About

Gelato Network is a blockchain-based smart contract Automation Protocol on Ethereum, Polygon, Fantom, Binance Smart Chain, Avalanche and Arbitrum. The protocol provides a decentralized network of bots allowing developers to automate arbitrary smart contracts without having to build their own bot systems. Gelato Network acts as a non-custodial marketplace which pairs developers with Executors who run bots.

History

Gelato was founded in May 2019 and launched the first Alpha version of Gelato Network on February 4, 2020. Since smart contracts require input to activate, developers have to build bot systems according to their needs or activate smart contracts manually. Gelato's goal is to allow any developer to access a bot network without having to invest as much time and means. The alpha version of the protocol allowed users to automate and plan transfers at a determined time, automatically convert DAI to other tokens on Kyber as well as open limit and stop orders on Kyber. With the release of the audited v1 of Gelato Network on July 3, 2020, developers were able to automate their arbitrary smart contracts on Ethereum using the bot network.

Gelato raised $1.2M in a Seed funding round led by IOSG Ventures and Galaxy Digital in September 2020 with the participation of 7 investors.

Gelato Network v2 was released on April 12, 2021. This new version primarily focused on improving the efficiency of the network with better coordination between bots and off-chain data generation resulting in lower gas fees. It also allowed users to be more flexible and customize their dApps interface as opposed to the imposed interface of the v1. Gelato Network expanded to Polygon on April 22, 2021, and to Fantom on May 28, 2021.

Sorbet Finance launched on April 16, 2021. This interface powered by Gelato Network enables automated trading and limit orders on UniswapV2, PancakeSwap, TraderJoe, and Quickswap. G-UNI followed on June 17, 2021, as an interface for UniswapV3. It allows auto-rebalancing ranges, auto-reinvestment of fees and makes LP positions fungible.

Gelato Network's whitelisted token sale took place on September 13, 2021. Gelato raised $5,000,000 and distributed 16,827,000 tokens which are 4% of the total supply. Gelato also concluded its Series A funding round led by Dragonfly Capital for $11,000,000.

Gelato Network went live on the Binance Smart Chain on November 4, 2021, and expanded to Avalanche on November 29, 2021. Gelato also introduced the off-chain Gelato DAO with a new forum and proposal voting on Snapshot.org in December 2021.