Gelato Network Raises $11 Million Series A to Develop Web 3.0 Automation
Dragonfly Capital Leads Raise With Top Blockchain & Technology VCs
Gelato Network, a protocol that has pioneered automating smart contract executions, announced its Series A totalling more than $11 million. The raise was led by Dragonfly Capital, which aims to support the most promising projects in the decentralized economy, including DeFi protocols, NFT projects and Ethereum Layer-2 solutions. Gelato’s decentralized network of bots allows decentralized application (dapp) developers to deliver users the opportunity to interact with DeFi in ways that were previously not possible on a mass scale.
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The portfolio of strategically-chosen investors also includes ParaFi Capital, Nascent, IDEO CoLab Ventures, and Stani Kulechov, Founder and CEO of Aave. Following the raise, Gelato will continue building towards its mission of integrating with the industry’s leading DeFi protocols and aggregators, like Aave and Zerion, to offer automated transactions to their users.
“Automation is the heart of DeFi — instead of people and companies, DeFi uses self-executing autonomous code,” said Haseeb Qureshi, Managing Partner of Dragonfly Capital. “Gelato takes this principle a step further to allow bots and scripts to become self-executing and autonomous, completely obviating costly protocol DevOps. We believe this is a core building block of Web 3.0 — think Heroku for blockchain bots.”
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The September 6th “flash crash” saw the value of all cryptocurrencies fall by 10% — amounting to $300 billion, according to analytics platform CoinMarketCap. Platforms such as Instadapp or B.Protocol who are utilizing Gelato Network’ infrastructure protected traders from experiencing major losses by automatically rebalancing collateral, refinancing vaults, and executing trades when pre-set conditions are met. Ultimately, Gelato aims to deliver the benefits of automation across all decentralized networks.
Hilmar Orth, Co-Founder and Legendary Member of Gelato Network added, “At Gelato, we firmly believe the future of DeFi is automated. Despite the endless capabilities of automation to amplify DeFi protocols, this is an area that has lacked until now. Gelato’s vision is to become the backbone of automated smart contract execution.”
Most recently, Gelato Network closed its GEL token sale to allow for community governance of the protocol. Over the coming months, Gelato Network plans to unveil significant integrations and partnerships, as well as upgraded functionality and use cases in line with the product roadmap.
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