Crypto market maker GSR is going big on decentralized finance (DeFi) after concluding that decentralized exchanges (DEXs) like Uniswap will prevail over the firmās centralized partners.
Head of DeFi Jake Dwyer told CoinDesk his unit is already moving $1 billion daily on Ethereum- and Solana-based DEXs. DeFi trades account for 20% of GSRās daily activity; centralized exchanges, GSRās historical focus, contribute the rest.
Those shares are poised to flip in a hurry. GSR is plugging into more chains (Polygon, Avalanche, Celo and Arbitrum go online week) hiring more DeFi staffers and pouring $1 billion in total value locked to DeFi protocols.
In short, GSR, a long-serving crypto liquidity hub, wants its DeFi trading unit to āmeet or exceed the capabilities that we have in centralized changesā by Q4 2022.
āWe just see DeFi overtaking centralized exchanges as a preferred liquidity venue,ā Dwyer said.