Grayscale adds Lido DAO (LDO) to its DeFi fund
Date: 2023-07-08 Author: Karina Ziganova Categories: IN WORLD
One of the largest digital asset managers in the world, Grayscale has added the native token of the liquid staking platform Lido Finance LDO to its DeFi fund.
Grayscale announced changes to the composition of the Grayscale DeFi Fund (ticker DEFG) on Thursday. LDO now accounts for 19.04% of the fund, making it the second largest asset included in it. The first place still belongs to Uniswap (UNI) - it occupies 45.46%.
Previously, the three largest assets in the fund were Uniswap, Aave, and Compound Finance (COMP). Over time, Grayscale has increased its share of Synthetix (SNX), and now it has added a new token for the first time since the launch of DEFG.
Lido has attracted the attention of investors thanks to Staked ETH (stETH) - according to CoinGecko, it ranks seventh in the list of the largest cryptocurrencies by capitalization. The current issuance of stETH reflects the value of the assets that users have locked on Lido. The release of tokens occurs after the deposit of ETH and when validators receive rewards.
Grayscale's DeFi fund is one of the company's smallest products, with a total value of only $3.1 million. For comparison, Grayscale's flagship fund, Bitcoin Trust (GBTC), has more than $18 billion in assets. Since its launch in 2021, DEFG's share price has sunk by more than 73% due to a protracted crypto winter and a drop in user interest in the decentralized finance segment.
