Gelato, a smart contract automation network focused on the DeFi sector, announced that it has raised $11 million led by Dragonfly Capital in its Series A financing.
In this round of financing, main supporters include ParaFi Capital, Nascent, IDEO CoLab Ventures, and Aave founder Stani Kulechov. The funds will be used to establish a “cryptocurrency Zapier”.
Gelato enables everyone to leverage the power of a decentralized network of bots to fully automate the movement of their money between different protocols on Ethereum.
Through the development of Web 3.0 automation, they can automatically rebalance their investment portfolios and execute transactions to protect their investments from major losses.
Mika Honkasalo from ParaFi Capital expressed that：
“Gelato expands the capabilities of smart contracts, which are by default inactive and only execute when a user triggers them. Gelato’s network of bots can be used to support a wide variety of applications that require automated actions — from liquidity provision strategies to margin management, and other DeFi use cases.”
Under the operation of a decentralized robot network, Gelato network provides dApp developers with a user-friendly UX to expand and simplify users’ transactions in the DeFi field.
Gelato co-founder Hilmar Orth said that the team is building their own DeFi applications, aiming to run smart contracts autonomously while ensuring that the infrastructure executes its logic is censorship-resistant, decentralized, and reliable.
Despite the smart contracts on the Ethereum network run by the main DeFi protocols, it also supports the smart contracts on the two blockchains, Polygon and Fantom. Gelato network is actively cooperating with other blockchains, including Binance Smart Chain, Arbitrum, Optimism, and Avalanche.
The decentralized finance (DeFi) sector took the world by storm in 2020 after its value grew by fourteen times, with total value locked (TVL) in this sector stood at $208 billion.
In the long run, the trend of decentralized financial automation is expected to be trending to improve user experience in the future.
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Source: blockchain.news