Technology

Gelato, a DeFi Smart Contract Automation Network, raised $11 million in its Series A Funding

Gelato, a smart contract automation network focusing on the DeFi industry, has secured $11 million in Series A funding headed by Dragonfly Capital.

ParaFi Capital, Nascent, IDEO CoLab Ventures, and Aave founder Stani Kulechov are among the investors in this round. The money will go toward creating a “cryptocurrency Zapier.”

Gelato allows anybody to fully automate the movement of their money between Ethereum protocols using the power of a decentralized network of bots.

They may automatically rebalance their investment portfolios and conduct transactions due to the development of Web 3.0 automation, protecting their assets from severe losses.

According to ParaFi Capital’s Mika Honkasalo:

“Gelato expands the capabilities of smart contracts, which are by default inactive and only execute when a user triggers them. In addition, 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.”

Gelato network provides dApp developers with a user-friendly UX to extend and simplify users’ transactions in the DeFi area, thanks to the operation of a decentralized robot network.

According to Gelato co-founder Hilmar Orth, the team is developing its DeFi apps intending to run smart contracts autonomously while guaranteeing that the infrastructure that executes the logic is censorship-resistant, decentralized, and trustworthy.

Even though the primary DeFi protocols execute smart contracts on the Ethereum network, it supports smart contracts on the Polygon and Fantom blockchains. In addition, other blockchains, such as Binance Smart Chain, Arbitrum, Optimism, and Avalanche, are actively working with the Gelato network.

In 2020, the decentralized finance (DeFi) industry caught the globe by storm when its value increased fourteenfold, reaching $208 billion in total value locked (TVL).

The trend toward decentralized financial automation is likely to improve user experience in the long term.

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