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237 days ago

Gelato's Web3 Functions is live on zkSync Era!

Exciting news for developers working in the zkSync environment! Gelato’s Web3 Functions is now officially live on zkSync Era.

With this update, if you're developing on the zkSync Era, you now have the power to automate your smart contracts using data from outside the blockchain, courtesy of Gelato's Web3 Functions. In other words, it brings off-chain data into play, broadening the scope and capabilities of your decentralized applications.

Understanding zkSync Era

zkSync Era, developed by Matter Labs, is an exciting Layer 2 scaling solution for Ethereum. It utilizes zkRollup technology to provide fast and cost-effective transactions on the Ethereum network. With zkSync Era, developers can seamlessly deploy their existing Ethereum projects with minimal code modifications, thanks to its EVM compatibility.

The platform offers lightning-fast and cost-effective transfers of ETH and ERC20 tokens, ensuring near-instant confirmations and low fees. What's more, zkSync Era provides the same level of security as the Ethereum mainnet, eliminating the need for third-party trust. It supports standard Web3 API and key EVM features, allowing developers to build and interact with smart contracts just as they would on Ethereum. With the zkSync Era, the era of scalable, secure, and efficient decentralized applications has arrived.

Understanding Gelato’s Web3 Functions

Gelato's Web3 Functions are decentralized cloud functions custom-made for the Web3 environment, providing developers with the means to execute on-chain transactions based on off-chain data (like APIs or subgraphs) and computations.

Let's break it down:

On-chain

This refers to the smart contracts you wish to automate and control using your Web3 Function. On-chain refers to all the processes taking place on the blockchain network itself.

Off-chain

This is your Web3 Function. It can access any APIs you require and execute your custom logic to determine if your smart contract should execute and what data should be passed to it. Off-chain processes happen outside the blockchain but can interact with it.

Web3 Function Task

This is the crucial link between your on-chain and off-chain components. Here, you define what triggers your Web3 Function to run and the target smart contract it should control.

With Gelato's Web3 Functions, you gain the power to tap into off-chain data and computation, and then channel it back into your on-chain operations. This creates an entirely new level of efficiency and versatility in building and automating smart contracts.

Automating DeFi Apps on zkSync Era

The integration of Gelato's Web3 Functions with zkSync Era opens up an array of automation possibilities for DeFi application developers. This synergy allows for the seamless execution of complex tasks, reducing manual intervention and boosting the efficiency of decentralized financial operations.

Yield Farming

Yield farming can be a complex process that requires constant monitoring. With Gelato's Web3 Functions, automation becomes the game-changer. They monitor accrued rewards and reinvest them back into the liquidity pool when they reach a certain threshold. Additionally, they dynamically manage assets across different liquidity pools based on real-time yield data, ensuring optimal returns.

Oracles

Oracles: These are vital components that provide off-chain data to smart contracts on the blockchain. Yet, ensuring the data's reliability and timeliness can be labor-intensive. Gelato's Web3 Functions automate the monitoring of off-chain data sources and trigger Oracle updates, maintaining accurate and up-to-date data for smart contracts.

Token Swaps

Token swaps are fundamental in the DeFi ecosystem, involving the exchange of one crypto token for another. The challenge here is the constant market fluctuations and complex balance management. Gelato's Web3 Functions automate this process, monitoring token balances and exchange rates off-chain, and executing token swaps when favorable conditions are met, improving trading efficiency.

Conclusion

The deployment of Gelato's Web3 Functions on zkSync Era offers a significant advancement in automating DeFi applications. By efficiently linking off-chain data with on-chain operations, this integration unlocks a new level of potential for the DeFi sector, making decentralized finance more efficient, versatile, and user-friendly.

Get ready to witness a new era of Web3 as Gelato, relied upon by over 400 web3 projects, powers the execution of millions of transactions in DeFi, NFT, and Gaming.

Gelato currently offers four main services:

  • Web3 Functions: Connect your smart contracts to off-chain data & computation by running decentralized cloud functions.

  • Automate: Automate your smart contracts by executing transactions automatically in a reliable, developer-friendly & decentralized manner

  • Relay: Give your users access to reliable, robust, and scalable gasless transactions via a simple-to-use API

  • Gasless Wallet: A powerful SDK that enables developers to provide a world-class UX by combining Gelato Relay + Safe's Smart Contract Wallet to enable Account Abstraction

Witness the ongoing journey towards a decentralized future led by Gelato!