Digital asset manager Grayscale Investments has unveiled a new cryptocurrency fund dedicated to smart contract platforms except Ethereum, underscoring growing investor appetite for alternative blockchain networks.
The Grayscale Smart Contract Platform Ex-Ethereum Fund, also known by the symbol GSCPxE, is the company's 18th investment product. the bottom provide exposure to seven smart contract platforms with the following weightings:
- Cardan (THERE ARE): 24.63%
- solana (SUN): 24.27%
- Avalanche (AVAX): 16.96%
- Moles (POINT): 16.16%
- polygon (MATIC): 9.65%
- Algorand (SOMETHING): 4.27%
- stellar (XLM): 4.06%
Grayscale said the new fund is now open for daily subscription from 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 capacity. As Ethereum continues dominate the decentralized app 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 96% in January 2021. according to DeFi Call.
Grayscale is by far the largest digital asset manager in the world with more than $36 billion in assets under management as of March 22. Assets under management reached north of $60 billion in November 2021 during the heyday of Bitcoin (BTC) record rally.
Related: DCG Announces $250M Stock Buyback for Grayscale Products
Here is a snapshot of the grayscale investment products as of March 21, 2022.
Visit our product tracker for daily updates: https://t.co/XOE44lKFHmAAVE $ADA $AMP $BTC $BAT $BCH $COMP $CRV $ETH $ETC $FIL $LINK $LPT $LTC $ MANA $ MKR $SNX $ SUN $ SUSHI $UNI $XLM $ YFI $ZEC $ZEN pic.twitter.com/Nal3Qg5Mm7โ Grayscale (@Grayscale) March 21, 2022
Grayscale Bitcoin Trust, also known as GBTC, is the largest offering with over $26.4 billion in assets. As Cointelegraph reported, institutional investors have increased their exposure to GBTC in recent months as its discount to Bitcoin's spot price widened.