Grayscale Investments, a leading digital asset management firm, has recently announced its first actively managed fund, the Grayscale Dynamic Income Fund (GDIF), which allows users to stake cryptocurrencies to earn income.
However, excluding Cardano's native crypto asset, ADA, from this fund has sparked significant reactions within the crypto community, prompting responses from key figures, including Cardano's founder, Charles Hoskinson.
The new Grayscale Dynamic Income Fund (GDIF) will initially own assets for nine blockchains: Aptos (APT), Celestia (TIA), Coinbase Staked Ethereum (CBETH), Cosmos (ATOM), Near (NEAR), Osmosis (OSMO), Polkadot (DOT), SEI Network (SEI) and Solana (SOL).
Cardano's ADA, despite its widespread recognition and growing ecosystem, is absent from the list.
Charles Hoskinson, cofounder of Ethereum and founder of Cardano, expressed his disappointment and disbelief at ADA's exclusion from the fund.
No ADA? he queried, posting his favorite meme, a GIF image of a man drenched in the rain, in response to an article on the new Grayscale product offering.
ADA's absence from the Grayscale fund does not diminish its potential or value as a cryptocurrency. Cardano continues to make significant strides in its development, with ongoing upgrades and innovations aimed at expanding its utility and reach. Its focus on scientific rigor, peer-reviewed research and decentralized governance sets it apart in a crowded market.
Cardano is included in Grayscale's Digital Large Cap Fund and its Smart Contract Platform Ex-Ethereum Fund, which increases its chances of being included in the new fund in a later upgrade. The timing of this as well as its likelihood, however, remains unknown.