Gelato gives developers a new 'Lego money' tool for DeFi applications
A new Lego Financial decentralized Lego (DeFi) will allow app developers to enable users to automate their transactions. Called Gelato, the protocol moved from alpha to v1 directly and was audited on the main Ethereum network on July 3.
And, according to an early blog post shared with CoinDesk, decentralized exchange Gnosis (DEX) will be the first major platform to integrate Gelato, allowing users to exchange and withdraw tokens in a seamless UX like like Uniswap.
A co-founder, based on a number of conditions, like the price or mortgage rate of a debt position, co-founder Hil Gel X. Orth told CoinDesk.
In short, the project provides developers with simple infrastructure parts to plug DeFi into decentralized applications (dapps).
Gnosis did not return a request for comment by press time.
Blockchains do not easily lend to transactions without a bit of technological wizardry. They're slow and costly to keep up and users have to bid together to record a ledger transaction.
Regardless of the difficulties, DeFi projects have tried to build a new financial system on top of blockchains because of their other valuable features, namely their unauthorized nature. The Ethereum blockchain has been a popular choice for DeFi - quickly approaching the $ 2 billion currently being staked, fined or pledged, as collateral - for a variety of reasons, mostly simmering with Ethereum's rich programming language, which makes it easier to build projects.
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Money Lego is a technology stack that allows different applications to fit (or get pushed) into other projects. For example, you can send ether (ETH) to MakerDAO, get a tough stablecoin (DAI) and then lend on Compound to a trader to earn the network admin token.
That being said, the infrastructure to connect these cryptocurrency Lego is still being minted. Gelato is just such a project that brings combined capabilities for DeFi and dapps, Orth said.
For example, we have a developer who builds Gelato into our smart contracts, they will withdraw money from the user's wallet to his smart contract every month, as a premium payment. . If the user runs out of cash, the insurance will be automatically canceled and the user's complaint will be burned, Orth Orth said.
Gelato has integrated with data provider Chainlink to provide gas speed on the Ethereum network, according to a July 3 blog. The pairing allows users to choose gas prices based on current network congestion to reduce spending. Payment Fees.
See also: Money being reintroduced: Bitcoin and Ethereum are a dual DeFi law
Orth said the project's code base will hope to be delivered by the end of 2014 to a decentralized autonomous organization (DAO) for maintenance including gelato dapps. Gelato will fund itself through the network fees collected by the DAO, he said.
Right now, Mr. Cameron Orth is really a new way to build asynchronous transaction scheduling dapps right from their smart contracts.
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