Grayscale, the largest crypto asset manager in the US, is putting its money where the fees are. The firm’s Decentralized Finance Fund, updated as of June 16, 2026, holds six tokens that Grayscale believes represent the strongest case for real economic utility in DeFi.
The fund’s composition reads like a who’s-who of protocols that actually generate revenue: Uniswap (UNI) at 35%, Ondo (ONDO) at 27%, Aave (AAVE) at 18%, Ethena (ENA) at 11%, Curve (CRV) at 5%, and Lido DAO (LDO) at 4%.
What the allocations reveal
Uniswap commands more than a third of the fund. Ondo’s 27% allocation is perhaps the most interesting signal, as the tokenized real-world assets protocol has emerged as a leading player in bringing traditional finance products onchain.
Aave at 18% reinforces the lending narrative. Grayscale’s 2026 Digital Asset Outlook specifically calls out Aave as a primary beneficiary of lending growth in decentralized markets.
