Grayscale GSC Fund (Smart Contract Platform Fund) latest holdings ratio (as of July 2025):
ETH: 30.22%
SOL: 29.87%
ADA: 18.57%
Sui: 8.78%
AVAX: 6.76%
HBAR: 5.8%
Notable projects: HBAR and Sui
The two projects worth paying attention to on the list, in my opinion, are HBAR and Sui.
HBAR: As a newly listed project, it has replaced the original position of DOT.
Sui: Added to the GSC Fund with a weight of 6.5% at the beginning of 2025, its weight has continuously increased to 8.78%. Additionally, Grayscale has launched an independent Sui trust.
Grayscale's ongoing bet on Sui
According to the latest Grayscale Sui research report "Built for Scale: Why Sui Stands Out," Grayscale's optimism about Sui is based on the following points:
- Vertical integration strategy
Mysten Labs not only builds infrastructure but also actively participates in the development of ecological applications and products. As of now, the official projects developed include:
Walrus: Decentralized storage solution
DeepBook: On-chain central limit order book
SuiNS: Decentralized domain name service
zkLogins: User onboarding simplification platform
Ika: Cross-chain asset trading
Mysten Labs' proactive "lead development" strategy has achieved good results, especially with the notable success of projects like Walrus and DeepBook. This strategy is now being learned and emulated by other smart contract platforms, such as Aptos.
- Technical advantages: Designed for scalability
Object-based architecture and parallel processing: Sui employs a unique object-based model, with each asset as an independent object supporting parallel processing.
Horizontal scaling: The Sui network's capacity scales linearly with hardware increases, without adding latency.
Move programming language: Sui uses the Move language adapted from Rust, significantly reducing programming errors and vulnerability risks.
These are all well-trodden topics; technical advantages can only be truly understood through hands-on experience. Those who have participated in Sui ecosystem interactions should have had this experience.
- Token economics
From the unlocking perspective: Currently, only 33% of Sui's tokens are in circulation, with over 50% of tokens set to unlock after 2030 (with a 5-year buffer period).
From the market cap perspective: Sui's market cap is approximately $10 billion (about 12% of Solana's market cap and 3% of Ethereum's market cap).
Research report link: https://research.grayscale.com/reports/built-for-scale-why-sui-stands-out
(Grayscale's Sui article, check it out if interested)
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