Crypto trading and market-making firm GSR is committing $100 million to build Hare, a new on-chain credit business reported by CoinDesk. The project is being developed with liquidity distribution platform Turtle and will focus on creating and managing on-chain vaults. GSR said the multi-year commitment will mainly be provided in the form of credit lines and used as anchor liquidity for Hare’s products, allowing the firm to deploy its own capital before outside investors join.
Hare’s first rollout includes two Aave-based products. Hare USD Earn will let users deposit major U.S. dollar stablecoins into a single vault to earn yield. Hare Gold Earn is designed for holders of Paxos tokenized gold assets PAXG and PAXGy, with Paxos Labs participating in the collaboration. Looking ahead, Hare plans to focus on assessing collateral, counterparties, and position risk during periods of market stress.
Crypto trading and market-making firm GSR is committing $100 million to develop Hare, a new on-chain credit business, according to CoinDesk.
The business is being built by GSR together with Turtle, a liquidity distribution platform, and will be responsible for creating and managing on-chain vaults.
GSR’s multi-year commitment will mainly come in the form of credit lines. The firm said that capital will serve as anchor liquidity for Hare’s products, with GSR deploying its own funds before external investors enter.
First products will be built on Aave
Hare’s initial launch will include two products based on Aave. Hare USD Earn will allow users to deposit major U.S. dollar stablecoins into a single vault to generate yield. Hare Gold Earn will offer a yield product for holders of Paxos tokenized gold assets PAXG and PAXGy, with Paxos Labs joining the collaboration.
Focus on collateral and counterparty risk
Hare said it will place future emphasis on evaluating collateral, counterparties, and position risk under stressed market conditions.
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