Grayscale, one of the world’s largest cryptocurrency asset managers, today announced updated Fund Component weights for each product in conjunction with its Q2 2023 assessments. Accordingly, Grayscale made an update on the DeFi Fund and added a new altcoin.
Investment giant DeFi has added another altcoin to its basket!
Grayscale made a detailed statement on the subject. In this context, CoinDesk noted that it has updated in accordance with the DeFi Select Index methodology. Grayscale adjusted the DeFi Fund’s portfolio by selling certain amounts of existing Fund Components proportional to their own weight and using the cash proceeds to purchase Lido (LDO). Meanwhile, the investment giant has stated that it has not issued any tokens from the DeFi Fund. After the update, the Fund Components of the DeFi Fund consist of the following assets and weights:
- Uniswap (UNI): 45.46%
- Lido (LDO): 19.04%
- Aave (AAVE): 11.53%
- MakerDAO (MKR): 10.82%
- Curve DAO Token (CRV): 7.03%
- Synthetix (SNX): 6.12%
Grayscale has allocated a 19% stake to Litecoin in the DeFi fund. Within the fund, the weight is in favor of Uniswap (45.46%). However, for a newly added altcoin, the 19% rate is pretty good. LDO is a digital asset created and transmitted through the transactions of the decentralized Lido protocol. This protocol enables the liquid use of staked tokens in Proof-of-Sakeke (PoS) Blockchain networks. Traditionally, tokens staked to support the security of a PoS network are locked while accumulating stake rewards. Therefore, these tokens cannot be bought, sold, transferred or used before they are staked.
Litecoin rises to 14-month high
The past week has seen massive price spikes that took Bitcoin from $26,500 to over $31,000. After that, the leading crypto calmed down. Thus, it was stuck in a narrower range between $30,000 and $31,000. It tried to top the latter yesterday when the bulls pushed it to the daily high of $31,250. Despite failing there, he only lost $200 in the beginning. However, it managed to stay above $31,000 for several hours.
However, cryptocoin.comThat all changed after a WSJ report emerged claiming that the SEC had evaluated recent BTC Spot ETF applications from companies like BlackRock and Fidelity as “inadequate”. Bitcoin reacted with a sudden price drop. The crypto slumped south of $1,500, dropping to a 10-day low of $29,500. However, the bulls have stepped up once again. Thus, BTC has almost reclaimed all losses while currently sitting around $1,000 higher.
Meanwhile, Litecoin rallied to a 14-month high from just under $100 with strong price action. This happened as the network’s hashrate jumped to an ATH ahead of the next halving. However, the landscape for LTC holders has changed for the better once again in the past 24 hours. Thus, the asset broke above $110 for the first time since April 2022.
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