Digital asset manager Grayscale Investments has unveiled a new | STIPS|Oculus

Digital asset manager Grayscale Investments has unveiled a new cryptocurrency fund dedicated to smart contract platforms excluding Ethereum, underscoring growing investor appetite for alternative blockchain networks.

The assets of seven smart contract platforms have been included in the fund: ADA, SOL, AVAX, DOT, MATIC, ALGO and XLM.

Ethereum’s dominance as the premier smart contract platform is being challenged by competitors that claim to offer superior transaction speeds, lower costs and higher throughput capacity. While Ethereum continues to dominate the decentralized application space, the DeFi industry is becoming a more level playing field. Currently, Ethereum accounts for just over 55.4% of the total value locked on DeFi protocols, down from over 96% in January 2021, according to DeFi Llama.