What is Gelato?
GEL is the native token of the Gelato network, which functions as a decentralized automation protocol. It provides developers with an Ethereum-based smart contract builder and executor infrastructure services that are designed to assist users in automating transactions. The objective of the platform is to address the lack of sophistication, dependability, and centralization.
In essence, the Gelato crypto project refers to itself as Web3's decentralized backend. It generates an underlying infrastructure, which gives developers access to a robust decentralized network of bots. These bots can be instructed to monitor the state of protocols off-chain and to carry out arbitrary transactions on their behalf.
Check out the Gelato price chart. It features both – the current and the previous GEL price.
Use Cases of GEL Tokens
The GEL token is the driving force of the whole platform. The two main use cases of the token are governance and staking.
In terms of governance, voting on different ideas that are put forth in the Gelato DAO gives all token holders the opportunity to influence the path that the protocol will take in the future. These decisions include establishing Gelato price for executors, deciding on developer incentive systems, and mandating that executors always carry out transactions in the end-users best interests.
Concerning staking, executors must acquire and stake GEL coins in order to participate in the process of executing transactions in the Gelato Network and, in return, receive rewards for their efforts. Besides, executors are able to gain the power to reserve "slots" by staking, which gives them the sole right to earn charges from executing transactions over a specified time period. Slots may be reserved for a set amount of time.
The GEL price is subject to variability based on market stability. Thus, check out the Gelato price chart to see the current value of the token.
Who Founded Gelato?
The Gelato token was introduced to the public on September 13, 2021. Hilmar Orth and Luis Schliesske are behind the creation of the platform. They are also co-founders of another blockchain company that focuses on helping businesses in Europe establish new business models via the use of smart contracts.
Later on, in order to assist them in developing automated dApps, they built the Gelato crypto platform. Both founders have degrees in finance and have experience working for a variety of new ventures.
Ari Rodriguez, Matthieu Marie Joseph, Yahya, Jun Gong, and Pedro Cruz are some of the other essential members of the team.
Tokenomics of GEL
The Gelato token has a maximum supply of 420,690,000 GEL. 16,827,600 GEL was allocated for public sale, while 88,344,900 GEL was allocated to private investors with a 2-year lockup period and staggered release schedule. Furthermore, the founding team received 15% of the total supply (63,103,500 GEL), while 50% of the supply (210,345,000 GEL) was allocated to community development with no lockup period.
Gelato Network also plans to implement a buyback-and-burn system for GEL tokens in order to decrease supply and increase demand over time which would stabilize the GEL price. This system will involve buying back tokens from exchanges using funds from transaction fees generated on the platform. The bought-back tokens will then be permanently destroyed, further decreasing overall supply and increasing scarcity for remaining token holders.