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03/06/2024

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Cardano Founder Charles Hoskinson Questions ADA's Absence From Grayscale Staking Fund

Story Highlights Cardano Founder Charles Hoskinson expressed disappointment toward ADA's exclusion from Grayscale's new crypto staking fund. Grayscale's GDIF is the first actively managed fund of the...

Cardano Founder Charles Hoskinson Questions ADA's Absence From Grayscale Staking Fund

Story Highlights

  • Cardano Founder Charles Hoskinson expressed disappointment toward ADA's exclusion from Grayscale's new crypto staking fund.
  • Grayscale's GDIF is the first actively managed fund of the firm.
  • Earlier, Grayscale displayed significant interest Cardano as it serves as a notable component in two if its funds.

Cardano Founder Charles Hoskinson recently responded to Grayscale’s introduction of the Dynamic Income Fund (GDIF) and questioned about the absence of Cardano (ADA) from the fund’s initial selection of assets. Grayscale, renowned for its Bitcoin ETF and crypto investment offerings, unveiled GDIF as its first actively managed fund, aiming to tap into the popular trend of crypto staking.

Grayscale’s GDIF Excluded Cardano

The GDIF is designed to hold assets from nine blockchains initially. These include Aptos (APT), Celestia (TIA), Coinbase Staked Ethereum (CBETH), Cosmos (ATOM), Near (NEAR), Osmosis (OSMO), Polkadot (DOT), SEI Network (SEI), and Solana (SOL). The fund intends to distribute rewards in U.S. dollars on a quarterly basis, providing investors with exposure to multi-asset staking through a single investment vehicle.

However, Hoskinson seemed disappointed with the absence of ADA in the GDIF. The Cardano founder responded to Grayscale’s X post about GDIF and wrote, “No ADA?” This underscores the significance of Cardano’s staking mechanism within the blockchain ecosystem. Cardano operates on a proof-of-stake consensus mechanism, distinguishing it from Bitcoin’s proof-of-work model.

In proof-of-stake networks like Cardano, token holders have the opportunity to stake their assets to support the network’s operations and validate transactions. In return, stakers receive rewards, contributing to the network’s security and decentralization. However, Grayscale chose not to include this renowned staking option in their one-of-a-kind crypto fund, GDIF.

Also Read: Cardano (ADA) Price Gears Up for 2000% Gains to $10 As Per Historical Chart

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ADA’s Involvement In Other Grayscale Funds

On the other hand, Grayscale has shown significant interest in ADA by considering the investment option for two of its funds. As of January 4, 2024, the major fund components of GDLC include Bitcoin (BTC) at 69.15% and Ethereum (ETH) at 21.90%. Additionally, it allocated portions to other digital currencies such as Solana (SOL) at 3.65%, XRP (XRP) at 2.54%, Cardano at 1.62%, and the recently included Avalanche (AVAX) at 1.14%.

Meanwhile, Grayscale’s GSCPxE Fund’s portfolio holds a significant share in Solana at 44.54% and Cardano at 19.77%. Furthermore, other cryptocurrencies in the fund portfolio include Avalanche at 13.89%, Polkadot (DOT) at 9.75%, Polygon at 8.25%, and Cosmos (ATOM) at 3.80%.

Also Read: Breaking: Grayscale Launches Multi-Asset Staking Fund

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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