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[10:06 PM · Oct 28, 2024] – Gelato Network, the leading Web3 automation platform, has announced the successful closure of an $11 million Series A funding round. This investment fuels Gelato's mission to provide developers with the essential infrastructure to build and scale decentralized applications (dApps) with unprecedented speed, security, and efficiency. The funding will also support the launch of Gelato's groundbreaking Rollup-as-a-Service (RaaS) platform, enabling the seamless deployment of customized Layer-2 solutions.
This significant milestone marks a pivotal moment in Gelato's journey to become the backbone of Web3 automation. The funding round was supported by a strong syndicate of investors, demonstrating confidence in Gelato's vision and technology. While specific investors weren't disclosed in all sources, some identified investors include Dragonfly Capital, ParaFi Capital, Nascent, IDEO CoLab Ventures, and Stani Kulechov from Aave. This diverse group brings a wealth of experience and resources to further propel Gelato's growth.
Gelato: Automating the Future of Web3
Gelato Network addresses a critical challenge in the Web3 ecosystem: the limitations of "dumb contracts." While smart contracts are self-executing, they require external triggers to initiate actions. Gelato provides the decentralized network of bots and infrastructure necessary to automate these triggers, freeing developers from the burden of building and managing their own complex bot systems.
This automation is crucial for a wide range of Web3 applications, including:
- DeFi: Automating tasks like compounding interest, rebalancing portfolios, and managing liquidations.
- NFTs: Streamlining the minting, management, and trading of NFTs, even enabling automated interactions within NFT-based games like Aavegotchi.
- Gaming: Powering in-game events, rewards distribution, and other automated functionalities.
- General Web3 Development: Automating tasks such as recurring payments, data updates, and off-chain data integration.
Rollup-as-a-Service: Scaling Web3 with Speed and Security
The newly launched RaaS platform is poised to revolutionize Web3 scalability. Gelato's RaaS empowers developers to deploy customized Layer-2 rollup chains quickly and easily, leveraging Gelato's existing suite of Web3 services. This integrated approach offers several key benefits:
- Faster Transactions: Layer-2 rollups significantly increase transaction throughput, reducing congestion and latency.
- Lower Costs: By processing transactions off-chain, rollups dramatically lower gas fees.
- Enhanced Security: Gelato's robust infrastructure and security practices ensure the integrity and reliability of deployed rollups.
- Seamless Integration: Gelato's RaaS seamlessly integrates with existing Web3 tools and services, simplifying the development process.
Gelato's Vision for the Future
With this latest funding round, Gelato is well-positioned to accelerate its development roadmap and expand its reach within the Web3 community. The company plans to grow its engineering team, enhance its developer tools, and continue innovating on its core automation and RaaS offerings. Gelato aims to become the Web3 equivalent of cloud platforms like AWS Lambda or Google Cloud Functions, providing the essential infrastructure for the next generation of decentralized applications.
About Gelato Network:
Gelato Network is the leading Web3 automation platform, empowering developers to build and scale decentralized applications with unprecedented speed, security, and efficiency. Gelato's decentralized network of bots and Rollup-as-a-Service platform provide the essential infrastructure for the future of Web3.
Compiled by CMO Intern team
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