The First Stablecoin on Avalanche: BiLira!
The BiLira team is constantly working towards simplifying the process of offering blockchain and cryptocurrency products to individuals from all over the world. Since the inception of Bitcoin and Ethereum, only one particular protocol has caught our attention to such an extent that we as a team have decided to embrace and share the benefits of this new financial primitive with our users.
Until today, the TRYB token was only in existence as an ERC-20 token on the Ethereum blockchain. This allowed us to build a platform where anyone can use Turkish Lira’s to buy, sell, transfer or trade within the confines of Decentralized Finance. Now, with the TRYB token live on Avalanche, we believe that we can offer much faster transaction speeds (4,500+ tps) with much less in fees to be paid.
Let’s take a closer look at how simple it is to create an Avalanche wallet and purchase your first TRYB token.
Creating an Avalanche Wallet
If you already have an Avalanche Wallet you can skip this step and continue onto “Issuing TRYB on Avalanche”.
In order to create an Avalanche Wallet, you must first visit https://wallet.avax.network
1. Begin by clicking on the “CREATE NEW WALLET” button
2. On the next page that comes up, click “GENERATE KEY PHRASE” to continue.
3. Save the 24 words indicated by red arrows that allow you to access your wallet. You can store this key phrase on your computer, phone, or on paper, but a non-digital storage method will be safer.
4. After ticking the “I wrote my key phrase in a secure location.” box, click the “ACCESS WALLET” button to continue.
5. Check the key phrase you safely stored and enter the appropriate words in the spaces given. According to the screenshot below, we must type in the corresponding words for 5th, 6th, 10th, and 22nd before pressing the “VERIFY” button. Please fill out this screen according to your own Mnemonic phrase.
6. If you typed the words in the correct order, you will see the screenshot below. Press the “ACCESS WALLET” button to switch to the last step of creating a wallet.
7. Congratulations, you have successfully created your Avalanche Wallet. Now copy your wallet address that starts with “X” which is next to the QR code.
Issuing TRYB on Avalanche
If you have successfully reached this stage, we recommend that you have the public address of your Avalanche Wallet ready. You are a few steps away from purchasing TRYB on the AVAX chain.
1. Log onto the BiLira Platform and click the “Issue TRYB” button. If you previously had any digital wallet connected to the platform, be sure to disconnect it.
2. Copy & Paste your previously created Avalanche Wallet address into the box that says “TRYB address or ENS” and click on the “Continue” button.
3. Continue by selecting the financial institution you would like to complete your payment. Except “Papara”, no commission fee is charged when buying TRYB.
4. Enter the amount of TRYB tokens you would like to buy and press the “Continue” button.
5. Similar to the Ethereum Network, AVAX is used as a gas fee to process transactions on the Avalanche blockchain. So, if you would like to make any transactions in your Avalanche Wallet using your TRYB tokens, you will need to also purchase AVAX tokens. For this reason, select the amount of AVAX you want to purchase on the screen below and click the “Continue” box.
6. Review your order details and click on the “Confirm” button to finalize your issuance request. You may proceed to the final step.
7. While transferring money to the specified IBAN address, please don’t forget to write your issuance request number in the transfer description section. Upon your wire transfer, you will have successfully completed your TRYB purchase on Avalanche.
Lastly, our redemption flow for TRYB on Avalanche is currently not released. We are planning our releasing an update in the upcoming days. Until then, please enjoy the fastest and cheapest way to purchase and transfer TRYB tokens!