In the latest updated Grayscale fund weightings, Cardano fared marginally better over the prior quarter with 28.13%. demonstrating a more robust presence in its GSCPxE Fund [Smart Contract Platform Ex-Ethereum Fund].
The world’s largest digital currency asset manager announced the first quarter of 2023 rebalancing in three funds- Grayscale Digital Large Cap Fund [GDLC], Grayscale DeFi Fund [DEFG], and Grayscale Smart Contract Platform Ex-Ethereum Fund [GSCPxE Fund].
A year ago, Grayscale Investments introduced the cryptocurrency fund for smart contract platforms excluding Ethereum [GSCPxE Fund], highlighting the growing interest among investors in alternative blockchain networks.
The Grayscale Smart Contract Platform Ex-Ethereum Fund, also known by the ticker symbol GSCPxE, is the asset manager’s 18th investment offering. The fund provides exposure to seven smart contract platforms which are the following:
Cardano [ADA], Solana [SOL], Avalanche [AVAX], Polkadot [DOT], Polygon [MATIC], Algorand [ALGO], and Stellar.
The surge of Cardano in Grayscale GSCPxE Fund investment demonstrates the layer 1 blockchain’s growing significance in the burgeoning smart contract ecosystem.
However, Cardano saw a small decline in the Grayscale Digital Big Cap Fund, with its share dropping from 1.86% in Q4 2022 to 1.69% in Q1 2023.
After undergoing a significant upgrade in September 2022 and incorporating smart contract functionality, the network’s development continued to expand through 2023.
Cardano Smart Contracts Via Plutus Touched 5244
The Vasil hard fork, in question, paved the way for the rapid development of Plutus Scripts, a Cardano-based smart contracts platform. In just a few months since its launch in Sept, the number of smart contracts using Plutus reach 5,000.
At present, the figures crossed 5200 as per data provided by Cardano Blockchain Insights.
On the price front, ADA is exchanging hands at $0.38, down by 2% in the past day at the time of writing. The market cap of the 7th-ranked asset stood at $13.2 billion. Despite its dull price action, whales remain bullish on the token continuing to fill their bags.
Overall, the crypto community is anticipating ADA’s price to drop as a new feature on Milkomeda, Cardano’s EVM layer is touted to allow users access to Ethereum Virtual Machine [EVM] smart contracts using ADA wallet.
Recently, Cardano founder Charles Hoskinson addressed concerns about the blockchain’s delayed updates. Refer here for more details.