Grayscale Launches Fund Consisting of Cardano (ADA), Solana (SOL), Polkadot (DOT) and Four Additional Altcoins

Investment giant Grayscale is launching the Smart Contract Platform Ex-Ethereum Fund (GSCPxE) to give investors exposure to leading smart contract platforms.

According to a new announcement, the new investment product tracks the CoinDesk Smart Contract Platform Select Ex ETH Index, measuring the market capitalization-weighted performance of all leading smart contract coins excluding Ethereum (ETH).

The fund currently consists of Cardano (ADA), with 24.63%, Solana (SOL) with 24.27%, Avalanche (AVAX) with 16.96%, Polkadot (DOT) with 16.16%, Polygon (MATIC) with 9.65%, Algorand (ALGO) with 4.27% and Stellar (XLM) with 4.06%.

Grayscale launches the fund amid rising demand for decentralized finance (DeFi) and non-fungible tokens (NFTs), which rely on smart contracts–blockchain-based programs that automatically execute when predetermined conditions are met.

Says Grayscale CEO Michael Sonnenshein of the new fund,

“Smart contract technology is critical to the growth of the digital economy, but it’s still too early to know which platform will win – from attracting and retaining the most vibrant developer communities to ensuring the platform is high-speed, flexible, and scalable. The beauty of GSCPxE is that investors do not have to choose one winner, and instead can access the development of the smart contract platform ecosystem through a singular investment vehicle.”

GSCPxE is Grayscale’s 18th investment product and third diversified fund.

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Featured Image: Shutterstock/Volodimir Zozulinskyi