Grayscale, the largest crypto asset manager has added another altcoin to its popular Digital Large Cap Fund ($GDLC). Cardano (ADA) was included in the fund with the third-highest allocation of 4.36% after Bitcoin (67.47%) and Ether (25.39%).
Grayscale Digital Large Cap Funds is a passive investment option that offers exposure to 70% of the digital asset market. The composition of the fund is reviewed every quarter and necessary changes are made by selling existing digital assets in proportion to their fund allocation. The cash proceeds from the funds are then used to buy a new digital asset. The next quarterly review would take place in September.
Edward McGee, Vice President of Finance at Grayscale said,
“We are excited to welcome Cardano to our Digital Large Cap Fund’s portfolio as we work to ensure that our diversified Fund can safely hold assets that collectively comprise 70% of the entire digital asset market,”
Cardano Gears up For Biggest Network Transformation
The $GDLC fund often reflects the market demand around crypto assets, while BTC and ETH are constant, other altcoins continue to find a place in the fund based on their market demand. Cardano (ADA) is often dubbed as an Ethereum killer for similar network functionality, it is gearing up to implement the last phase of the Alonzo Smart Contract hard fork.
Cardano holders have staked 43.3 Billion ADA estimated to be worth $31 billion and the staked amount represents 71% of the circulating supply. The Alonzo project is seen as the biggest upgrade for the network as it introduces smart contract capabilities. The upgrade is believed to help Cardano give Ethereum, Solana, and Polkadot tough competition.
The Alonzo update would have a three-phase test net launch, the first phase called Alonzo Blue was successfully launched on May 27 while Alonzo White and Alonzo Purple would be rolled out soon. The first smart contracts would make their debut on the platform in August.
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