DeFi automation protocol Gelato Network has raised $11 million in Series A funding.
Founded in Berlin in 2019, Gelato is a protocol that automates tasks on decentralized finance, or DeFi, which is a wide network of non-custodial financial services built on smart contracts. Dragonfly Capital led the raise to help Gelato expand its automation offerings, with additional funding from ParaFi Capital, Nascent, IDEO CoLab Ventures, and Stani from Aave.
Automation on DeFi sounds counterintuitive at first: how can you automate smart contracts if they are themselves self-executing bits of code?
“That’s bullshit,” Gelato co-founder Hilmar Orth told Decrypt. “Smart contracts are actually not smart; they’re pretty dumb.” If nobody executes commands that are defined in smart contracts, nothing will actually happen, he explained.
“Every system that can be powered by smart contracts will be powered by the smart contracts.” – Hilmar Maximilian Orth (@hilmarxo), Co-founder and Legendary M
Źródło: https://decrypt.co/82244/gelato-network-11m-automate-dumb-contracts-defi
