Gelato, a DeFi sector-focused smart contract automation network, announced that it has raised $ 11 million as part of its Series A funding led by Dragonfly Capital.
The main supporters of this financing round include ParaFi Capital, Nascent, IDEO CoLab Ventures and Aave founder Stani Kulechov. The funds will be used to build a “cryptocurrency Zapier”.
Gelato enables anyone to leverage the power of a decentralized network of bots to fully automate the transfer of funds between different protocols on Ethereum.
With the development of Web 3.0 automation, they can automatically rebalance their investment portfolios and execute transactions to protect their investments from large losses.
Mika Honkasalo from ParaFi Capital put this:
“Gelato extends the capabilities of smart contracts, which are inactive by default and only run when a user triggers them. Gelato’s bot network 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. “
Running a decentralized robotic network, the Gelato network provides dApp developers with an easy-to-use UX to expand and simplify users’ transactions in the DeFi area.
Gelato co-founder Hilmar Orth said the team is developing its own DeFi applications that aim to run smart contracts autonomously while ensuring that the infrastructure executes its logic that is censorship-resistant, decentralized and reliable.
Despite the smart contracts in the Ethereum network, which are operated by the main DeFi protocols, it also supports the smart contracts on the two blockchains Polygon and Fantom. The Gelato network actively works with other blockchains, including Binance Smart Chain, Arbitrum, Optimism, and Avalanche.
the decentralized financing (DeFi) took the world by storm in 2020 after its value increased fourteen times, with the Total Value (TVL) in that sector at $ 208 billion.
In the long run, the decentralized financial automation trend is expected to help improve the user experience in the future.
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