GSR Invests $100 Million to Launch On-Chain Vault Business Hare

Cryptocurrency trading and market-making firm GSR will invest $100 million to develop a new on-chain lending business called Hare. This initiative is being built in collaboration with liquidity distribution platform Turtle, primarily responsible for creating and managing on-chain vaults. GSR's multi-year investment will mainly be provided in the form of credit lines and will serve as anchor liquidity for Hare's products, deploying its own funds ahead of external investors. Hare will initially launch two products based on Aave: Hare USD Earn, which allows users to deposit major USD stablecoins into the same vault for returns; and Hare Gold Earn, which offers yield products for holders of Paxos' tokenized gold PAXG and PAXGy, with Paxos Labs participating in the collaboration. In the future, Hare will focus on assessing collateral, counterparties, and position risks under market stress conditions.

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