Quick take:
- The announcement follows Grayscale’s recent launches of single-asset trusts for TAO and SUI.
- The fund will invest in the governance token of the decentralised lending platform.
- The Grayscale MakerDAO Trust will follow the same structure as the other single-asset funds, the asset manager said in a press release.
Digital asset manager Grayscale has launched a new single-asset find for MakerDAO’s governance token MKR. The launch follows Grayscale’s recent single-asset trust funds for Bittensor’s TAO token and Sui blockchain’s SUI.
According to the announcement, the Grayscale MakerDAO Trust will be accessible to eligible individual and institutional accredited investors. The fund will follow the same structure as the other single-asset trusts, Grayscale said in a press release on Tuesday.
The company is investing in one of the largest decentralised finance lending platforms. The Maker Protocol is governed by a community of MKR token holders and powered by the Dai stablecoin. Dai has already been adopted by more than 400 web3 apps including wallets, DeFi platforms and blockchain games.
At the height of the crypto boom in late 2021, the protocol hit an all-time high TVL (total value locked) of more than $18 billion but has since fallen to $4.9 billion according to DeFiLlama.
The Maker Protocol also manages more than $7 billion in crypto and real-world assets, including U.S. treasuries, while its stablecoin is the third largest by market cap with a value of $5 billion.
On the other hand, Grayscale has been expanding its portfolio of funds beyond ETFs. The asset manager is known for its Bitcoin and Ethereum ETFs but has recently launched a new fund focused on decentralised AI projects.
The company’s portfolio of digital assets now includes currencies like Bitcoin, Ethereum and Cardano, DeFi products like Pendle, Uniswap, and Jupiter, as well as, consumer products like Illuvium, Decentraland, and Immutable, and utilities and services such as Chainlink, Filecoin, and Helium, among others.
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