Gelato raises $11M from heavyweight backers for Web 3 automation

Gelato, a smart contract automation network, has received significant backing from crypto venture capitalists.

Gelato raised $11 Million in a Series A round of funding led by Dragonfly Capital with participation from ParaFi Capital and Nascent as well as IDEO CoLab Ventures and Stani Kulechov, founder of Aave.

These funds were raised via a closed-door token sales and will be used to onboard more blockchains and increase the staff of the network’s current 15.

Gelato automates Ethereum smart contracts operations using “arbitrary logic” (and bots). The most important use case for Gelato is to address liquidity and volatility issues in cryptocurrency trading. This protocol protects traders against severe losses by automatically rebalancing their portfolios and execution trades on their behalf.

To monitor smart contracts and the conditions they are being executed, third-party systems and servers are necessary. Gelato eliminates the need for intermediaries and uses a decentralized network bots to perform these operations. This simplifies DeFi for end-users.

ParaFi Capital’s Mika Honkasalo explained this:

Gelato increases the capabilities of smart contract, which by default are inactive and execute only when a user triggers them.”

Hilmar Orth, co-founder of Gelato, explained that Web 3 developers now have the option to plug into an existing decentralized network rather than having to create custom bots running on centralized servers.

Gelato Network supports smart contracts on Ethereum and Polygon. It will soon add support for Binance Smart Chain and Arbitrum. Many projects already use the system to automate their contracts, including MakerDAO and Instadapp, B Protocol and QuickSwap.

Related:Gelato Network launches Uniswap v3 management token ‘G-UNI.

Gelato launched G-UNI, an automated liquidity manager for Uniswap in June. It combines the capital efficiency and user experience of Uniswap v3 into one.

Gelato partnered with Zerion, a DeFi aggregator, to increase liquidity management for its users. Zerion’s 200,000 monthly active users were able to have their Uniswap v3 positions automatically managed.

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