GSR just announced they're dropping $100M into "Hare" — a new onchain vault business they're building with Turtle.
This is another data point in the institutional adoption wave. Traditional trading desks aren't just dipping toes anymore, they're committing serious capital to blockchain infrastructure.
What's interesting: vault businesses signal institutions want custody solutions that are native to the chain, not just wrapped legacy systems. They're building for a future where treasury management, collateral, and settlement all happen onchain.
GSR isn't a random player — they're one of the bigger liquidity providers in crypto. When they commit 9 figures to infrastructure, it's a bet on where institutional money flow is headed over the next 3-5 years.
The shift from "blockchain is interesting" to "we're building core financial products onchain" is the actual signal here.
This is another data point in the institutional adoption wave. Traditional trading desks aren't just dipping toes anymore, they're committing serious capital to blockchain infrastructure.
What's interesting: vault businesses signal institutions want custody solutions that are native to the chain, not just wrapped legacy systems. They're building for a future where treasury management, collateral, and settlement all happen onchain.
GSR isn't a random player — they're one of the bigger liquidity providers in crypto. When they commit 9 figures to infrastructure, it's a bet on where institutional money flow is headed over the next 3-5 years.
The shift from "blockchain is interesting" to "we're building core financial products onchain" is the actual signal here.
