significant risks due to the historical volatility of the Turkish Lira and the potential for cascading liquidations during market stress. Recursive looping allows users to amplify their exposure to these yields, though this simultaneously increases the danger of rapid capital erosion from currency depreciation. This development marks a significant milestone in bringing complex, institutional-style financial strategies into the decentralized finance space.

cryptobriefing.com·4h ago