MegaETH Debuts Onchain Turkish Lira Carry Trade Market with WiTRY
MegaETH has launched the first onchain Turkish Lira carry trade market, allowing users to borrow USDM against wiTRY, a yield-bearing wrapped version of the tokenized Turkish Lira stablecoin iTRY. The market was built by Featherlend on Morpho and went live on July 29.
The mechanics of the carry trade involve staking iTRY to receive wiTRY, which captures the underlying yields through a supply expansion mechanism. This wiTRY is then posted as collateral on the Morpho market, where users can borrow USDM against it. The spread between the roughly 45% APY earned on wiTRY and the cost of borrowing USDM is the carry.
The Brix Money backstory reveals that the company raised $5.5M to build iTRY, which launched around April 20, 2026, on MegaETH with LayerZero cross-chain support. The token's yield reflects real, regulated financial instruments in Turkey, where central banks have kept policy rates at eye-watering levels.
The obvious appeal of this market is the high yield offered by wiTRY, but there are also significant risks involved. Turkey's Lira has been one of the most volatile major currencies over the past several years, and currency depreciation can eat through carry profits remarkably fast.