Proposal for New Asset Request: Add Synth TRY

Simple Summary: Add a new long Turkish Lira (TRY) synth.

Abstract: Turkey was the world’s fourth biggest cryptocurrency market in 2020 and became the largest cryptocurrency market in the Middle East in 2021. Turkey topped a million trades a day by the end of 2021. With over 40 exchanges operating in Turkey, the Middle East’s largest economy and home to around 85mn people, the adoption of cryptocurrencies is ever expanding. Turkish residents using cryptocurrencies were recorded at 16% to 20% between 2020 and 2022. Latest surveys show there are over 5 to 6 million Turkish people with cryptocurrency accounts. A cryptocurrency exchange in the country reported nearly 5 million users and had a trading volume of $203.5 million.

Motivation: Adding a TRY synth could bring further volume to the Synthetix protocol, allowing TRY to enter the decentralized exchange market, while facilitating the conversion of crypto to fiat in the world’s 4th biggest crypto volume.

Rationale: Creating a synthetic Turkish Lira would allow a bridge between Turkish Lira and the crypto world. It will allow newer participants to join the space for broader adoption. With 5Million users just in Turkey alone, many new users will use Synthetix.

Specification: The Chainlink Oracle could be used as a price feed for TRY.