Grayscale brings smart contract fund named Ex-Ethereum for Ethereum competitors

Digital currency investing and cryptocurrency asset manager Grayscale Investments has revealed a new crypto fund aimed at smart contract platforms excluding Ethereum, marking growing interests among investors for alternative blockchain networks.

Grayscale aims exposure to several smart contract platforms

Ex-Ethereum, the Grayscale Smart Contract platform has GSCPxE as its ticker symbol and is Grayscale’s 18th investment product. The fund aims to offer exposure to seven smart contract platforms at the given weights:

• 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 Investment CEO Michael Sonnenshein noted that the demand for diversified exposure among investors has been continuously increasing as the crypto ecosystem evolutionize. 

“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,” he added.

Accredited investors can now subscribe to the new fund on a daily basis, according to Grayscale. Competitors claiming to offer faster transaction speeds, lower costs, and higher throughput capacity are challenging Ethereum’s dominance as the leading smart contract platform. While Ethereum remains the undisputed leader in the decentralized application area, the DeFi industry is becoming more competitive. According to DeFi Llama, Ethereum currently accounts for slightly over 55.4% of the entire wealth locked on DeFi protocols, down from over 96% in January 2021.

With over $36 billion in assets under management as of March 22, Grayscale is by far the world’s largest digital asset manager. During the peak of Bitcoin’s (BTC) record-breaking rise to ATH on November 10, 2021, assets under management surpassed $60 billion.

Here’s a snapshot of Grayscale 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