Grayscale Adds Aerodrome, Drops MakerDAO in Q3 2025 DeFi Fund Update
Grayscale’s recent adjustments in its fund allocations for Q3 2025 have led to noteworthy changes, particularly within its multi-asset cryptocurrency offerings. The asset management firm has substituted MakerDAO with Aerodrome Finance in its Decentralized Finance (DeFi) Fund. These alterations are indicative of Grayscale’s strategic response to the shifting dynamics in the DeFi sector, as well as the emergence of smart contract and AI-related cryptocurrencies.
Uniswap Still Dominates as Grayscale Rebalances DeFi Fund in Q3 2025
Following the rebalancing, Uniswap continues to hold a commanding position within the Decentralized Finance Fund (DEFG), accounting for 32.32% of the total holdings. The fund maintains a robust portfolio of DeFi assets, including Aave and Ondo, with substantial allocations. Uniswap’s enduring dominance reflects its significant trading volume and influential market presence. The revised DEFG now comprises Uniswap, Aave, Ondo, Lido, Curve, and the newly added Aerodrome Finance. To accommodate this addition, Grayscale proportionately divested from MakerDAO and other existing assets. This reallocation emphasizes a strategic pivot towards liquidity-centric platforms like Aerodrome on the Base network. The quarterly adjustments align with the CoinDesk DeFi Select Index methodology, ensuring that the DEFG fund offers exposure to top DeFi assets without requiring active management.
Aave Adjusted, Aerodrome Enters: Grayscale’s New DeFi Fund Allocation
In the wake of the Q3 rebalancing, Aave constitutes 28.07% of the DEFG fund. While this represents a minor decline in percentage, Aave remains a vital lending protocol within the decentralized finance ecosystem. Its consistent role in facilitating decentralized borrowing solidifies its importance in the fund. Grayscale’s reallocation did not eliminate Aave but rather adjusted its proportion to integrate Aerodrome. This decision illustrates a strategic reallocation rather than an indication of Aave’s diminished significance. Alongside Uniswap and Ondo, Aave continues to dominate the DEFG’s composition, ensuring exposure to platforms that prioritize stable yields and protocol-driven financial solutions.
Aerodrome Finance Joins the Fund, Replacing MakerDAO
During the Q3 2025 rebalancing, Aerodrome Finance was introduced to the DEFG with a weighting of 6.60%, taking the place of MakerDAO, which has been exited from the portfolio. To finance Aerodrome’s inclusion, Grayscale proportionately sold existing assets within the fund. Aerodrome operates within the Base Layer 2 ecosystem, emphasizing liquidity incentives and DeFi infrastructure. Its entry into the fund highlights a growing focus on innovative and rapid ecosystems within the decentralized finance landscape. Grayscale’s acknowledgment of Aerodrome’s rising importance in protocol liquidity reflects a strategic adjustment in its DeFi exposure, suggesting a shift in priorities away from MakerDAO, possibly due to a perceived weakening momentum within its ecosystem.
Other Adjustments Reflect Index Methodologies
Grayscale’s rebalancing efforts also extended to its Smart Contract Fund and Decentralized AI Fund, adhering to established index methodologies. The GSC Fund continues to hold Ethereum, Solana, Cardano, Avalanche, Sui, and Hedera, albeit with updated weightings. This reallocation involved internal adjustments without the addition or removal of any tokens. Additionally, the AI Fund has incorporated Story (IP), allocating 21.53% of its assets to this new asset, while making proportional adjustments to existing AI-linked tokens like NEAR, Bittensor, and Render. This strategy underscores Grayscale’s commitment to leveraging growth opportunities in decentralized AI applications. Each rebalancing follows strict index criteria, with the firm periodically redistributing fund components to manage expenses and progressively reducing token shares over time. These passive structures aim to provide comprehensive access to essential crypto sectors.
