Cardano (ADA) Emerges As Favored Ethereum Rival in Grayscale Investments’ Smart Contract Platforms Fund

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).

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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Featured Image: Shutterstock/Art disain