Name of Project / DAO / Company
Gelato Network
Application type
Middleware Infrastructure
Proposal overview
Gelato is a web3 middleware protocol that automates the execution of smart functions across multiple EVM-based chains. By empowering developers to run severless application, projects can depend on Gelato to outsource their bot infrastructure operations in order to save on shipping time, allocate resources more effectively, and avoid becoming the central point of failure of their protocol. In the same way that Ethereum is general-purpose computational architecture in the sense that any program that is possible to build will be built, Gelato is general-purpose automation and any function within those programs that can be automated will be. We believe that when the entire world runs on smart contracts, over 99% of those interactions will be automated by bots such as ones that make up Gelato’s network.
Gelato has pioneered the development of several highly-used automation use cases that have been utilized by the leading projects in DeFi. For example, one of the most popular use-cases Gelato offers is G-UNI which is a Uniswap v3 wrapper that allows positions to be both fungible and auto-compounding. A number of protocols utilized G-UNI for a variety of purposes including MakerDAO and Rari Capital for collateral as well as Fei, Instadapp, and Float for their liquidity mining programs. The attractiveness of G-UNI comes to how the user-experience is structured; it’s simple, reliable, and intuitive. For protocols, it makes it easier to source liquidity from a wide range of users of all technical levels who others would not provide it. In the future, when Harmony-native AMMs implement v3-style liquidity provisioning mechanisms, Gelato will already have the playbook ready to implement G-UNI (or should we say G-ONE) in the same manner.
Gelato’s limit order libraries have proven over the past several months to become the standard for AMMs who want to implement their own limit order systems. Already integrated by the likes of QuickSwap, SpookySwap, and SpiritSwap, limit orders allow users to enjoy the benefits of centralized exchange features while still maintaining self-custody over their assets. To date, Gelato has processed tens of thousands of transactions across chains worth millions of dollars. Not only do we want to bring this functionality to Harmony-based AMMs, but we are looking forward to building more advanced trading features including stop-loss, DCA, and more as well.
A product that all Harmony-running protocols can benefit from immediately is 'PokeMe’ which can automate any arbitrary task; all it needs to know is the function that needs to be called and the condition in which it is called under. Several of our partners such as KeeperDAO, B. Protocol, QiDao, and others have utilized PokeMe to automate tasks such as auto-harvesting, auto-compounding, topping-off addresses, and more. PokeMe ultimately improves the efficiency of projects, allowing them to focus on their core mission.
Furthermore, Gelato has worked with lending platforms and aggregators to provide multiple solutions to collateral management. Alongside Instadapp, we have built a mechanism that automatically refinances a user’s Maker vault when their health factor reaches dangerous levels to Aave and Compound, saving their position. In addition, Aave gave Gelato a grant to build “Aave without liquidations” with Cono Finance on their Polygon market that automatically sells the collateral of a position in order to pay back its debt. In less than a month and a half’s time, we were able to go live with the final product.
Gelato has established itself as the critical infrastructure of choice for a number of projects across multiple chains, providing the necessary infra for them to run automation for vital aspects of their protocols. Our partners include Maker, Aave, Instadapp, Rari Capital, QuickSwap, KeeperDAO, SpookySwap, SpiritSwap, B. Protocol, Fei, QiDao, and more. If our partners know that we set up operations on a chain, then they are more likely to migrate there. Gelato is standing by and is ready to deploy its automation to Harmony, and together, we can ultimately improve the user-experience on the chain exponentially.
What stage of the product or idea are you (and your team) at? Is it live on Harmony and/or another chain? How many active users do you currently have, or aim to acquire? How much funding do you need? What are your milestones? What help do you need, or what gaps are there in your team?
Gelato has been live for over two years and is currently operating on Ethereum Mainnet, Polygon, and Fantom. We have thousands of users but and hold tens of millions of dollars of TVL across all of our use cases but strive to have millions of users processing billions of dollars worth of transactions daily. What we currently need is capacity, we can only scale operations to so many chains effectively so this funding would help us allocate resources towards deploying and providing the proper attention and devops to Harmony.
Proposal ask
$500k
Metrics for success
Cumulative Amount of Transactions (CAT)
- 1K Transactions
- 10K Transactions
- 100K Transactions
External links and Resources
Article about the history of automation, gives context on why its important, and how Gelato was a massive leap forward in the evolution of automation capabilities: The DeFi Future is Automated - The Defiant
One-minute video explainer of Gelato: Gelato Network — Web3's Automation Protocol - YouTube
Gelato whitepaper read-through: Gelato Community Call #2 - Gelato Whitepaper Walkthrough - YouTube
Thread about G-UNI: https://twitter.com/davesaidthat_/status/1442575595557187590?s=20
MakerDAO integrates G-UNI as collateral: MakerDAO Integrates Gelato Network’s G-UNI Token As Collateral - Crypto Daily™
Aave grant leads to Gelato building liquidation protection tool: Gelato Releases Tool to Ease Pain of Liquidations - The Defiant
Zerion integrates G-UNI onto their platform: Smart contract automator Gelato brings liquidity management to Zerion
Medium of partnership announcements and general information: Gelato Network – Medium