Business News Report
January 04, 2024

Gelato Network Closes A+ Round Led by IOSG Ventures, Asserts Dominance in Web3 Automation Landscape

In Brief

Gelato Network closed A+ financing round led by IOSG Ventures to expand smart contract execution across EVM-based blockchains.

Gelato Network Closes A+ Round Led by IOSG Ventures, Asserts Dominance in Web3 Automation Landscape

Web3 relay network Gelato Network announced it concluded A+ financing round, with IOSG Ventures leading the investment. Established in 2019 by Hilmar Maximilian Orth, Gelato Network aims to be a pivotal player in the Web3 automation and relay space, empowering developers to automate smart contract execution across various EVM-based blockchains.

Gelato Network empowers developers to construct Augmented Smart Contracts—smart contracts that exhibit consistent automation, deliver a gasless user experience, and harness off-chain data and computation, facilitating the creation of applications capable of onboarding the next billion users to Web3.

The new investment aims at enhancing the Gelato Network existing capabilities and functionalities.  The project anticipates becoming the largest decentralized development tech stack in Web3.

Gelato Network Dominates Automation Landscape with Innovations

Beginning with the concept of an Ethereum bot designed for DeFi applications, aiming to create a decentralized network for automated trading — Gelato has swiftly become Ethereum’s predominant automation execution network, securing over 80% market share in less than two years.

From its inception the company prioritized user experience, enabling even non-programmers to execute business tasks such as automated withdrawals and trades through “Gelato Automate.” This tool functions as the infrastructure facilitating an “If this, then that” automated execution for smart contracts. Despite Chainlink entering this market in 2021, Gelato maintains its dominant position in this sector.

In 2021 the company introduced Gelato Relay that marked Gelato’s transition from an automation protocol to an extension of core Web3 backend services. With Gelato Relay, Web3 front ends provide a completely gasless UX, while web3 backends can delegate transaction management to a decentralized relay network. Gelato simplifies blockchain interactions across major EVM chains, ensuring a straightforward, dependable, and scalable process.

In 2023, Gelato introduced Web3 Functions, a tool explicitly crafted for the Web3 ecosystem. This innovation involves the introduction of an extra abstract layer, streamlining the process for developers to access off-chain data and execute computations. The company also established itself as a prominent player in the RaaS domain, introducing the Rollup as a Service recently. 

Gelato Network’s recent success positions it as a pivotal force in Web3 automation and relay technology. With a history of innovation, from empowering developers with Augmented Smart Contracts to introducing Gelato Relay and Web3 Functions, the recent investment aims at propelling Gelato Network towards becoming the leading decentralized development tech stack in Web3.

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In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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