Gelato Network is a protocol that automatically executes smart contracts on Ethereum (ETH). It has been integrated with the decentralized finance aggregator (DeFi) Zerion. This was done to help users better manage liquidity when they interact with decentralized exchanges (DEXs) like Uniswap. According to a report from Gelato Network on Tuesday, the partnership enables more than 200,000 active Zerion users to automatically manage their Uniswap v3 positions each month. They said, “With this integration, Zerion has become the go-to DeFi aggregator to natively offer fungible Uniswap v3 LP positions at a massive scale.”
Gelato Network Says
The Gelato network aims to solve the liquidity problems that arise in the cryptocurrency market caused by extreme price fluctuations. Sudden price fluctuations (such as we saw in May) make it difficult for retail liquidity providers to provide concentrated liquidity on DEX without exposing themselves to significant risks. Moreover, the company explains:
“DApps powered by Gelato Network address this shortcoming, by allowing users to have the same capabilities as professional liquidity providers by automating the process of fee compounding and rebalancing around the current price.”
Today in the DeFi market, Zerion has made an appearance as a famous aggregator. The company argues that it is powering more than $750 million in volume since its launch. Zerion completed a Series A funding round led by Mosaic Ventures last month. Also, they did it with investments from Digital Currency Group as well as Blockchain.com Ventures. Despite the sharp drop in digital asset prices, DeFi continued to attract capital and new users. This has been possible in the second quarter of the year. According to a new study by ConsenSys, as of June 30, there are 2.91 million Ethereum addresses in use. The number of users has also increased significantly in the non-custodial wallets. Also, at the end of July, MetaMask had recorded 8.5 million monthly active users.
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