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 funding round, top sponsors include ParaFi Capital, Nascent, IDEO CoLab Ventures, and Aave founder Stani Kulechov. The funds will be used to establish a “Cryptocurrency Zapier”.
Gelato allows everyone to harness the power of a decentralized botnet to fully automate the movement of their money between different protocols on Ethereum.
By developing Web 3.0 automation, they can automatically rebalance their investment portfolios and execute transactions to protect their investments from significant losses.
Mika Honkasalo of ParaFi Capital stated that:
“Gelato extends the capabilities of smart contracts, which are inactive by default and only run when a user activates them. Gelato’s botnet can be used to support a wide variety of applications that require automated actions, from strategies to provision of liquidity to margin management, and other DeFi use cases. “
Under the operation of a decentralized robot network, the Gelato network provides dApp developers with an easy-to-use UX to expand and simplify user transactions in the DeFi field.
Gelato co-founder Hilmar Orth said the team is building its own DeFi apps, aiming to run smart contracts autonomously while making sure the infrastructure runs 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 smart contracts on the two blockchains, Polygon and Fantom. The 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 fourteen times, with a total locked value (TVL) in this sector of $ 208 billion.
In the long term, the trend of decentralized financial automation is expected to be a trend to improve the user experience in the future.
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