Grayscale made a significant change in its DeFi fund.
From the fund portfolio
Aerodrome Finance (#AERO) was removed,
and Ethena (#ENA) was added instead.
Grayscale DeFi Portfolio current allocation and percentages
$UNI → %35,22
$AAVE → %21,36
$ONDO → %19,83
$ENA → %13,59
$CRV → %5,27
$LDO → %4,73
The most notable detail here:
On the institutional side, it's no longer just classic DeFi,
projects offering real revenue models and stablecoin infrastructure are standing out.
In short:
The 2021 “every DeFi rises” era has ended.
The 2026 market is seeking cash flow and real usage.
