No ADA in Grayscale’s New Fund: What’s the Impact?

    Grayscale Investments, a prominent digital asset management firm, has made waves with the announcement of its inaugural actively managed fund, the Grayscale Dynamic Income Fund (GDIF), offering users the opportunity to stake cryptocurrencies for income generation.

    Is Cardano Out of the crypto game?

    However, the exclusion of Cardano’s native crypto asset, ADA, from this fund has sparked significant reactions within the crypto community, prompting responses from key figures, notably Cardano’s founder, Charles Hoskinson.

    The newly unveiled Grayscale Dynamic Income Fund (GDIF) is set to hold assets for nine blockchain projects initially, including Aptos (APT), Celestia (TIA), Coinbase Staked Ethereum (CBETH), Cosmos (ATOM), Near (NEAR), Osmosis (OSMO), Polkadot (DOT), SEI Network (SEI), and Solana (SOL).

    Despite ADA’s widespread recognition and growing ecosystem, it is conspicuously absent from the list. Charles Hoskinson, a pivotal figure in the cryptocurrency space and founder of Cardano, expressed his disappointment and disbelief at ADA’s omission from the fund.

    What does Hoskinson say?

    In response to an article covering the new Grayscale product offering, Hoskinson queried, “No ADA?” accompanied by his favored meme—a GIF image depicting a man standing in the rain, symbolizing his sentiment.

    Nevertheless, ADA’s exclusion from the Grayscale fund does not diminish its potential or value as a cryptocurrency. Cardano continues to forge ahead with significant advancements in its development, marked by ongoing upgrades and innovations aimed at enhancing its utility and expanding its reach. Its commitment to scientific rigor, peer-reviewed research, and decentralized governance distinguishes it in a competitive market landscape.

    It’s worth noting that Cardano is included in Grayscale’s Digital Large Cap Fund and its Smart Contract Platform Ex-Ethereum Fund, which augurs well for its prospects of being incorporated into the new fund through a subsequent upgrade. However, the timing and likelihood of such an inclusion remain uncertain at present.

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