Arabic AR Chinese (Simplified) ZH-CN English EN French FR German DE Japanese JA Portuguese PT Russian RU Spanish ES Turkish TR
Connect with us

Hi, what are you looking for?

Altcoin

Grayscale Removes Bancor And Universal Market Access From Its DeFi Fund

The Grayscale Investment manager undertakes another phase of balancing its Grayscale DeFi fund. This round of rebalance inculcate the adjustment of the project’s Digital Large Cap Funds. This move marks its second balancing process after its launch in July 2021.

An announcement on January 3 revealed the in-depth adjustments to Grayscale’s two funds. The first rebalancing employed the Flexa payment network’s native collateral coin.

Hence, Grayscale DeFi Fund’s weighting was rebalanced with the addition of AMP. Conversely, the rebalancing process led to the removal of Universal Market Access (UMA) and Bancor (BNT).

Though Grayscale created some adjustments to its funds’ weightings, the Grayscale Digital Large Cap Fund (GDLC) suffered no alteration to its token list. According to Grayscale’s announcement, the rebalancing process is the time to include AMP within a Grayscale investment vehicle.

Using its native token, Flexa can collateralize crypto payments and engage in fiat settlements. Thus, merchants and other users could quickly receive cryptocurrencies without delays.

Significance Of Grayscale Rebalancing Process

Following this second rebalancing process, the addition of AMP brings the number of crypto assets within the Grayscale DeFi Fund to nine in the DeFi ecosystem. Also, the alteration to the Grayscale Fund reflects the changes on the DeFi Index (DFX) of CoinDesk. Among the components of crypto assets that made the Fund, the highest weighting goes to Uniswap (UNI) with 42.33%. The newly added AMP takes up 7.39% of the Fund’s weighting.

Having its popularity as Grayscale Bitcoin Trust, Grayscale now has about $30.1 billion assets under management (AUM). The share trading at $34.27 shows a 23% up from July 14, 2021, and a 59.16% up within the last 12 months.

The share price of Grayscale DeFi Fund at the press time is $5.56. This depicts an 11.2% rise from its launch price of $5 on July 14, 2021. Moreover, the Fund’s assets under management as of its launch period were $11.6 million with a share outstanding of 2.08 million.

The ‘s performanceGrayscale Bitcoin Trust’s performance and its DeFi Funds is highly above the DeFi Pulse Index (DPI), which is the biggest retail DeFi Index based on the market cap from July 14. However, despite the huge trading volume of the DPI, it still indicates a dip of about 2% within the same interval.

Grayscale Bitcoin

Among all spot Bitcoin ETFs and Corporations, Grayscale possessed the most significant upsurge of BTC holdings through 2021. By the end of the year, the Fund accrued 645,199 BTC. This explains 71% of the corporate market and spot ETF BTC holdings.

newsbtc

Featured

Technology

The company unveiled a new stylish hardware wallet designed by a former Apple engineer at a Paris event today Bitcoin and cryptocurrency hardware wallet...

Bitcoin Mining

According to a Coindesk report, “The industry has found itself in a fight with the local grid operator provider, Ande, and some members of the...

Finance

People in Nigeria, Kenya and Ghana can now receive instant, low-cost remittance payments in local currency through Bitcoin’s Lightning Network. Bitcoin payments app Strike...

Finance

Although the crypto winter of 2022 has disrupted the entire crypto industry, traditional banking giants are showing confidence in the sector. Japanese banking giant...