GSR Enters On-Chain Lending With Turtle, Commits $100 Million to Hare
Summary
- GSR said it is launching an on-chain lending business called Hare with liquidity platform Turtle.
- GSR said it has committed $100 million in funding for Hare and plans to provide initial liquidity with its own capital.
- Hare said it will introduce yield products built on Aave, including Hare USD Earn and Hare Gold Earn, using on-chain vaults.
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Crypto market maker GSR is moving into on-chain lending.
BlockBeats reported on Oct. 8 that GSR had unveiled an on-chain lending venture called Hare with liquidity platform Turtle. GSR also committed $100 million in funding for the project that day.
Hare creates and manages on-chain vaults based on smart contracts. It generates yield by allocating assets deposited in those vaults across lending markets and a range of investment strategies.
GSR's funding will be deployed over several years, with most of it provided in the form of credit lines. The firm plans to use its own capital to supply initial liquidity to Hare until outside investors join.
Hare will first roll out two products built on the decentralized lending protocol Aave. Hare USD Earn will accept major dollar stablecoins into a single vault. Hare Gold Earn will offer PAXG and PAXGy investors a separate opportunity to generate yield.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul