Gelato is a distributed network that allows automating interactions between dApps. Users will be able to do automated trading and refinance yield farming strategies with the network.
A new tool will now allow Ethereum users to automate buy/sell transactions and refinance their interest rates on DeFi platforms. The Gelato application has had its release on the Ethereum core network this month, allowing automated contract interactions.
Gelato’s smart contract performs arbitrary actions on behalf of users in one or two transactions. Users do not have to program or write any code for the processing of these transactions, but the application adapts automatically to different tasks.
This is a decentralized version for Ethereum of the conditional command IFTTT (“if this, then that”), which will automate tasks without the need to code any action. Last February, the service had its release as a web interface, but in June it managed to incorporate its open-source smart contract, available to any interested developer.
The tool mainly focuses on developers who want to automate the tasks of their decentralized applications (dApps). The application classifies these users as “Gelato Suppliers” since they deposit Ether (ETH) in a wallet and determine the actions that it will execute on their behalf.
Automation of Ethereum Contracts
The smart contract eliminates the need to use a server infrastructure to execute transactions. For this reason, developers only need a balance in Ether to program how many actions they want between different functions or applications, thus automating the service that they offer to their customers and simplifying the steps of use.
Gelato also works with a distributed relay network that receives power supply from a group of executing nodes. Users pay these entities in Ether as a reward for the processing of their transactions. This decentralized system seems to base on the consensus mechanisms of blockchains.
The executing nodes do not have direct access to the money deposited in the users’ Gelato account. The service will only have the power to claim the money corresponding to the tasks performed. It is a non-custodial tool, so users’ funds remain secured in their wallets in a decentralized manner.
Users can do automated trading with the Gelato contract, according to ecosystem sources. It is also possible to average costs in US dollars, schedule limit orders, and refinance interest rates for yield farming.
The project team also had Chainlink among its members to access its price reference oracle (Fast Gas/Guei). This will allow developers to automate their contracts at the price of Ethereum (Gas) transaction fees to stop running when exceeding a certain threshold. Likewise, this partnership will allow Gelato’s internal rewards market to remain at “fair prices,” according to its creators.
By Alexander Salazar