BNB's rise to the top
" -> "BNB登顶
" or "BNB的崛起" but "rise to the top" means "登顶". I'll use "BNB登顶". Then: "BNB now commands the largest slice of the Smart Contract Fund, a market-cap-weighted portfolio with a cap that gets rebalanced every three months. Ethereum dropped to 29.47% and Solana to 29.15%. Cardano took the biggest hit, its weight slashed from 17.96% to just 4.88%. Hedera, Avalanche, and Sui were each cut to below 2%." Translation: "BNB现在在智能合约基金中占据最大份额，该基金是一个市值加权组合，设有上限，每三个月重新平衡一次。以太坊降至29.47%，Solana降至29.15%。Cardano受到的冲击最大，其权重从17.96%大幅削减至仅4.88%。Hedera、Avalanche和Sui均被削减至2%以下。" Keep "Cardano", "Hedera", "Avalanche", "Sui" as is. Next: "The shift means BNB, the native token of the BNB Chain ecosystem, now carries more influence in the fund than the two largest smart-contract platforms by market cap. That's a notable change for a fund that had ETH or SOL at the top since its inception." Translation: "这一转变意味着，作为BNB Chain生态系统的原生代币，BNB现在在该基金中的影响力超过了市值最大的两个智能合约平台。对于一只自成立以来一直由ETH或SOL领跑的基金来说，这是一个显著的变化。" Next: "DeFi and AI shakeups
" -> "DeFi和AI的变动
" or "DeFi和AI的洗牌". I'll use "DeFi和AI的变动". Then: "In the DeFi Fund, Ondo Finance's token rose from 19.83% to 25.44%, overtaking Aave to become the second-largest holding. Uniswap stayed in first place at 34.16%, even though the fund sold some of its UNI position. The Decentralized AI Fund now leads with Near Protocol at 31.35%, followed by Bittensor, Render, and Filecoin." Translation: "在DeFi基金中，Ondo Finance的代币从19.83%升至25.44%，超越Aave成为第二大持仓。Uniswap以34.16%的权重保持第一，尽管该基金出售了部分UNI头寸。去中心化AI基金目前由Near Protocol领跑，权重为31.35%，其次是Bittensor、Render和Filecoin。" Keep "Ondo Finance", "Aave", "Uniswap", "UNI", "Near Protocol", "Bittensor", "Render", "Filecoin" as is. Next: "How the rebalance works
" -> "再平衡机制
" or "再平衡如何运作". I'll use "再平衡机制". Then: "Grayscale's fund weights are determined by market capitalization, subject to a cap that prevents any single asset from dominating too heavily. The portfolio is rebalanced quarterly — meaning the next adjustment is due in roughly three months. The firm doesn't disclose exact cap thresholds, but the sharp cuts to Cardano and others suggest some assets hit the ceiling or fell out of favor relative to their market cap." Translation: "灰度基金的权重由市值决定，并设有上限，以防止任何单一资产过度主导。投资组合每季度重新平衡一次——意味着下一次调整大约在三个月后进行。该公司不披露具体的上限阈值，但对Cardano等资产的大幅削减表明，一些资产触及了上限，或相对于其市值而言失宠。" Next: "The timing isn't great for Cardano holders, who saw the token's weight drop by more than 13 percentage points. For BNB, it's a clear vote of confidence from one of the largest crypto asset managers." Translation: "对于Cardano持有者来说，时机并不好，他们看到该代币的权重下降了超过13个百分点。对于BNB来说，这是来自最大加密资产管理公司之一的明确信心投票。" Now meta description: "Grayscale's quarterly rebalance puts BNB at 30.6% in the Smart Contract Fund, pushing ETH and SOL down. Ondo overtakes Aave in the DeFi fund, and Near leads the AI fund." Translation: "灰度季度再平衡将BNB在智能合约基金中的权重提升至30.6%，ETH和SOL被推低。Ondo在DeFi基金中超越Aave，Near领跑AI基金。" Now we need to output JSON. Ensure proper escaping. The content should be the translated HTML with tags. We'll put the translated paragraphs inside灰度投资本周重新调整了其加密基金阵容，BNB跃升至智能合约基金首位。该变更于8月3日生效，8月5日公布，使BNB的权重达到30.6%——将以太坊和Solana挤出领先位置。此次季度再平衡涉及三只基金：智能合约、DeFi和去中心化AI。
BNB登顶
BNB现在在智能合约基金中占据最大份额，该基金是一个市值加权组合，设有上限，每三个月重新平衡一次。以太坊降至29.47%，Solana降至29.15%。Cardano受到的冲击最大，其权重从17.96%大幅削减至仅4.88%。Hedera、Avalanche和Sui均被削减至2%以下。
这一转变意味着，作为BNB Chain生态系统的原生代币，BNB现在在该基金中的影响力超过了市值最大的两个智能合约平台。对于一只自成立以来一直由ETH或SOL领跑的基金来说，这是一个显著的变化。
DeFi和AI的变动
在DeFi基金中，Ondo Finance的代币从19.83%升至25.44%，超越Aave成为第二大持仓。Uniswap以34.16%的权重保持第一，尽管该基金出售了部分UNI头寸。去中心化AI基金目前由Near Protocol领跑，权重为31.35%，其次是Bittensor、Render和Filecoin。
再平衡机制
灰度基金的权重由市值决定，并设有上限，以防止任何单一资产过度主导
