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.
Related: Gelato Network introduces Uniswap v3 management token “G-UNI”
In June, Gelato launched an automated liquidity manager for Uniswap called G-UNI, which combines the capital efficiency of Uniswap v3 with the user experience of v2.
In August, Gelato integrated the DeFi aggregator Zerion to improve liquidity management for its users. This enables Zerion’s 200,000 active monthly users to automatically manage their Uniswap v3 locations.
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
Pantera Capital TON investment signals confidence in TON's scalability and ecosystem growth amid a bullish…
Jack Dorsey's Block initiates monthly Bitcoin investments to expand its holdings in 2024.
The EigenLayer airdrop plan includes distributing 110 EIGEN tokens minimum, with transferability post-September 30, 2024.
Crashino stands distinguished, not only for its cutting-edge platform but also for its groundbreaking acceptance…
Coinbase SEC lawsuit is still ongoing while the exchange remains confident, citing recent court developments.
Coinbase quarter revenue in transactions skyrocketed, helping the exchange earn $1.18 billion in profit.
This website uses cookies.