Gelato smart contract automation network is the newest network to receive massive support from crypto venture capital giants.

Gelato raised $ 11 million in a Series A financing round led by Dragonfly Capital and with the participation of ParaFi Capital, Nascent, IDEO CoLab Ventures and Aave founder Stani Kulechov.

This amount was raised through a closed token sale and will be used to introduce more blockchains into the network and to add to the current 15-strong team.

Gelato automates the operation of Ethereum Smart Contracts with so-called “arbitrary logic” and bots. Its most prominent use case is solving liquidity and volatility problems when trading cryptocurrencies. The protocol can protect traders from serious losses by automatically rebalancing their portfolios and executing trades on their behalf.

Third-party servers and systems are required to monitor smart contracts and the terms of their execution. Gelato eliminates middlemen by using a decentralized network of bots to perform these operations, making DeFi easy for end users.

Mika Honkasalo from ParaFi Capital explains that:

“Gelato extends the capabilities of smart contracts, which are inactive by default and only run when the user activates them.”

Gelato co-founder Hilmar Orth added that Web 3 developers can now plug into an existing decentralized network instead of having to write custom bots that run on central servers.

The Gelato network currently supports smart contracts for Ethereum, Polygon and Fantom and will add support for Binance Smart Chain, Arbitrum, Optimism and Avalanche. Several projects have used the system to automate contracts, including MakerDAO, Instadapp, B Protocol, and QuickSwap.