🗡️ Grayscale is aggressively cutting $DOT! Fully betting on $ONDO, is DeFi officially moving towards the RWA era? Grayscale @Grayscale adjusted its DeFi fund (DEFG) in Q2 2025, with the core change being the inclusion of $ONDO in its holdings, while completely removing $DOT, which was once seen as a representative of multi-chain interoperability, shifting from decentralization to RWA and compliant structures. $ONDO is characterized by its focus on "on-chain U.S. Treasury bonds" as RWA, allowing traditional financial products to operate on the blockchain. Grayscale not only included it but also allocated over 18% of the fund's weight to it, even believing it will become one of the core infrastructures of future DeFi. The complete removal of $DOT reflects its inability to keep pace with developments in the DeFi space. Although technically strong, its usage and actual financial applications are limited, leading to its gradual marginalization in the market. Grayscale's direct exclusion this time is also a response to capital efficiency. $HBAR, although not included in DEFG, has joined Grayscale's smart contract fund, clearly indicating that Grayscale is increasingly inclined to support blockchain protocols that can connect with the real world and attract enterprise or government-level collaborations.