When was Gelato coin issued?

Gelato Network, established in 2019, empowers developers to automate blockchain transactions, with applications ranging from decentralized exchange trades to NFT event executions.

Dec 28, 2024 at 09:00 am

Gelato Network: A Comprehensive Overview

Key Points:

• History and Evolution of Gelato Network
• Use Cases and Applications of Gelato Network
• Mechanism and Architecture of Gelato Network
• Gelato Token (GEL): Tokenomics and Distribution
• Ecosystem and Partnerships of Gelato Network
• Top Gelato Network Competitors
• Frequently Asked Questions (FAQs)

History and Evolution of Gelato Network

Gelato Network is a decentralized network specifically designed to serve as an open-source, decentralized infrastructure for automating the execution of smart contracts on various blockchain platforms. Founded in 2019 by Hillal Noorzay, Lukas Schor, and Micah Alcorn, Gelato Network aimed to tackle the challenges developers faced in building sophisticated and time-sensitive smart contracts. By providing a suite of tools and services, Gelato Network empowers developers to create and deploy reliable, secure, and cost-effective automated smart contract execution systems.

Use Cases and Applications of Gelato Network

Gelato Network's primary use case revolves around automating smart contract executions, offering various applications across the blockchain ecosystem. Some notable examples include:

• Limit Order Execution: Automating the placement and fulfillment of limit orders on decentralized exchanges (DEXes) to execute trades at predefined prices.
• Periodic Task Automation: Scheduling and executing regular tasks, such as recurring payments, subscription renewals, or data updates, using smart contracts.
• Smart Contract Liquidations: Monitoring and triggering the liquidation of collateralized loans on lending protocols to manage risk and prevent losses.
• NFT Trigger Execution: Automating the execution of specific actions based on NFT events, such as creating new NFTs, transferring ownership, or listing NFTs on marketplaces.

Mechanism and Architecture of Gelato Network

Gelato Network operates on a unique dual-role architecture consisting of:

• Task Submitters: Entities submitting tasks to be executed on Gelato Network, typically smart contract developers or end-users.
• Executors (Bots): Independent entities that compete to execute submitted tasks and earn rewards for successful execution.

The Gelato Protocol serves as the underlying engine, coordinating the communication between Task Submitters and Executors. It incorporates a robust incentive system to ensure task reliability and timely execution.

Gelato Token (GEL): Tokenomics and Distribution

The native token of Gelato Network is GEL, which plays several pivotal roles within the ecosystem:

• Transaction Fees: GEL is used to pay transaction fees for task execution.
• Executor Rewards: Executors receive GEL rewards for successfully completing tasks.
• Governance: GEL holders participate in the governance of Gelato Network through a decentralized autonomous organization (DAO).

The initial distribution of GEL included a seed round, a private round, and a public sale. The token's distribution was structured to foster a balanced and diverse ecosystem.

Ecosystem and Partnerships of Gelato Network

Gelato Network actively collaborates with a wide range of projects and organizations within the blockchain industry to drive adoption and expand its use cases. Key partnerships include:

• Chainlink: Integration with Chainlink's oracle network to access reliable off-chain data and enhance smart contract automation.
• Aave: Collaboration with Aave to provide automated liquidation and debt management solutions for its lending platform.
• Uniswap: Partnership with Uniswap to enable automated execution of limit orders on the decentralized exchange.
• Rari Capital: Collaboration with Rari Capital to streamline the process of automating yield farming strategies.

Top Gelato Network Competitors

Although Gelato Network is a prominent player in the decentralized automation space, it faces competition from several notable players, including:

• Chainlink Keepers: A decentralized oracle network with a task execution feature.
• Alchemy: A blockchain development platform offering automated smart contract execution services.
• Moralis: A Web3 development platform with features for automating smart contract executions.

Frequently Asked Questions (FAQs)

Q: When was Gelato coin issued?
A: Gelato coin (GEL) was first issued in May 2021.

Q: What is the Gelato Network Governance DAO?
A: The Gelato Network Governance DAO is a decentralized autonomous organization that oversees the development and governance of the Gelato Network. GEL token holders can participate in the DAO to vote on protocol updates, fee adjustments, and ecosystem initiatives.

Q: How do I stake Gelato tokens?
A: Gelato tokens can be staked on the Gelato Network's staking platform to earn rewards. Staking contributes to the security and reliability of the network by incentivizing token holders to secure the network's operations.

Q: How does Gelato Network ensure the reliability of task execution?
A: Gelato Network utilizes a reputation system to assess the trustworthiness of Executors. Executors with a high reputation score have a proven track record of timely and reliable task execution, which incentivizes them to maintain a consistently high level of performance.