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HomeNewsBlockchainGelato Network Raises $11 Million Series A To Develop Web 3.0 Automation

Gelato Network Raises $11 Million Series A To Develop Web 3.0 Automation

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Backed by business leaders Dragonfly Capital, ParaFi Capital, Nascent, IDEO CoLab Ventures, and Stani Kulechov, Founder of Aave, Gelato Network raised $11M in its Series A to construct the ‘Zapier of Crypto.’

Through a sequence of automated good contracts, Gelato can execute on a variety of actions for each retail and institutional customers. In the retail context, if for instance Elon Musk tweets about Doge, Gelato may also help your buying and selling software program execute a purchase order order robotically. In the institutional context, Gelato protects merchants from struggling main losses by robotically rebalancing their portfolios and executing trades on their behalf. 

“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. ParaFi is excited to partner with Gelato in building infrastructure to support the next wave of smart contracts that utilize these capabilities,” says Mika Honkasalo of ParaFi Capital. 

Gelato’s mission is to raise DeFi and crypto buying and selling by permitting merchants to guard their belongings robotically. With the assistance of a decentralized community of bots, Gelato helps dApp builders ship user-friendly UX to scale, and simplify DeFi buying and selling for finish customers. Current strategic partnerships and integrations for the community embody Zerion, Instadapp, and B.Protocol, which makes use of Gelato to guard merchants from experiencing main losses by robotically rebalancing collateral, refinancing vaults, and executing trades when pre-set circumstances are met. 

“My co-founder Luis and I were building DeFi applications ourselves and realized that we had to re-create the necessary automation infrastructure each time from scratch in order to  automate specific smart contract functions on Ethereum and other protocols. We realized that automation is the key driver for DeFi to replace traditional financial intermediaries that currently hold ‘exclusive rights’ to exercise execution power over transactions within permissioned and centralized systems. Gelato makes smart contracts behave autonomously while making sure that the infrastructure that executes their logic is also censorship-resistant, decentralized and reliable,” says Hilmar Orth, Co-Founder of Gelato.

Gelato just isn’t the one participant within the automation sport, nevertheless. Keep3r Network, designed by Andre Cronje, facilitates a network of ‘keepers’ to perform automated tasks comparable to exercising choices and AMM restrict orders. Another competitor, Chainlink Keepers, enabled smart contract automation to harvest yield, execute restrict orders on decentralized exchanges and liquidate below collateralized loans. 

With over $92 billion at the moment locked throughout DeFi platforms, the newest crypto bull cycle has largely been pushed by new and progressive DeFi purposes. As the area continues to develop, fund managers and retail buyers require extra superior instruments to keep up a number of liquidity swimming pools and buying and selling positions. This new development of automation is essential to simplifying the person expertise to permit DeFi to achieve its full potential as a viable capital administration various to the legacy system, and plainly platforms like Gelato and others are quickly innovating to make decentralized finance our default actuality.

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(This story has not been edited by CryptoNFT | Latest News Live and is revealed from a syndicated feed.)

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