Connect with us

Ethereum

Grayscale Investments launches Smart Contract-Focused Diversified Fond

Grayscale Investments Launches Smart Contract-Focused Diversified Fund

Grayscale Investments is the largest digital currency asset manager by assets under management (AUM). It has launched a smart contract fund made up of ethereum rivals. The fund called “GSCPxE” holds seven different smart contract coins and it’s Grayscale’s 18th investment product to date.

Grayscale Launches GSCPxE Fund Holds Cardano, Solana, Avalanche, Polkadot, Polygon, Algorand, Stellar

Grayscale Investments has announced another fund that covers the landscape of smart contract tokens, but leaves the largest smart contract token ethereum (ETH) out of the equation. The new Grayscale fund is called the “Smart Contract Platform Ex-Ethereum Fund” or “GSCPxE.” Essentially, smart contracts allow users to program operations on blockchains and data shows the market valuation of all the smart contract platform coins today is $669 billion. Of course, ethereum (ETH) is the largest smart contract platform coin, as its market cap of $360 billion represents 53. 81% of the entire $669 billion.

Grayscale announced Tuesday that the fund now has seven smart contract platform coins. The tokens added to the GSCPxE fund include cardano (ADA), 24. 63%, solana (SOL), 24. 27%, avalanche (AVAX), 16. 96%, polkadot (DOT), 16. 16%, polygon (MATIC), 9. 65%, algorand (ALGO), 4. 27%, and stellar (XLM), 4.06%. While GSCPxE is the company’s 18th investment product, the Smart Contract Platform Ex-Ethereum Fund is also Grayscale’s third diversified fund offering.

Grayscale CEO – ‘Investors Demand Diversified Exposure has Grown ‘

The digital currency asset manager said that the fund is now available to qualified individuals and institutionally accredited investors. Grayscale also disclosed that the holdings or weightings could change. GSCPxE will also leverage the Coindesk Smart Contract Platform Select Ex ETH Index, Grayscale’s announcement on Tuesday details. Grayscale CEO Michael Sonnenshein stated Tuesday in a statement to Bitcoin.com News, that digital currency diversification is growing.

“Investors have been requesting diversified exposure in tandem with the evolution of the crypto market,” Sonnenshein stated. “Smart contract technology is crucial to the growth and sustainability of the digital economy. However, it is still too early to predict which platform will win. This includes attracting and keeping the most active developer communities and making sure the platform is scalable, flexible, high-speed, and flexible. Grayscale’s CEO said that GSCPxE has the advantage of allowing investors to access the development of smart contract platforms through a single investment vehicle.

Grayscale’s new GSCPxE follows the company’s consideration of adding 25 more crypto assets for investment products at the end of January. The digital currency asset manager’s current AUM with all of its investment products is worth close to $40 billion using today’s cryptocurrency exchange rates. Additionally, the digital currency manager launched the Grayscale Future of Finance ETF (GFOF) with Bloomberg during the first week of February.

Jodie Gunzberg (CFA) and managing director of Coindesk Indices highlighted the rising demand for digital currency diversification during the GSCPxE fund’s announcement. “Many investors allocated to ETH given its explosive growth over the past year, so now there is demand to get exposure across the rest of the Smart Contract Platform sector,” Gunzberg said.

What do you think about the Grayscale Smart Contract Platform Ex-Ethereum Fund? Please comment below to let us know your thoughts on this topic.

Jamie Redman

Jamie Redman, the News Lead at Bitcoin.com News, is a Florida-based financial journalist. Redman has been an active member of the cryptocurrency community since 2011. Redman is passionate about Bitcoin, open-source codes, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services discussed in this article.

Read More

Continue Reading
Advertisement I show You how To Make Huge Profits In A Short Time With Cryptos!
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Ethereum

Agglayer gets Chain Abstracted with SOCKET

[PRESS RELEASE – Dubai, UAE, February 5th, 2025]

The expanding blockchain landscape, featuring established networks like Ethereum, Solana, and Polygon PoS alongside emerging chains such as MegaEth, Berachain, and Monad, presents growing complexity for developers and users alike. Existing cross-chain infrastructure remains challenging, with intricate messaging protocols and bridging mechanisms that add friction to blockchain interoperability.

SOCKET’s chain abstraction protocol, in collaboration with Polygon Labs’ Agglayer, seeks to simplify multi-chain development by enabling seamless interaction across networks. This initiative allows developers to compose contracts across chains without relying on traditional cross-chain messaging or bridging.

SOCKET protocol removes the complexity associated with cross-chain development by enabling builders to compose contracts asynchronously, similar to contracts on a single chain. Developers can deploy Solidity contracts on SOCKET as an app-gateway, where users interact by sending signed messages. These messages are then processed and executed on-chain using Agglayer’s pessimistic proofs, enhancing security and reliability.

Unlocking Chain Abstracted Accounts

A key development enabled by this approach is Chain Abstracted Accounts, which move beyond traditional bridging mechanisms that isolate token balances across chains. With SOCKET, users can maintain a unified balance across multiple chains, eliminating the need for manual bridging and reducing transaction failures.

For example, a user with 300 USDC on Arbitrum and 200 USDC on Base can seamlessly transact on Solana without manually transferring funds. This results in:

  • A “Chain Abstracted Balance”, allowing users to transact across multiple chains without isolated token balances.
  • Instant transactions, removing the need for bridging, reducing delays, and ensuring guaranteed execution.

Beyond Chain Abstracted Accounts, SOCKET and Agglayer also introduce new possibilities for intent-based protocols, DeFi automation, and other decentralized applications by leveraging chain abstraction.

Commemorating the Launch with a Limited NFT Collection

To mark this development, a limited collection NFT is being introduced, with a cap of 5,000 mints. This NFT serves as a commemorative piece celebrating the integration of Agglayer into SOCKET’s chain abstraction framework.

SOCKET and Polygon Labs continue to advance blockchain development by simplifying cross-chain interactions and enhancing the developer experience. Further updates, integrations, and collaborations will be announced as chain abstraction technology evolves within the Ethereum ecosystem.

About Socket Protocol

Socket Protocol is the first Chain Abstraction Protocol, offering a modular and adaptable framework for chain-agnostic applications.

It simplifies interaction by abstracting chain complexities from users. As a core mechanism, Modular Order Flow Auction (MOFA) establishes a marketplace for transmitters and user requests, facilitating smooth cross-network interactions without the usual complexities. Never bridge again.

For more information, users can visit https://www.socket.tech/.

SPECIAL OFFER (Sponsored)

Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!

Read More

Continue Reading

Ethereum

MetaMask Introduces a Feature Allowing Users to Pay Gas Fees with Tokens

MetaMask has introduced a new feature that allows people to use a selection of tokens to pay gas fees when using MetaMask Swap for smart transactions.

Dubbed Gas Station, the innovation addresses a common issue faced by Ethereum users: transactions failing due to insufficient gas fees.

Details of the New Update

The crypto wallet provider announced the functionality in a February 4 post on X, stating that it will help users avoid transaction failures due to a lack of ETH for gas fees.

Such payments are required for processing transactions on the Ethereum network and must traditionally be settled in ETH. This often leaves users stranded if they do not have enough of the cryptocurrency in their wallet, forcing them to purchase it from an exchange before proceeding with their transaction.

“Being blocked by insufficient gas will no longer be a problem when swapping, thanks to MetaMask’s new Gas Station feature,” the company stated in an accompanying blog post.

The new functionality eliminates this issue by allowing clients to utilize select tokens to pay gas fees when using MetaMask Swap. Supported cryptocurrencies include USDT, USDC, DAI, ETH, wETH, wBTC, wstETH, and wSOL. Additionally, the new system ensures that network charges are already factored into the quoted price, providing a smoother experience.

The update is currently available on the MetaMask extension for the Ethereum mainnet, with a mobile release expected soon. It also maintains the wallet provider’s existing functionality of sourcing the best exchange rates from multiple liquidity providers, ensuring users receive competitive pricing.

Ethereum’s Gas Limit Increase

The introduction of the Gas Station feature comes at a pivotal moment for the Ethereum network, which is also undergoing an update of its own. Validators recently approved an increase in the blockchain’s gas limit, raising it from 30 million to a planned maximum of 36 million units. According to on-chain data, the average gas limit has already reached 35.6 million units as of February 5.

This marks the first adjustment since Ethereum’s transition to proof-of-stake (PoS) and the most notable change since 2021 when the network doubled the limit from 15 million to 30 million. The increase is designed to enhance scalability, ease congestion, and support the growing demands of decentralized finance (DeFi) applications.

Gas limits determine how much computational work can be handled in each block, directly impacting the number of transactions that can be processed. When demand exceeds capacity, fees rise as users compete for space.

By expanding the cap, Ethereum aims to improve efficiency, allowing more transactions to be processed per block and reducing overall congestion.

SPECIAL OFFER (Sponsored)

Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!

Read More

Continue Reading

Ethereum

Ethereum Price Analysis: What’s Next for ETH After 25% Daily Crash?

Ethereum’s price has experienced a massive crash today, sending shockwaves throughout the crypto market.

Many investors are now wondering whether this is the beginning of a new bear market or a substantial short-term liquidation event.

Technical Analysis

By Edris Derakhshi (TradingRage)

The Daily Chart

As the daily chart suggests, the Ethereum price dropped all the way back to the $2,100 level before experiencing a rebound. The $3,000 level and 200-day moving average, located around the same price mark, has been broken to the downside yesterday.

This has been one of the primary contributing factors to today’s crash, at least on the technical side of events, as the 200-day moving average is a key trend indicator, and if the market fails to climb back above it soon, a longer and even deeper correction could be expected.

The 4-Hour Chart

On the 4-hour chart, it is evident that the price has recently tried to break above the large falling wedge pattern, but the breakout was a fake one.

This bull trap has led to a considerable drop, as the $2,800 level is also lost and can now be seen as a resistance zone. Therefore, if a quick recovery does not occur, a consolidation between the $2,800 and $2,400 levels is likely for the upcoming weeks.

Sentiment Analysis

By Edris Derakhshi (TradingRage)

Ethereum Open Interest

While Ethereum’s price action indicated some clues that were pointing to today’s market crash, more research has to be done on the underlying market dynamics. Analyzing the futures market metrics can provide a distinct picture of the current situation.

This chart presents the ETH price and the 7-day exponential moving average of the open interest metric, which measures the total number of open perpetual futures contracts on centralized exchanges.

As the chart demonstrates, while the asset has experienced a massive drop, the open interest is still not showing a significant decline. Therefore, if the crash is to be seen as a liquidation cascade, the futures market has not cooled down yet, and there could be more liquidations and drops in the short term in case the current selling pressure persists.

SPECIAL OFFER (Sponsored)

Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

Read More

Continue Reading

Trending

Copyright © 2017 Zox News Theme. Theme by MVP Themes, powered by WordPress.