Digital asset manager Grayscale Investments has unveiled a new cryptocurrency fund dedicated to smart contract platforms other than Ethereum, highlighting the growing interest of investors in alternative blockchain networks.
The grayscale smart contract platform Ex-Ethereum Fund, also known by the ticker GSCPxE, is the company’s 18th investment product. The Fund will provide access to seven smart contract platforms with the following weightings:
- Cardano (ADA): 24.63%
- Solana (SOL): 24.27%
- Avalanche (AVAX): 16.96%
- Polkadot (DOT): 16.16%
- Polygon (MATIC): 9.65%
- Algorand (ALGO): 4.27%
- Stellar (XLM): 4.06%
Grayscale said the new fund is open to daily subscriptions for accredited investors.
Ethereum’s dominance as the leading smart contract platform is being challenged by competitors who claim to offer superior transaction speeds, lower costs, and higher throughput. While Ethereum continues to dominate the decentralized application space, the DeFi industry is becoming a more level playing field. Ethereum currently accounts for just over 55.4% of the total value locked in DeFi protocols, up from over 96% in January 2021, according to DeFi Llama.
Grayscale is by far the world’s largest digital asset manager with over $36 billion in assets under management as of March 22. Assets under management hit the $60 billion mark in November 2021, at the height of Bitcoin (BTC)’s all-time high.
Related: DCG announces $250 million share buyback for Grayscale products
Here is a grayscale snapshot of investment products as of March 21, 2022. Visit our product tracker for daily updates: https://t.co/XOE44lKFHm$AAVE $ADA $AMP $BTC $BAT $BCH $COMP $CRV $ETH $ETC $FIL $LINK $LPT $LTC $MANA $MKR $SNX $SOL $SUSHI $UNI $XLM $YFI $ZEC $ZEN pic.twitter.com/Nal3Qg5Mm7 — Grayscale (@Grayscale) March 21, 2022
The Grayscale Bitcoin Trust, also known as GBTC, is the largest offering with over $26.4 billion in assets. As reported, institutional investors have increased their exposure to GBTC in recent months as its discount to Bitcoin’s spot price widened.