After suffering less severe price woes than other crypto assets in May, Cardano (ADA) now easily represents the largest chunk of Grayscale’s Smart Contract Platform Ex-Ethereum Fund (GSCPxE).
Grayscale Smart Contract Platform Ex-Ethereum Fund aims to provide investors with a secure structure to gain exposure to native tokens of emerging smart contract platforms besides Ethereum (ETH).
[adinserter block="1"]When the investment giant first launched the smart contract fund in March, Cardano was weighted at 24.63% of the portfolio, nearly identical to Solana (SOL) at 24.27%.
Smart contract platform Cardano now represents 34.54% of the fund, while Solana has dipped to 20.37%. Price-wise, Cardano is trading around 1% higher compared to what it cost 30 days ago, while Solana is down more than 40% over the same time.
Other smart contract platforms have also ceded ground in the fund: Avalanche (AVAX) represented 16.96% of the portfolio in March, but now only makes up 9.95%. Polygon (MATIC) originally represented 9.65% but now sits at 7.29%.
Price-wise, Avalanche is down nearly 43% in the past 30 days, while Polygon is down more than 30%.
Grayscale also added decentralized parallel blockchain network Cosmos (ATOM) to the fund. Cosmos now represents 3.97% of the portfolio.
GSCPxE is Grayscale’s 18th investment product and third diversified fund. It’s designed to give investors exposure to the leading smart contract coins excluding Ethereum (ETH).
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