· Gelato raises $11 million from a series A funding round
· The funding round was led by lead venture capitalist Dragonfly Capital
· The funds will help onboard more blockchains to the Gelato network
Gelato, a Smart contract automation network, is the latest to receive big backing from crypto venture capital giants. The network raised $11 million in a Series A funding round that was led by Dragonfly Capital, a leading VC firm. There was also participation from other top venture capitalists, including ParaFi Capital, IDEO CoLab Ventures, Nascent, and Stani Kulechov, Aave founder.
The funding round took place as a closed-door token sale. The funds will go toward onboarding more blockchains to the Gelato network and also increasing the number of staff from the current team of 15.
Gelato is a network that automates Ethereum smart contract operations using “arbitrary logic” and bots. Addressing liquidity and volatility issues with cryptocurrency trading is one of its well-known use cases. The protocol is set to automatically rebalance portfolios and execute trades on the trader’s behalf to protect traders from severe losses. Gelato uses a decentralized network of bots to carry out these operations, simplifying Decentralized Finance for the end-user.
“Gelato expands the capabilities of smart contracts, which are by default inactive and only execute when a user triggers them.” - Mika Honkasalo of ParaFi Capital.
The Gelato Network supports smart contracts on Ethereum, Polygon, and Fantom blockchains with plans to add support for Avalanche, Binance Smart Chain, Optimism, and Arbitrum. Other projects already using the system to automate contracts include QuickSwap, MakerDAO, Instadapp, and B Protocol.