Gelato Network
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Gelato Network

Gelato Community Update — August 2022

Hey Gelato Fam!

Welcome back to our monthly Community Update where we’ll give you the rundown on what’s been happening at Gelato HQ and what we’ve got coming up.

August was especially busy for us behind the scenes — with constant shipping, product optimizations and advancements on all fronts. We’ve shared a few things, but there’s a lot that’s still coming so stay tuned 👀

What does the current state of smart contract automation look like in web3?

Technical Writer Javier Donoso — captures this perfectly in his latest article on smart contract automation, which provides an overview of the difficulties that developers face when building & maintaining smart contracts. It’s been a while since there’s been a detailed breakdown comparison between different solutions that touch on accessibility, ease of use and reliability.

🔐Reminder: The $GEL Lockdrop unlock date is fast approaching!

Participants will be eligible to unlock their $GEL tokens as the 90 day lock period elapses on September 8 at 3 PM GMT.

August Performance Recap

In August, 254,988 transactions were executed by Gelato — bringing the total transaction count up to 2.94 million. In comparison to June, the overall transaction count declined by 8% MoM.

Gelato number of transactions by network August 2022

A majority (58%) of the transactions took place on Polygon; followed by BNB (16%), Fantom (8%) and Avalanche (7%).

⚙️ Gelato Ops

Gelato Ops reached 178,758 transactions in August (+5.5% MoM) bringing the total transaction count for Ops up to 914,410.

Gelato Ops daily transactions August 2022

Gelato Ops is now live on Optimism Goerli!

Support for Kovan and Ropsten has now been deprecated. If you were previously testing on these Networks, please move to Goerli!

🎯 Integrations Spotlight

  • Orium Network is building a platform for NFT Lending!

This platform supports subletting NFTs to guilds, auto-listing NFTs for rent, and facilitating finding borrowers. However, a challenge Orium faces is that smart contracts are passive (they don’t execute themselves!), so there’s a strong need for reliable automation to perform regular, consistent on-chain updates.

For that reason, we use Gelato! Gelato smart contract automation allows us to continuously check if specific rental conditions were met and if any action is needed. For instance, one of the ways we leverage Gelato is to automatically check if a rental is finished and can be claimed/re-listed.

@ernani.eth -Orium Network

  • Fantomly Finance is using Gelato to regularly perform oracle updates to keep price pairs accurate, and ensure that the Fractional-Synthetic Token mechanism is algorithmically pegged to maintain stability at all times.
  • NFT Finance is a prediction market that introduces a gamified lottery system in a transparent, verifiable way on-chain. To achieve true randomness, so every player has an equal chance of winning, NFT Finance has utilized Gelato Ops to automatically call the getRandomNumber function, ensuring that winners are drawn entirely randomly in a programmatic way.
  • Serenity Capital integrates Gelato to further optimize vault management, implementing harvesting and auto-compounding strategies for various vaults in the protocol. Protocol rewards earned are scheduled to be harvested and re-invested into relevant pools programmatically and securely with Gelato.

Minimax Finance further extends their integrations with Gelato:

We provide users with automation features of monitoring prices and liquidating positions in a transparent and decentralized way. We could use our own bots, however it would be more expensive and a lot less transparent and decentralize

Gelato’s decentralized network of bots monitors on-chain contracts and executes functions when conditions are met. A contract has two functions: “resolve” and “exec”. Gelato frequently observes what the “resolve” returns, and as soon as the returned value becomes “true”, Gelato calls “exec” — Minimax Finance

🛠 Developer Resources

About Gelato Network

Gelato Network enables developers to automate & relay arbitrary smart contract executions on and across all EVM-based compatible blockchains such as Ethereum.

Our goal is to provide developers with a reliable, scalable & decentralized network to which they can outsource all web3-related DevOps.

Examples of which features are powered by Gelato include:

  • Limit Orders on PancakeSwap
  • Periodically updating debt ceilings on MakerDAO
  • Offering users gasless token claims on Connext
  • Automatically compounding yield farming vaults on Beefy Finance
  • Automating the breeding of new digital racehorse NFTs on ZED RUN

► Check out what we’ve been working on at https://www.gelato.network

► Automate your smart contracts at https://app.gelato.network/

Connect with us on:

🐦 Twitter | 💬 Telegram | 📺 Youtube | 🔗 Linktree

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