Latest holdings ratio of Grayscale GSC Fund (Smart Contract Platform Fund) as of July 2025: ETH：30.22% SOL：29.87% ADA：18.57% Sui：8.78% AVAX：6.76% HBAR：5.8% Projects worth noting: HBAR and Sui The two most noteworthy projects on the list, in my opinion, are HBAR and Sui. HBAR: As a newly listed project, it has taken over the position of DOT. Sui: Joined the GSC Fund with a weight of 6.5% at the beginning of 2025, and then the weight continued to increase to 8.78%. In addition, Grayscale has also launched an independent Sui Trust. Grayscale continuously bets on Sui's logic According to the latest grayscale Sui research report "Built for Scale: Why Sui Stands Out", the logic for grayscale to favor Sui mainly includes the following points: 1. Vertical integration strategy Mysten Labs not only builds infrastructure, but also personally participates in the development of ecological applications and products. As of now, the official ecological projects involved in development include: Walrus: Decentralized Storage Solution DeepBook: On chain central limit order book SuiNS: Decentralized Domain Name Service ZkLogin: Simplified User Introduction Platform Ika: Cross chain asset trading Mysten Labs' proactive "leading development" strategy has achieved good results, especially in the success of projects such as Walrus and DeepBook. At present, this strategy has also been learned and referenced by other smart contract platforms, such as Aptos. 2. Technical advantage: Designed specifically for scalability Object based architecture and parallel processing: Sui adopts a unique object-based model, where each asset supports parallel processing as an independent object. Horizontal expansion: Sui network capacity linearly expands with hardware without increasing latency. Move programming language: Sui adopts the Move language adapted from Rust, significantly reducing the risk of programming errors and vulnerabilities. These are all clich é d topics, and technological advantages require practical hands-on experience to understand. Those who have participated in Sui ecological interaction should have had the experience. 3. Token Economy From the unlocking perspective: Currently, only 33% of Sui's tokens are in circulation, and over 50% of the tokens will be unlocked after 2030 (with a 5-year buffer period). In terms of market value, Sui's market value is approximately $10 billion (about 12% of Solana's market value and 3% of Ethereum's market value). Research report link: https://research. (grayscale.com)/reports/built-for-scale-why-sui-stands-out） (Gray scale Sui milk text, interested read it yourself)