Grayscale’s Q3 Updates: Solana Surpasses Cardano
In Grayscale’s Q3 updates, a significant shift has occurred in the blockchain landscape. Solana (SOL) has successfully surpassed Cardano (ADA) to become the leading asset in Grayscale’s Smart Contract Platform Ex-Ethereum Fund. The question arises: Which one is better, Solana or Cardano?
Solana’s Impressive Performance
Currently valued at $23, Solana is showing remarkable market dynamics. With a 7-day performance displaying a substantial +15% increase, SOL demonstrates significant market strength and investor confidence. This meteoric rise may be attributed to its newfound dominance in Grayscale’s portfolio.
Cardano’s Resilience
Cardano, priced at $0.26, remains a force to be reckoned with in the crypto realm. Its 7-day performance has seen a respectable +4% growth. ADA’s strategic positioning and innovative solutions have consistently garnered attention. Its consistent performance and adaptability in the ever-evolving crypto landscape further emphasize its significance.
GSCPxE Fund Composition
Historically, until Q2 2023, Cardano held the undisputed lead in Grayscale’s Smart Contract Platform Ex-Ethereum Fund (GSCPxE) with a 25.89% weighting. However, by the conclusion of Q3 2023, Solana’s remarkable ascent secured the top spot with a 27.28% weighting. This advancement positioned Solana marginally ahead of Cardano, which maintained its previous quarter’s 25.89% share.
The fund’s overall constitution remained stable, with no token additions or omissions. Other assets in the fund include Polygon (MATIC) with 15.01%, Polkadot (DOT) with 14.25%, Avalanche (AVAX) at 10.24%, and Cosmos (ATOM) holding 7.33%.
Grayscale’s Diverse Allocations
For those tracking Grayscale’s various portfolios:
- Grayscale DeFi Fund: Dominated by Uniswap (UNI) with a substantial 45% weighting, followed by Lido (LDO) at 19%, Aave (AAVE) at 11%, MakerDAO (MKR) with 10%, Curve DAO Token (CRV) at 7%, and Synthetix (SNX) completing the list with 6%.
- Grayscale Digital Large Cap Fund: Mainly influenced by Bitcoin (BTC) commanding a 70% share, followed by Ethereum (ETH) at 27%. Cardano (ADA), Solana (SOL), and Polygon (MATIC) hold 1%, 1%, and 0.75% respectively.
