Gelato Network announced that it is bringing easy automated bots and thus process automation to the Ethereum blockchain aided by the Chainlink provided Fast Gas/Gwei Price Reference Oracle on Jul 03. A first of its kind, Chainlink oracles allow smart contract access to decentralized and reliable on-chain source for gas prices. It will allow users and developers to specify the gas price conditions for smart contracts to execute or halt actions/transactions if the gas hits a certain threshold. It will ensure that the users pay a fair price and have an efficient no-intervention-necessary way of controlling costs.
.@gelatonetwork, a protocol for automating dApps, is live on mainnet using Chainlink’s Fast Gas/Gwei Price Reference Data. Gelato applies the fast gas price at the point of contract maturity, ensuring users pay the fair market price & can control gas costs.— Chainlink – Official Channel (@chainlink) July 3, 2020
Gelato Network will utilize Chainlink technology to automate the smart contracts powered bot’s functioning process for developers and users, opening up new cases for liquidation prevention, automated trading, dollar-cost averaging etc. No longer will the developers be required to create and audit their smart contracts for automation or develop their own underlying relay node infrastructure to broadcast transactions on-chain.
“Without Chainlink’s secure and reliable decentralized oracle network, automated smart contracts would not be able to execute with the reliability guarantees that developers require, especially as smart contracts scale in value. Users and developers purchasing executions from Gelato’s “Executor” will need a reliable price point in order to avoid overpaying for gas and to properly budget their dApp. Chainlink is the first to provide this gas data on-chain in a reliable and decentralized manner, enabling Gelato to remain secure in its end-to-end operations.” Luis Schliesske, Co-founder of Gelato Network explained:
Gelato Network can be used for automatic trading, limit orders on DEXs, stop-loss orders on DEXs, automatic interest rate refinancing, dollar cost averaging, DAO funded uniswap oracles, automated weekly salary payments, investment basket re-balancing etc.
About Gelato Network
Gelato Network is a startup company working on the design and creation of Ethereum bots, which can automatically execute actions based on certain preset criterias. The company aims to provide code and infrastructure allowing developers and skilled users to easily build, customize and benefit from automated bots powering decentralized applications, using provided templates and required relay node infrastructure, without much effort on their part.
Chainlink is a decentralized data oracles service, which connects smart contracts to off-chain real world events information. The oracles are secure, resistant to manipulation and thus reliable. The main product Chainlink price reference contracts consists of 30 DeFi price feeds, on the Ethereum network, each consisting of 7 to 21 secure, independent Sybil resistant nodes, sourcing data from a high quality aggregator.