A complete graphic tutorial on how to purchase and obtain Gelato coins

For individuals seeking to automate complex Web3 tasks, the Gelato Network's GEL token offers network participation, governance, and access to decentralized automation services.

Dec 25, 2024 at 06:16 pm

A Comprehensive Pictorial Guide to Acquiring Gelato (GEL) Cryptocurrency

Key Points:

1. Gelato Network and the GEL Token
2. Acquiring GEL on Centralized Exchanges
3. Purchasing GEL on Decentralized Exchanges (DEXs)
4. Swapping and Earning GEL through DeFi Protocols
5. Earning GEL through Network Participation
6. Staking and Farming GEL for Rewards

1. Gelato Network and the GEL Token

Gelato Network is a decentralized automation service for Web3 applications. The network leverages a network of "keepers" who perform on-chain actions on behalf of other applications, automating complex tasks and ensuring time-sensitive transactions are executed reliably.

The native token of the Gelato Network is GEL, an ERC-20 token used for:

• Staking: GEL holders can stake their tokens to secure the network and earn rewards.
• Governance: GEL holders participate in network governance by voting on proposals affecting protocol parameters.
• Service Access: Users pay for Gelato automation services using GEL tokens.

2. Acquiring GEL on Centralized Exchanges

For beginners, acquiring GEL on centralized exchanges (CEXs) is convenient due to their user-friendly interfaces and high liquidity.

Steps:

• Choose a Reputable CEX: Binance, KuCoin, and Crypto.com are reputable CEXs that list GEL.
• Create an Account: Sign up with the exchange and complete the necessary verification steps.
• Deposit Funds: Fund your account with fiat currency or other supported cryptocurrencies.
• Find the GEL Trading Pair: Search for the trading pair GEL/USDT or GEL/BTC.
• Place a Buy Order: Enter the amount of GEL you wish to purchase and choose a buy order type (market, limit, etc.).
• Confirm and Execute: Review the order details and confirm the purchase.

3. Purchasing GEL on Decentralized Exchanges (DEXs)

DEXs offer greater anonymity and direct interaction with liquidity pools. However, they may require more technical proficiency.

Steps:

• Connect a Wallet: Connect a compatible Ethereum wallet (e.g., MetaMask or Trust Wallet) to the DEX.
• Find the GEL Pool: Search for the swap pool containing GEL, such as the GEL/USDC pool on Uniswap.
• Enter Swap Details: Specify the amount of tokens you wish to trade and the desired slippage tolerance.
• Approve and Execute: Approving the swap transaction may require paying a small gas fee. Once approved, the swap will be executed.

4. Swapping and Earning GEL through DeFi Protocols

DeFi protocols offer advanced mechanisms to swap and earn GEL.

• Yield Farming: Deposit GEL into DeFi pools to earn interest or rewards.
• Liquidity Provision: Provide liquidity to DEXs by depositing both GEL and another asset to earn trading fees.
• Swap and Earn: Use platforms like 1inch or PancakeSwap to swap other tokens for GEL while earning rewards.

5. Earning GEL through Network Participation

Becoming a Keeper: Join the Gelato keeper network to earn GEL by executing automated tasks.

6. Staking and Farming GEL for Rewards

• Staking: Stake GEL on the Gelato Network to earn rewards for contributing to network security.
• Farming: Participate in yield farming protocols to earn rewards by providing liquidity or staking GEL.

FAQs:

Q: What is the purpose of the GEL token?

A: GEL is the native token of the Gelato Network, used for staking, governance, and accessing automation services.

Q: Where can I buy GEL?

A: You can purchase GEL on centralized exchanges (e.g., Binance, KuCoin) or decentralized exchanges (e.g., Uniswap, PancakeSwap).

Q: How can I earn GEL passively?

A: You can earn GEL by staking it on the Gelato Network or providing liquidity to liquidity pools.

Q: What is the best way to purchase GEL for beginners?

A: For beginners, acquiring GEL on centralized exchanges is recommended due to their ease of use and high liquidity.

Q: What are the benefits of participating in the Gelato Network?

A: Participants can earn GEL by becoming keepers or contributing to governance, while users benefit from reliable and automated execution of on-chain actions.