- Cardano surprised its sceptics after the groundbreaking announcement that Grayscale added the asset to its fund.
- Grayscale reduced the share of Bitcoin in its Digital Large Cap Fund to make room for Cardano.
- This comes after sceptics teased Cardano and called it “vaporware” due to the ambitious nature of the project.
- Cardano’s impressive developments over the last month see the asset trade at a respectable $1.40, threatening to take fourth place in the cryptocurrency rankings from BNB.
Cardano is a testament to the proverbial saying that “slow and steady wins the race” following its marriage to Grayscale. Before the addition into Grayscale’s Digital Large Cap Fund, Charles Hoskinson, founder of Cardano revealed extensive details about the ambitious plans for the network.
The plans took a while to materialize, triggering dissent amongst some members of the crypto space. A few months down the line it seems the stars are aligning for Cardano and the addition to Grayscale’s Digital Large Cap Fund has proved sceptics wrong.
Grayscale: Cardano Rubs Shoulders with Bitcoin and Ethereum
The addition into the fund pursued the rebalancing of the fund in the quarterly review. The review led to the sale of some fund components by Grayscale and the realized amount was used for the purchase of ADA.
In particular, Bitcoin’s share of the trust was reduced from 79.8% to 67.47% while Ethereum increased from 17.5% to 25.39%. After the announcement, Cardano occupied the third spot with 4.26% of the total fund.
Speaking on the development, Edward McGee, VP of Finance at Grayscale commented that Grayscale was “excited” to welcome Cardano to the family and reiterated the Fund’s desire to “safely hold assets that collectively comprise 70% of the entire digital asset market.”
The latest addition brings the digital assets under Grayscale’s management to around $29.8 billion.
Vaporware: Charles Hoskinson’s Big Plans
Over the years, the moniker “vaporware” has been used, by sceptics, to refer to Cardano because of the grand and ambitious nature of the project. The slow pace of the project cast suspicions in the mind of the cryptocurrency enthusiasts that Cardano may have no practical use case.
According to Charles Hoskinson, Cardano spent four years researching the creation of an ideal programming model for smart contracts.
On the Flipside
Picking Up Pace and Leading the Pack
In the face of mounting criticisms, Cardano has flipped the script with its stellar upgrades and impressive milestones. The success of the Alonzo upgrade introduced smart contracts to the network as the project gears for Alonzo White.
The technical advancements made by Cardano and the ecosystem’s exodus to environmental sustainability led to Cardano setting a new all-time high of $2.46. Another development saw the network grow to 1 million wallets and a whopping $30 billion worth of ADA being staked amounting to 70% of its supply.
The announcement by Grayscale is just another milestone in its ever-growing list of achievements, giving credence to the saying that slow and steady wins the race.