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GSR Commits $100 Million to Co-Develop On-Chain Lending Business Hare with Turtle

On October 7, cryptocurrency trading and market-making firm GSR pledged to invest $100 million in collaboration with liquidity distribution platform Turtle to develop the on-chain lending business Hare, which will be responsible for creating and managing on-chain vaults. This multi-year commitment will primarily be provided in the form of credit lines, with GSR initially investing its own funds into Hare's products as initial liquidity before external investors come in. Hare will first launch two products based on the lending protocol Aave: Hare USD Earn, which accepts major USD stablecoins through a single vault, and Hare Gold Earn, which allows holders of Paxos tokenized gold products PAXG and PAXGy to earn returns, with Paxos Labs participating in the gold product collaboration. Vault managers will be responsible for allocating assets deposited into smart contracts to lending markets and other strategies. Hare CEO Connor Milner stated that the funds committed by GSR will be deployed directly, allowing issuers to gain liquidity from day one, and investors will see GSR's own funds in the same vault as theirs. Hare will focus on assessing the performance of collateral, counterparties, and positions under market pressure.

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