Grayscale reshuffled its DeFi and Smart Contract funds during the first quarter of 2026, dropping Aerodrome Finance and adding Ethena while Ethereum overtook Solana for the top slot in the smart contract portfolio. The quarterly rebalancing, completed in Q1 2026, brings notable weighting shifts across both funds — including a sharp reduction in Uniswap's share and a big gain for Ondo.
AERO out, ENA in
Aerodrome Finance (AERO) is gone from Grayscale's Decentralized Finance Fund, ending a run that began in Q3 2025 when it replaced MakerDAO. AERO had held a 5.36% weighting. In its place comes Ethena (ENA), which landed with a 13.59% allocation. Grayscale funded the addition by selling AERO and proportionally trimming other existing components.
Uniswap still king, but smaller
Uniswap (UNI) remains the largest single position in the DeFi Fund, but its weighting dropped from 42.67% to 35.22%. That's a meaningful cut for a token that's dominated the fund for several quarters. Aave (AAVE) also took a hit, falling from 26.23% to 21.36%. Ondo (ONDO) was the big gainer among retained holdings, jumping from 14.10% to 19.83%.
Ethereum edges out Solana
In the Smart Contract Fund (GSC), Ethereum (ETH) reclaimed the top weighting at 30.14%, slightly ahead of Solana (SOL) at 29.69%. Solana had held the lead in the previous rebalancing. Cardano (ADA) slipped from 18.55% to 17.96%, while Sui (SUI) saw the largest decline among GSC components, dropping from 8.55% to 7.11%.
The Q1 moves are part of Grayscale's standard quarterly rebalancing process, which adjusts weightings based on market performance and the fund's methodology. No further changes have been announced for Q2 2026.
