$100 million is a big number, but don’t rush to label it as TVL. GSR’s commitment to Hare is primarily a multi-year credit line, with plans to act as anchor liquidity for the product. The first batch of Aave vaults will cover USD stablecoins and Paxos tokenized gold, with the opening date yet to be announced. Institutional funds on-chain—what’s scarce isn’t creating another yield entry point, but who’s willing to put their own money in first, and then figure out the collateral, counterparties, and stress scenarios. DeFi RWA