Grayscale Removed Bancor Network Token (BNT) and UMA Protocol From DeFi Fund
The world’s leading digital asset manager – Grayscale Investments – has readjusted its DeFi Fund. The firm rebalanced the financial product’s weightings with AMP (the native token of the Flexa payment Network), while Bancor Network Token (BNT) and Universal Market Access Protocol (UMA) were removed.
Adjusting The DeFi Fund
According to a recent series of tweets posted by the company, this will be the first time AMP – a token employed to collateralize payments on the Flexa Network – has been included in Grayscale’s investment portfolio.
We have just announced updated component weightings for Grayscale #DeFi Fund, which now includes $AMP. This is the first time AMP will be included in a Grayscale investment vehicle. Read this thread for more: pic.twitter.com/jfKAih24cS— Grayscale (@Grayscale) January 3, 2022
Grayscale explained that by “promptly settling payments in fiat,” the Flexa Network helps traders to accept payments in digital currencies “more easily.”
In contrast, the crypto management firm informed that it had removed Bancor Network Token (BNT) and Universal Market Access Protocol (UMA) entirely from its DeFi fund.
The company said there were no changes to any of its other products, including the Grayscale Digital Large Cap Fund.
Launched in 2013 and based in the States, Grayscale Investments is the world’s biggest entity focused on cryptocurrency investing services. In November last year, its AUM reached an all-time high of $60 billion.
The Birth of The DeFi Fund
Grayscale launched its product in July 2021. The Decentralized Finance (DeFi) Fund enabled institutional investors to receive exposure to assets from that particular space.
The initial tokens included in the product were ten as Uniswap’s governance asset (UNI) had nearly half of the weightings – 49.95%.
Aave (AAVE) was next in line with 10.25%, while Compound (COMP) was third with 8.38%. Curve (CRV) – 7.44%, MakerDAO (MKR) – 6.46%, SushiSwap (SUSHI) – 4.83%, Synthetix (SNX) – 4.43%, Year Finance (YFI) – 3.31%, UMA Protocol (UMA) – 2.93%, and Bancor Network Token (BNT) – 2% were the other tokens part of the initiative.
Six months later and the company has updated its portfolio. According to the website, Uniswap still holds the most significant share of the pie with 43%, followed by Aave (13%), Curve DAO Token (10.6%), and Maker (9%).Source