Investing service firm Grayscale has launched a fund that gives investors exposure to smart contracts on Solana, Polygon, Avalanche, and Cardano.
The Grayscale Smart Contract Platform ex Ethereum Fund targets smart contracts in major altcoins and Ethereum sidechains. The fund will be under the symbol GSCPxE.
Solana and Cardano will get more than 24% allocation of the fund each, while Avalanche and Polygon will get around 16%. Polygon gets 9%, while Algorand and Stellar have 4% each.
The tokens selected for GSCPxE are based on the Coindesk Smart Contract Platform Select Ex ETH index. CoinDesk and Grayscale are subsidiaries of Digital Currency Group.
Grayscale CEO Michael Sonnenshein notes that the investor demand for diversification in their portfolio has expanded with the advancement of the crypto network.
Sonnenshein says that despite smart contract technology being at the center of the digital economy, projects likely to succeed are yet to be determined.