Grayscale's New Fund: Here Are Different Holdings With Cardano ($ADA) and Solana ($SOL) On Top

Grayscale Investments launched their new fund, which will provide investors with different smart contract networks apart from Ethereum($ETH).

Its top holdings are Cardano (ADA) with 23.35% funds and Solana($SOL) with 23.3%, followed by Avalanche at 18.4%.

According to Grayscale CEO Micheal Sonneshein, investors with the GSCPxE can explore a variety of developing platforms instead of focusing on one leading for decentralized applications and DeFi.

Grayscale Investments, cryptocurrency asset manager, has announced the launch of a new fund that offers investors a variety of smart contract networks other than Ethereum ($ETH). The top holdings of funds are Solana($SOL) and Cardano ($ADA).

As per the data available, there are various tokens of alternative smart contract networks, including Polygon($POLY), Algorand ($ALGO), Avalanche($AVAX), and Stellar($XLM), along with the above-mentioned networks.

ADA with 23.35% funds is its top holding, followed by Solana at 23.3%. The next in line is Avalanche with 18.4 % and Polkadot with 15.4%.

The allocation is announced at a time while the transaction volume on the Cardano network is surging as well as the TVL on its decentralized finance (DeFi) protocol. Quite recently, Cardano outperformed Kusama in terms of total value locked.

Charles Hoskinson, CEO, and co-founder of IO Global, the company that is in charge of the research and development of Cardano, says, “we haven’t seen nothing yet” on Cardano’s TVL as various projects are anticipating the Vasil hard fork combinator (HFC) event, that is scheduled in June.

Michael Sonneshein, the CEO of Grayscale, believes that the GSCPxE fund lets investors bet on various developing platforms rather than gambling on one appearing as the primary venue for DeFi and decentralized applications.

The holdings of the fund are calculated by market capitalization. To add a new ADA component to it, Grayscale rebalanced its Digital Large Cap Fund, enabling investors to get cryptocurrency exposure after it increased by a whopping 1000% in a year.

According to the data by DeFiLama, a cryptocurrency-focused analytics firm, the TVL of Cardano has reached the mark of $300 million. 63.07% of the figure is contributed by a community-driven multi-pool decentralized exchange, Minswap. Minswap’s mainnet made its debut on March 9. After which, the TVL of the exchange experienced rapid growth, increasing by a whopping 116%, almost touching the $200 million mark.