In a funding round led by dragon fly capital, Gelato, a smart contract automation Network, has raised up to $11 million dollars in the series A funding round. This makes the Network the latest to receive such amount of money from Crypto Venture capital behemoths. The funding round was done through a closed door token sale and its goal was to integrate more blockchains to the Network and also increase the hands in the current team.
Gelato addresses volatility and liquidity issues that comes with crypto trading it also saves traders from unhealthy losses by balancing portfolios automatically, and executing trades as well. The network simply does this using arbitrary logic and bots.
Hilmar Orth, the co-founder of the network stated that Gelato makes it easier for web 3 developers since they just need to use the existing decentralised Network instead of writing custom Bots on centralized servers. Currently the network supports smart Contracts that are built on Ethereum, polygon and fantom network. They also have plans for BSC (Binance smart chain), avalanche, optimism and arbitrum. A lot of projects are already making use of the system to automate contracts.
Also in June, G-uni, an automated liquidity manager was introduced for uni-swap, which has the user experience of uni-swap V2 and the capital efficiency of uni-swap V3.Gelato also joined hands with Zerion in August, with the aim of improving liquidity management for its users.
