GSR Turns Up DeFi Activity in Strategic Shift

“We just see DeFi overtaking centralized exchanges as a preferred liquidity venue,” Jake Dwyer said.

AccessTimeIconNov 1, 2021 at 4:01 p.m. UTC
Updated May 11, 2023 at 4:00 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Crypto market maker GSR is going big on decentralized finance (DeFi) after concluding that decentralized exchanges (DEXs) like Uniswap will prevail over the firm’s 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 GSR’s daily activity; centralized exchanges, GSR’s 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 “meet or exceed the capabilities that we have in centralized changes” by Q4 2022.

“We just see DeFi overtaking centralized exchanges as a preferred liquidity venue,” Dwyer said.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Danny Nelson

Danny is CoinDesk's Managing Editor for Data & Tokens. He owns BTC, ETH and SOL.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.

Read more about