Gelato raised $11 million for Web 3 automation, is it worth buying on October 8, 2021?

By October 8, 2021DeFi
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Gelato raised $11 million for Web 3 automation, is it worth buying on October 8, 2021?
  • Gelato has raised $11 million with the goal of automating Web 3.
  • The goal is to simply decentralized finance (DeFi) by automating smart contract operations.
  • This could lead to an increase in the value of the GEL token.

Gelato GEL/USD can execute arbitrary logic, enabling developers to automate any smart contract function on Ethereum. It is a decentralized network of bots used by Web 3 developers.

Third-party servers and systems are required to monitor smart contracts and conditions for execution. Gelato does not require any intermediaries through the usage of a decentralized network of bots to carry out these operations, which in turn simplifies DeFi for the end-user.

The $11 million investment as a catalyst for growth

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The smart contract automation network Gelato has received huge backing from crypto venture capital corporations.

That said, it has raised $11 million in Series A funding, which was led by Dragonfly Capital, with participants from IDEO CoLab Ventures, Nascent, ParaFi Capital, and Aave’s Stani Kulechov.

These funds got raised through a token ale and will go towards onboarding more blockchains onto the network and an increase in staff.

Gelato automates Ethereum smart contract operations through arbitrary logic and bots.

It addresses liquidity and volatility issues with cryptocurrency trading, and the protocol can protect traders from losses by automatically rebalancing portfolios and executing trades for them.

Should you buy Gelato (GEL)?

On October 8, Gelato (GEL) had a value of $2.45.

To get a better understanding and evaluation of what kind of value point this is for the token, we will compare it to it’s all-time high value as well as its performance in September.

On October 6, GEL had its all-time high of $2.93. From October 6 to October 8, we can see that the value fell by $0.48 or by 16%.

Its highest point in September, however, was $2.51 on September 16.

Throughout the month, specifically on September 21, the token fell to a value of $1. This indicates that throughout September, the value of the token fell by $1.51 or by 60%.

That being said, from September 21 to October 8, the token raised its value by $1.45 or by 145%.

This being the case, with the $11 million investment, we can expect the GEL token to reach a value of $2.81 by the end of October, making it a solid purchase.

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