ICYMI: We were live from @blockworksDAS Asia with @AlpacaHQ at @token2049 Singapore. 6 hours. 10+ phenomenal speakers. We dove into where global finance meets the onchain economy, and where the next buyer is coming from. We were met by some incredible guests like @arush, @FTDA_US, @chriseyin, @plumenetwork, @wagmiAlexander, @aeroxyz, @vnovakovski, @Lighter_xyz, @Krista_Lynch_, @Grayscale, @swiftcommunity, @tarunchitra, @gauntlet_xyz, @samkazemian, @fraxfinance, @connorbmilner, @hare_xyz, @vibhu, @solana

Trillions of dollars in assets are expected to move onchain. But bringing them there is only part of the challenge. That's why we're building an onchain credit desk. We announced it last week, and this edition of Questions & Alpha dives even deeper.

An intense 24 hours. I’m thrilled to announce that @hare_xyz is out of stealth. As co-founder and CEO, I can say this is the most exciting chapter of my career so far. We’re backed by @GSR_io and @turtledotxyz , with a $100m multi-year capital commitment from GSR behind us. The response since we announced has been overwhelming, so thank you to everyone who has reached out. Here is what we’re building and why I think it matters. Trillions of dollars of assets are expected to move onchain over the next five years. Bringing them onchain is only half the job. Someone has to understand, price and manage the risk underneath them, and present it in a way institutional capital can trust. Today, curators manage around $7bn onchain. Some run hedge-fund-style strategies chasing performance. Others scale stablecoins across chains chasing incentives. Both are valid models. Neither was built to absorb the wave of real-world assets now arriving, or to serve the buy side that wants exposure to them. That’s the gap Hare steps into. We’re a curator with the ambition and discipline of an investment bank, and there’s no better place to start than credit. DeFi has plenty of attack vectors, and the market has built around the ones it already understands: security, smart contract and oracle risk etc The challenge on the horizon is the offchain component behind many of these assets: where the capital is actually deployed, and what sits under a strong name and an attractive yield. We underwrite every layer, and we’ll publish our reporting openly, including how much liquidity is available instantly and how much takes longer under stress. Ok theory is fun but the questions I’ve been asked most are how we execute, what we offer and how we truly serve the market. The answer starts with building the strongest foundation possible. That’s why we’re launching with two products, both powered by Aave Aave Labs. The first is a dollar vault for any major USD stablecoin, built for scale. The second is a gold vault built on Paxos’s PAX Gold. Giving the world access to yield on gold reminds me of the magic in finance, and why so much of its future will be built onchain. The journey is long, and our ambition is bigger still. I see a future where onchain markets become the venue for global capital formation, and raising capital onchain, whether equity or debt, is simply the default. Thank you to everyone who made this possible. To @SuperChad15 and the Turtle team, who built the infrastructure that turns our products into machines and backed this from the first conversation. To @xinsong86 @Palmstierna @KunzAlain the GSR team, whose belief and market expertise sit behind everything we do. And to our partners at Chainlink Labs and Hypernative. I couldn’t ask for better people to build with. If you know me, you know I love the grind, but I’ve never been more excited to get to work. If you're interested in what we are doing, let’s talk.

Onchain finance needs underwriting across the full credit stack: assets, counterparties and liquidity under stress. Hare is being built to assess those risks and make them legible to investors and issuers.

Vaults built to respond to risk in real-time need to see that risk forming first. Great to support @hare_xyz by @GSR_io alongside @turtledotxyz as the team's primary monitoring layer, making sure the signal gets there in time to act on it.

GSR COMMITS $100M TO ONCHAIN VAULT BUSINESS Hare's planned vaults target stablecoin and tokenized-gold yield through @aave. GSR's own capital will sit alongside outside deposits, CEO Connor Milner told @CoinDesk. Read more here:

Institutional gold lending is a centuries-old market. Onchain, it's just getting started. Hare Gold Earn brings PAXG and PAXGy into a curated @aave vault, with zero fees at launch. Congratulations to the @hare_xyz and @GSR_io teams

We’re proud to launch Hare alongside @GSR_io. Hare brings GSR’s expertise to vault curation, while Turtle connects its vaults with onchain allocators. Built with support from @aave, @PaxosLabs, @chainlink and @HypernativeLabs. Learn more:

Today we're launching Hare. Hare (@hare_xyz) is the credit desk for onchain finance built alongside Turtle (@turtledotxyz) with support from Aave (@aave), Paxos (@PaxosLabs), Chainlink (@chainlink), and Hypernative (@HypernativeLabs).

Connor Milner says many of the assets coming onchain end up as "a dumb vault with nothing to do." "A lot of assets coming on chain need credit facilities, need to take leverage, need real use cases." "But there's space for a model that's more like an investment bank." "A lot of them just become a dumb vault with nothing to do." "We offer an end-to-end service from origination to DeFi composability." @connorbmilner @hare_xyz

Hare by @GSR_io. The credit desk for onchain finance. GSR launches Hare alongside @turtledotxyz, bringing trading and liquidity expertise to vault curation. Supported by @aave, @PaxosLabs, @chainlink and @HypernativeLabs. Our first two vaults are coming soon.