Grayscale’s Digital Large Cap Fund replacing XRP with Chainlink (LINK)
- XRP was replaced due to the legal issues the token is having with Securities and Exchange Commission (SEC).
- Chainlink has surged by over 1000% for the last year with more interest from retail and institutional traders.
- Developers of the oracle platform have been launching series of projects to improve scalability.
Recently, Grayscale announced that it wants to change the GBTC Bitcoin trust into an exchange-traded fund (ETF). As a result, it has decided to completely drop the XRP token after the token’s recent issues with the Securities and Exchange Commission (SEC).
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The GDLC holding was revealed by Grayscale on April 2, stating that each cryptocurrency on the fund has a different amount.
Chainlink keeps rising
Chainlink is an Oracle token built on Ethereum. Its growth in the market has been very impressive for the past 12 months, as it has gained 1,223% against the US Dollar within this period. The addition of the token to Grayscale’s GDLC is another milestone for the token.
The update to the GDLC fund is coming after the recent introduction of the organization’s single-asset investment vehicle known as Chainlink Trust.
The LINK-based trust offers investors the necessary exposure to the price movements of the LINK token. The addition of Chainlink to Grayscale is also an indication of the increased growth of oracle-base tokens.
Chainlink has surged 96% within the last 90 days, 18% during the last month, and 21% this week. The token has attracted the interest of both retail and institutional traders. The increased interest in the token is a result of top projects embarked upon by its developers.
Chainlink improves scalability
In February, Chainlink’s Off-Chain Reporting (OCR) went live, which marked a major milestone for the decentralized oracle networks when it comes to scalability.
The update replaced the previous FluxAggregator model, leading to an increase in availability and accuracy.
Chainlink also partnered with SKALE recently to utilize Chainlink’s oracle solutions. The collaboration ensures the quick and secure launch of new products in the future.