Gelato Network, a blockchain startup based in Switzerland, has confirmed this $ 11 million in series A funding to bring automation to Web3.
Dragonfly Capital led the turn, with the participation of major venture capital firms and major angel investors such as ParaFi Capital, Nascent, IDEO CoLab Ventures and Stani Kulechov, founder and CEO of Aave. Haseeb Qureshi, managing partner of Dragonfly Capital, mentioned the role the startup plays in the industry:
“Automation is at the heart of DeFi. Instead of people and businesses, DeFi uses self-executing standalone code. Gelato takes this principle one step further by making bots and scripts self-executing and standalone, an expensive protocol Completely removing DevOps, which we believe is a basic build of Web 3.0 – think of Herok for blockchain bots. “
Automation is important not only for the DeFi niche but also for the development of Web3, the next step in the evolution of the internet. The proper functioning of the decentralized Internet will require that it be able to regulate itself without human interference in order to operate reliably, ensuring the execution of the parameters specified before deployment. Stani Kulechov, founder and director of Aave, said:
“Gelato is trying to solve a major problem for DeFi and Web 3.0, as many functions in decentralized applications have to be run conditionally or repeatedly for the applications to work properly. These operations require external servers to run automatically at the right time. Without them, the DeFi we know today would not exist. Gelato provides an automated and user-friendly network for dApps teams to take care of all automation needs. I’m excited to see where this project will go in the future. “
Gelato Network’s protocols are taking the tremendous automation offered by smart contracts to a new level, with well-known niche projects such as Decentralized Finance (DeFi) and Web3 to unlock new use cases that will drive innovation in the industry.
The solution created by the blockchain launch can help developers protect the user base by automating the reaction to changes in the crypto market or the state of decentralized networks, allowing them to minimize the impact of events that could negatively affect them.