TLDR
- Grayscale Adds Aerodrome, Drops MakerDAO in Q3 2025 DeFi Fund Update
- Uniswap Still Dominates as Grayscale Rebalances DeFi Fund in Q3 2025
- Aave Adjusted, Aerodrome Enters: Grayscale’s New DeFi Fund Allocation
- Grayscale Eyes Liquidity: Aerodrome Joins, MakerDAO Exits in Q3 Revamp
- Grayscale Shakes Up DeFi & AI Funds: New Additions, Strategic Shifts
Grayscale fund rebalancing for Q3 2025 has led to significant portfolio adjustments across its multi-asset crypto products. The asset manager has replaced MakerDAO with Aerodrome Finance in the Decentralized Finance Fund. The changes reflect strategic responses to evolving trends across DeFi, smart contract, and AI-linked crypto assets.
Uniswap Maintains Lead in DeFi Fund Post-Rebalancing
Grayscale fund rebalancing has kept Uniswap at the top of the Decentralized Finance Fund (DEFG) with a 32.32% share. The fund continues to hold significant decentralized finance assets, including Aave and Ondo, with solid allocations. Uniswap’s dominant presence suggests consistent recognition of its trading volume and market role.
The updated DEFG composition includes Uniswap, Aave, Ondo, Lido, Curve and now Aerodrome Finance. Grayscale sold MakerDAO and existing components proportionally to fund the new addition. The reallocation supports the shift toward liquidity-focused platforms like Aerodrome on the Base network.
This quarterly Grayscale fund rebalancing aligns with CoinDesk DeFi Select Index methodology. The passive nature of DEFG ensures exposure to leading DeFi assets without active management. Grayscale executes these rebalances to match index strategies and maintain transparency.
Aave Sees Slight Decrease but Holds Key Role
Aave now makes up 28.07% of the DEFG fund following the Q3 rebalancing. Although the percentage has slightly dropped, Aave remains a core lending protocol. Its role in decentralized borrowing continues to secure its place in the fund.
Grayscale fund rebalancing did not remove Aave but adjusted its share to balance the inclusion of Aerodrome. This shift indicates a tactical redistribution rather than a fundamental change in Aave’s importance. The consistent presence of Aave highlights its structural role in decentralized markets.
Together with Uniswap and Ondo, Aave still represents the majority of DEFG’s allocation. The move maintains exposure to stable-yield and protocol-driven platforms. Each allocation reflects both market relevance and index rules.
Aerodrome Finance Joins the Fund, Replacing MakerDAO
Aerodrome Finance entered DEFG with a 6.60% weighting during the Q3 2025 Grayscale fund rebalancing. It replaces MakerDAO, which has been removed from the portfolio. The fund also sold existing components proportionally to finance Aerodrome’s entry.
Aerodrome, based on the Base Layer 2 ecosystem, focuses on liquidity incentives and DeFi infrastructure. Its addition signals growing emphasis on newer, faster ecosystems within decentralized finance. Grayscale recognized its emerging influence in protocol liquidity and integrated it accordingly into DEFG.
The shift away from MakerDAO may reflect a decline in momentum within its ecosystem. Grayscale fund rebalancing prioritizes liquidity potential and platform activity. Aerodrome’s inclusion underscores a strategic update in DeFi exposure.
Other Adjustments Reflect Index Methodologies
Grayscale also rebalanced its Smart Contract Fund and Decentralized AI Fund in line with established methodologies. The GSC Fund continues to include Ethereum, Solana, Cardano, Avalanche, Sui, and Hedera with updated weightings. These changes involved only internal redistribution without adding or removing tokens.
The AI Fund added Story (IP), allocating 21.53% of its assets to the asset. Existing AI-linked tokens, such as NEAR, Bittensor, and Render, were rebalanced accordingly. This move reinforces Grayscale’s goal to capitalize on growth in decentralized AI applications.
Each Grayscale fund rebalancing follows strict index criteria. The company distributes fund components periodically to cover expenses, gradually reducing token shares over time. These passive structures are designed to offer diversified access to core crypto sectors.
