Zug, Aug. 19, 2021 (GLOBE NEWSWIRE) -- Gelato Network, Web3’s protocol for automated smart contract executions on networks like Ethereum, today announced the whitelist opening for the upcoming sale of the native Gelato (GEL) token. The GEL token will be used for staking by node operators in the system and as a governance token to melt the ownership of the network into the hands of token holders.
With the group of angel funders including key figures of projects like MakerDAO, Aave, Yearn, Aragon, Frax Finance, and Instadapp, there is mounting excitement about automation propelling the DeFi space.
“We're thrilled to invest in Gelato and are in love with their mission to help developers easily and reliably automate smart contract interactions,” said Mike Dudas, Founder of The Block and Partner at 6th Man Ventures. “This critical building block allows developers to turn manual operations into scalable, repeatable transactions that execute without constant monitoring. One exciting example application is automated treasury payments by DAOs (salary, recurring vendor payments, rewards, etc) that can be set once and executed consistently. Gelato takes care of the smart contract interactions so that developers can refocus away from manual tasks and monitoring to high leverage building.”
Gelato’s decentralized network of bots can be leveraged by developers to automate users’ smart contract executions, and simplify transactions for end users. In conjunction with the token whitelist opening, Gelato Network is unveiling its GEL token sale will officially launch on September 13.
“After having Gelato’s infrastructure integrated into some of the most widely used application in DeFi, including Instadapp, Zerion and Furucombo, we think Gelato Network is ready for its next big milestone,” said Hilmar Orth, Co-Founder and Legendary Member of Gelato Network. “Our mission since launch has been to develop an infrastructure for automated smart contract executions that is both community-led and decentralized to ensure those building on top of Gelato have a direct say in the direction and development of the protocol. Now is the time to realize that.”
Gelato Network strives to solve the issues of lacking reliability, sophistication and decentralization around dapps that want to offer automated smart contract executions on behalf of their users. With Gelato, developers can deploy a powerful decentralized network of bots which allow users to automatically monitor and execute arbitrary transactions on their behalf when pre-specified conditions have been met.
With a total GEL token supply of 420,690,000, GEL token holders can support and grow the Gelato Network over time.
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.
Anyone interested in joining the $GEL token whitelist can do so by visiting: medium.com/gelatonetwork, as well as following Gelato Network on Twitter. To learn more about smart contract automation on Ethereum and beyond, visit gelato.network.
Comments From Key Supporters
“I’m excited to back Gelato in their mission to become a Web3 primitive to streamline on-chain devops,” commented Luis Cuende, Co-Founder Aragon. “Without Gelato, developers had to resort to clunky UX and complex systems to do simple things like process scheduling. Gelato solves that.”
Sam Kazemian, Co-Founder of Frax Finance, added, “To me, the definition of decentralization is coordinated automation. And that exact term describes Gelato's ultimate mission so I'm really excited to back the all star team at Gelato."
“Automation is a crucial thing in traditional finance,” said Samyak Jain, CTO at Instadapp. “Whether it's subscription to Netflix, regular investments, salary payments, etc. DeFi takes the finance to next level by enabling composability and open infra to automate anything like pay for your subscription by borrowing an Aave loan, Collect and reinvest Uniswap fees, save from liquidation, refinancing or cross chain transfers. Automation has an even bigger role in DeFi. We believe more than 90% of DeFi transactions will be automated in future. Excited to be a part of it with Gelato.”
ABOUT GELATO NETWORK:
Gelato Network is the first protocol that automates smart contract executions on Ethereum and beyond. They are building the underlying infrastructure enabling reliable automation on top of Ethereum and with it a key part of the Web3 middleware stack, enabling trustless, automated flows of value between all smart contracts and upcoming Layer 2 networks.
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