Gelato: Your bot for Ethereum

Bots on ethereum, if you can't beat them, join them and meet gelato 🍦

Author: Gelato

Translated by: Frau Yang

We are pleased to introduce Gelato, aGnosis Ecological FoundationFunded team. Their latest product, Gelato Finance, provides a channel for users to create personalized bots that users can use to automatically interact with their favorite applications on Ethereum without writing a single line of code. immediately atplay.gelato.financeTry out its alpha version on , and make sure to join the egelato Telegram first level title

lazy smart contract

Ethereum users often mistakenly believe that some decentralized applications will run automatically, but in fact some institutions run bots in the background to complete the work, making people mistakenly think that the work is automatic. An example is the Maker system, where you can lock up ETH as collateral to get a loan in DAI. If the USD equivalent of the ETH collateral falls below a certain threshold, your position will be liquidated and your outstanding debt will be paid off. But does liquidation really happen automatically? No, the liquidation process is actually carried out by bots called "Maker Keepers". These bots are run by competing individuals and organizations with an economic incentive. For each successful liquidation, these bot owners expect to be rewarded handsomely. But, most importantly, without the people behind the bot, the bad positions would never have been liquidated, and the entire Maker system would have collapsed — and with it, the Ethereum application ecosystem.

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No DeFi Without Robots

So we can frankly say that without any bots, Ethereum as we know it, or at least DeFi, wouldn't work so well for everyone. Just imagine a scenario where users and stakeholders (human beings like you and me) on the opposite side of MakerDAO have to work round-the-clock shifts to monitor lending positions and manually liquidate trades in order for the DAI system not to crash. This doesn't sound like a particularly efficient or secure way of running Maker or any protocol. And the technology, the people running the bots, and the incentives are the foundation of DeFi today.

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Join Gelato: Your Ticket to an Automated Ethereum

Gelato's mission is to help you automate Ethereum tasks 24/7. In a nutshell, that is - using gelato gives you access to your own Ethereum bot, which will execute transactions on your behalf, in principle enabling you to automatically interact with every decentralized application. This is what works best: you don’t have to write a single line of code or host any software, relying on the spirit of DeFi, you still maintain ownership of all your funds.

now you can inplay.gelato.financeTry Gelato on. For Alpha releases, gelato launches with a limited but optional feature set (listed below) and a limited payout. Please be careful to use it, because Gelato is still an alpha version, and ⚠️ the code has not been audited ⚠️, which means we should treat it as an experimental technology, and it is not suitable for use with larger amounts. If you are very confident in the code and want to test it a higher amount, start with theirTelegram communityConnect with the Gelato team in the chat group.

Gelato's Alpha now provides users with the following use cases available:

• Limit and Stop Orders on Fulcrum & Kyber. Limit buying Fulcrum's ETH leveraged position or place a limit order on Kyber to buy ERC20 tokens.

• Make sure your leveraged positions are not liquidated. If your position traded on Fulcrum is not as profitable as expected, you can close the leveraged position to stop the loss before the system uses Kyber as an oracle to perform liquidation.

• Time-based market orders on Kyber. Instead of selling or buying a large amount on Kyber at one time, it is better to divide your order into several days to execute, and then automatically sell/buy a smaller amount each time, and a large amount of buying and selling at one time may also cause a slippage effect.

• Automatic account top-up. If the DAI balance in your hot wallet is close to zero, it will be automatically recharged with your monthly quota.

• Tokens are automatically accumulated. Every time any amount of DAI is received, the automatic exchange on Kyber for other tokens accumulates.

• Time-based money transfers. Send ETH or tokens to other accounts at a specific time in the future.

The use cases listed are just the tip of the iceberg. Gelato has plans to integrate a large number of applications in the future. If you think of some cool automation use cases, feel free to reach out to the Gelato team with these questions.

In the not too distant future, gelato will also target the upcoming GnosisdFusion Transaction Protocolfirst level title

About gelato 🍦

Gelato Digital is a Berlin-based, Germany-basedFull Node Berlinworking team. They have won awards at hackathons such as ETHBerlin, ETHParis, and Kyber Defi Hackathon, and they are also the founders of the Gnosis Ecosystem Fund andMetaCartelguarantor.