Thanks to Gelato, Beefy is now even more decentralized

EVM-based blockchains have many upsides, but one thing they lack is a scheduled execution of tasks. Every event on the blockchain has to execute originally from an external account. This means that if one of these tasks is part of your protocol’s core process, you will end up falling into centralized solutions to solve this problem… until now!

Meet Gelato

Gelato is a decentralized automation protocol. The project consists of smart contracts built on EVM chains and Executor infrastructure services users leverage for transaction automation. This means that protocols can rely on Gelato’s bot network to run a completely decentralized product.

Gelato use cases include executing limit orders on Uniswap or Quickswap, protecting against liquidations on AAVE, and more. Beefy is working with Gelato to decentralize the harvesting of all its Fantom vaults, followed soon by BNB Chain and Arbitrum.

Harvests in Beefy

All our vaults have a harvest() function that any account can call. Calling this function results in the underlying farm’s rewards compounding into the vault. This is a vital process for the protocol’s health. Our in-house solutions constantly harvest said vaults, but in order to be a truly decentralized protocol, we need to strive for decentralized processes as well.

Harvesting with Gelato

Beefy chose Gelato Ops to harvest 100+ vaults automatically at predefined time intervals and economic conditions. Gelato Bots call these functions only when these conditions are met and a harvest makes economic sense. Automating key functions via Gelato’s decentralized infrastructure offers a slicker user experience, and saves precious development resources while maximizing compounding efficiency, all to the benefit of the Beefy Community.