Zug, Sep 30, 2021 (GLOBE NEWSWIRE) – Gelato Network, a pioneering protocol in automating smart contract executions, today announced its Series A totaling more than $ 11 million. The increase was led by Dragonfly Capital, which aims to support the most promising projects in the decentralized economy, including DeFi protocols, NFT projects and Ethereum Layer-2 solutions. Gelato’s decentralized robot network enables decentralized application (dapp) developers to offer users the ability to interact with DeFi in a way that was not previously possible on a large scale.
The portfolio of strategically chosen investors also includes ParaFi Capital, Nascent, IDEO CoLab Ventures and Stani Kulechov, founder and CEO of Aave. Following the increase, Gelato will continue to fulfill its mission of integrating with leading industry DeFi protocols and aggregators, such as Aave and Zerion, to deliver automated transactions to their users.
“Automation is at the heart of DeFi – instead of people and businesses, DeFi uses self-executing stand-alone code,” said Haseeb Qureshi, Managing Partner of Dragonfly Capital. “Gelato takes this principle even further to allow bots and scripts to become self-executing and autonomous, completely avoiding expensive DevOps protocols. We believe this is a staple of Web 3.0 – think Heroku for blockchain bots.
The September 6 “flash crash” saw the value of all cryptocurrencies drop 10%, to the tune of $ 300 billion, according to analysis platform CoinMarketCap. Platforms such as Instadapp or B. Protocol that use the Gelato Network infrastructure have protected traders against major losses by automatically rebalancing collateral, refinancing coffers and executing trades when pre-set conditions are met. fulfilled. Ultimately, Gelato aims to deliver the benefits of automation across all decentralized networks.
Hilmar Orth, Co-Founder and Legendary Member of Gelato Network added, “At Gelato, we firmly believe that the future of DeFi is automated. Despite the endless capabilities of automation to amplify DeFi protocols, this is an area that has been lacking until now. Gelato’s vision is to become the backbone of automated smart contract execution.
More recently, Gelato Network closed its sale of GEL tokens to enable community governance of the protocol. Over the next few months, Gelato Network plans to unveil important integrations and partnerships, as well as enhanced features and use cases in line with the product roadmap.
To learn more about smart contract automation on Ethereum and beyond, visit gelato.network and follow Gelato Network on Twitter for updates.
“Today, centralized botnets underpin most of the automated smart contract functionality in blockchain-based applications,” said Nick Chong, investment analyst at ParaFi Capital. “Gelato features a decentralized bot network that enables seamless automation of smart contract functions and the creation of serverless applications. We’re excited to support the Gelato team as they continue to build core middleware for networks like Ethereum. ”
“Gelato is trying to solve a key problem for DeFi and Web 3.0 in general, which is that many functions in decentralized applications must be performed conditionally or repeatedly in order for the applications to work as desired,” commented Stani Kulechov, founder and CEO of Aave. “These operations require external servers to run them automatically at the right time. Without these, DeFi as we know it today would not exist. Gelato provides app teams with an easy-to-use and reliable network that supports all of their automation needs. I can’t wait to see where this project goes in the future.
“DeFi protocols are able to streamline the complex processes of traditional finance, but ironically there are many things that are difficult to automate due to how blockchains work,” said Dan Elitzer, co-founder of Nascent. “Gelato provides this missing piece of automation, enabling DeFi applications to provide the leading UX needed to enable true global adoption. “
“DeFi is evolving at a breakneck pace,” added Paris Rouzati, general partner of IDEO CoLab Ventures. “It’s imperative that we equip developers and space users with the best tools to seamlessly navigate the evolving ecosystem. We believe automation will be the tool to significantly and sustainably elevate DeFi. ”
ABOUT THE GELATO NETWORK:
Gelato Network is the first protocol that automates smart contract executions on Ethereum and beyond. They build the underlying infrastructure for reliable automation on top of Ethereum and with it a key part of the Web3 middleware stack, enabling automated and trustless value flows between all smart contracts and future layer networks. 2.
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