Crypto trading and market-making firm GSR said it is committing $100 million to launch Hare, a new onchain credit business built with liquidity distribution platform Turtle. The venture will create and manage onchain vaults, with GSR’s multi-year commitment mainly structured as credit lines. The firm said its own capital will enter Hare products first as anchor liquidity before outside investors are brought in.
Hare is starting with two products backed by lending protocol Aave. Hare USD Earn accepts major U.S. dollar stablecoins in a single vault, while Hare Gold Earn is designed to generate yield for holders of Paxos tokenized gold products PAXG and PAXGy. Paxos Labs is involved in the gold product partnership.
Hare CEO Connor Milner said GSR’s commitment is deployable capital, allowing issuers to access liquidity from day one while allocators can see GSR’s own funds sitting in the same vault. Milner previously served as a senior director at London-based DeFi hedge fund Re7 Capital. According to Vaults.fyi, 788 curated vaults managed a combined $8.6 billion in assets as of July.
Crypto trading and market-making firm GSR said it is committing $100 million to launch Hare, an onchain credit business built with liquidity distribution platform Turtle. The project is designed to create and manage onchain vaults.
Commitment structured mainly as credit lines
GSR said its multi-year commitment will be provided mainly in the form of credit lines. Its own capital will be deployed first into Hare products as anchor liquidity, with outside investors brought in later.
Hare CEO Connor Milner said the GSR commitment is deployable capital, meaning issuers can access liquidity from day one, while allocators can see that GSR’s own funds sit in the same vault as theirs.
Two Aave-backed products go live first
Hare is launching with two products backed by lending protocol Aave. Hare USD Earn accepts major dollar-denominated stablecoins in a single vault. Hare Gold Earn allows holders of Paxos tokenized gold products PAXG and PAXGy to earn yield, with Paxos Labs participating in the gold product partnership.
Vaults continue to expand in onchain finance
Milner previously served as a senior director at London-based DeFi hedge fund Re7 Capital.
Vaults are becoming a larger part of onchain finance. Investors deposit assets into smart contracts, and curators decide how to deploy that capital across lending markets and other strategies.
Data from Vaults.fyi showed that, as of July, 788 curated vaults managed $8.6 billion in assets.
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