Here’s How Gelato’s Automation Is Powering ETHA Lend
This is a guest post written by Chester Bella from ETHA Lend.
DeFi can be broken down into four basic components — decentralization, censorship resistance, permissionless yields, and automation. While the trajectory towards decentralization is right on its pace, automation in DeFi is finally gaining depth transitioning from just plain Solidity smart contracts to a truly in-depth smart contract with inherent automation. A large part of this transition can be attributed to Gelato and its novel approaches to building a decentralized infrastructure where automation is not just applied but is built-in! At ETHA Lend, Gelato’s integrations are powering our eVaults and its value to the users certainly resonates high!
We are extremely glad to have this opportunity and share our journey with the Gelato community today.
Here’s a little backstory about ETHA Lend before we jump into the highlight of this piece!
Having the front row seats with the obtuse development and growth of traditional financial instruments, we were inspired by blockchain technology, fintech, and invariably DeFi. Both ETHA founders, Chester Bella and Danny Boahen have since ventured deep into the crypto industry. During this exploration, while the use cases of DeFi seemed extraordinary, on the same spectrum its pain points were also glaring at us right in the face- clogged transaction, cruel gas wars, one too many button clicks, and complex UI.
ETHA Lend as a yield optimizer launched in July 2021, as a direct response to DeFi’s inherent complexity, operational and cost inefficiency. The protocol abstracts the complexities in DeFi to provide users with algorithmically driven optimal yields.
Today ETHA Lend hosts a number of product synergies based on optimized strategies, including eVaults, lending/borrowing, staking, the revolutionary ETHA smart wallet that executes meta transactions, the 700X discovery algorithm, and of course the state-of-the-art automation…
….The latter is where ETHA meets Gelato
Our eVaults are powered by Gelato
eVaults are the key functionalities of ETHA Lend. Each eVault supports a unique strategy for users to utilize based on their risk/reward appetite. The stable asset eVaults protect the users’ principle while also allowing them to benefit from the exposure to the volatile assets.
We are utilizing Gelato Ops for the eVaults to realize automated yield harvesting for our users. Here Gelato automatically triggers the harvestVault function from each vault every 24h. The function then claims the yield generated from each vault and re-deposits back into the pools.
Besides the Gelato Ops, Gelato’s Resolver loops through the eVaults, checking for the defined delay. If this delay has elapsed since the previous harvest time, then the resolver prompts the execution of the task under the Gelato Ops to harvest rewards from each eVault. Currently, the defined delay is set at 24h.
Automation is one of the key catalysts to push DeFi’s mass adoption. With its revolutionary product offerings, Gelato’s composability has positioned it as a product-market fit for Web 3 developers. In the long run, we see Gelato playing a foundational role within the decentralized finance infrastructure.
About Chester Bella
Chester Bella is the Co-Founder of ETHA Lend a chain agnostic yield optimizer. His responsibility lies in the product development of ETHA Lend. He has been active in the crypto industry since 2013 and has been deeply involved with the finance industry professionally, having worked previously at N26 Bank as an operations analyst. After many ventures and networking, he realized before the meteoric rise of DeFi, that the industry is still fragmented. DeFi is hard to understand and execute for users in its current form. Thus, began a joint vision of ETHA Lend, a yield optimizer for the all-inclusive DeFi experience. And this is where the journey has taken him.
About ETHA Lend
ETHA Lend is a yield optimizer powered by Polygon that abstracts the complexity in DeFi to provide users algorithmically optimal yields. The key makers of the protocol include a discovery algorithm, a hybrid lending market, stable asset eVaults with rewards in volatile assets, automatic rebalancing, and more. The ETHA Wallet is another unique non-custodial integration that allows users to batch transactions with multiple different assets all at once. The team behind the protocol is constantly expanding on their product line and strategies to offer users an all-inclusive set and forget experience towards incredible yields in the broader DeFi market.
► Check out what they’ve been working on at 👉 https://app.ethalend.org/
About Gelato Network
Gelato Network is Web3’s premier automation network, enabling developers to automate a wide variety of arbitrary smart contract executions on and across all EVM-based compatible blockchains such as Ethereum. Examples of use cases developers have built on top of Gelato include Limit Orders on AMMs like Uniswap, automatic compounding of yield farming vaults, Aave liquidation protection, MakerDAO debt ceiling updates, automated liquidity management, and even the petting of Aavegotchis.
Our ultimate goal is to automate everything and by giving developers the reliable tools they need to do this, we can empower their users to get the most out of their Web3 experience.
—
► Check out what we’ve been working on at 🍦 https://gelato.network/🍦
► Automate your smart contract at https://app.gelato.network/
Connect with us:
