Web3 identity and rewards platform Galxe has announced a significant upgrade to its Gravity blockchain, introducing an Ethereum Virtual Machine (EVM) upgrade alongside a $50 million fund aimed at fostering development within its ecosystem. This initiative is designed to attract developers and enhance user-focused applications on the newly launched Gravity network.
Key Takeaways
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Galxe has launched a $50 million ecosystem fund to support development on its Gravity blockchain.
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The Gravity network is an EVM-compatible layer-1 blockchain designed for user-focused applications.
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An additional $5 million in developer grants is available to encourage innovation.
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The Gravity upgrade includes the launch of Grevm 1.0, an open-source parallel EVM.
Overview Of The Gravity Upgrade
The Gravity blockchain, which launched its Alpha Mainnet in August, aims to decentralize Galxe's operations, moving away from a centralized model that previously relied on automated systems. Co-founder Charles Wayn emphasized the importance of this transition, stating that the new infrastructure will allow projects and brands using Galxe to sustain their own traffic without depending solely on the platform.
Ecosystem Fund Details
The $50 million ecosystem fund is backed by several venture capital firms, including HashKey Capital, DAO5, Lattice, and Spartan Group. This fund is intended to support native use cases, developers, and applications built on the Gravity network. Wayn noted that the advantage of building on Gravity is the immediate access to Galxe's one million daily active users.
In addition to the ecosystem fund, Galxe is offering $5 million in developer grants to further incentivize innovation and development within the network.
Grevm 1.0 Launch
Alongside the ecosystem fund, Galxe's Chief Technical Officer Yumin Xia announced the launch of Grevm 1.0. This open-source parallel EVM is built on "revm," an EVM written in Rust, which aims to provide a simpler and more efficient alternative to traditional EVMs. Xia expressed ambitions for Gravity to evolve into a robust network capable of supporting a wide array of projects.
Future Goals For Gravity
Xia outlined several future goals for the Gravity network, including:
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Enabling developers to launch their own layer-1 and parallel EVMs on the network.
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Creating a unified gas payment system across its 70 connected blockchain networks using the native G token.
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Developing the Gravity SDK to be significantly more efficient than the Cosmos SDK.
The full launch of the Gravity Mainnet is anticipated in the second quarter of 2025, marking a significant milestone for Galxe and its community.
Sources
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Galxe unveils Gravity EVM upgrade and $50M ecosystem fund, Cointelegraph.