Unicly and Gelato Work Together To Automate the Distribution of Rewards
NFTs have taken the market by storm with collectors and traders taking part in the online cultural revolution. Because it is a relatively younger market, NFTs have yet to reach the levels of automation of their DeFi peers. That is why Gelato is ready to bring its pioneering automation technology to Unicly. The two projects will be collaborating to automate the distribution of staking rewards.
“Gelato is the simplest way to automate smart contract functions. We need precise distribution of staking rewards for locked stakers each day, and Gelato does this extremely well.” — Jae Chung, Co-founder of Jenny DAO
Unicly’s advanced staking allows for higher APYs, yet in order for this to work properly, developers must stand on-by to monitor in order for rewards to update and distribute rewards. Not only does this distract developers from their core mission, but it also leads to more centralization and room for error. By integrating Gelato, Unicly has fully automated this task in a permissionless manner.
Unicly has positioned itself as a unique platform at the intersection of NFTs and DeFi, allowing users to tokenize their NFTs such as Crypto Punks, Hashmasks, Mooncats, and more. NFT markets are notoriously illiquid and require a buyer and seller for each individual item. Fractionalization eliminates the friction when it comes to trading NFTs, wrapping them in an ERC-20 and giving the user a chance to have exposure to an item that they normally would not have.
“Unicly has been absolutely leading the way when it comes to combining NFTs and DeFi. By integrating Gelato automation, Unicly has taken the next step in entrenching both areas into each other further.” — Dave Liebowitz, Growth Lead of Gelato
There are a number of ways that Unicly and Gelato can collaborate in the future including automating for functions and providing liquidity to Uniswap v3 via G-UNI. Stay tuned to each of our social channels for more updates!
Unicly is a permissionless protocol to combine, fractionalize, and trade NFTs. It allows anyone to fractionalize a collection of NFTs to create ERC20 uTokens that can be traded on the platform. Whitelisted pools, meanwhile, can farm the UNIC governance token. Unicly features more than $65 million in NFTs from fractionalized collections including Jenny DAO, CryptoPunks, Bored Apes YC, Aavegotchi, Hashmasks, Axie, and Beeple, making it the largest NFT platform of its kind.
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.