Originally published on: December 10, 2024
Galxe, a prominent Web3 platform focusing on identity and rewards, has rolled out a significant upgrade to its Gravity blockchain. Alongside this development, the company has launched a $50 million fund aimed at fostering growth within the network’s ecosystem.
In an exclusive conversation with Cointelegraph, Galxe’s co-founder, Charles Wayn, highlighted the importance of the substantial fund infusion. He emphasized that the fund was established to incentivize innovation on the newly launched Gravity network. This EVM-compatible layer-1 network is geared towards empowering developers to create user-centric applications and subsidiary blockchains.
Wayn further revealed that Galxe is also offering an additional $5 million in developer grants to further nurture the network’s expansion.
The ecosystem fund boasts support from various venture capital firms, including HashKey Capital, DAO5, Lattice, and Spartan Group, signaling strong backing from industry players.
In tandem with the ecosystem fund announcement, Galxe’s Chief Technical Officer, Yumin Xia, introduced Grevm 1.0, an innovative open-source parallel EVM built on the “revm” framework. This EVM, crafted in the Rust programming language, promises simplicity and enhanced efficiency compared to traditional EVMs.
Galxe serves as a versatile platform for blockchain firms and crypto projects to host quests and tasks for their users, leading to community development and rewarding experiences. By utilizing Galxe, firms can provide incentives and airdrops to their users, fostering engagement and loyalty.
Gravity, a proof-of-stake layer-1 blockchain, is at the core of these developments. With EVM compatibility and robust execution and consensus layers, Gravity is poised to support a diverse range of projects. Xia envisions a future where Gravity becomes a comprehensive platform supporting myriad applications and facilitating seamless gas payments across its interconnected blockchain networks using the native G token.
Looking ahead, Xia projects that developers will be able to launch their own layer-1 and parallel EVMs on the Gravity network in the coming years, paving the way for a dynamic and decentralized ecosystem.
The anticipated full launch of the Gravity Mainnet is scheduled for the second quarter of 2025, promising further advancements and opportunities within the Galxe ecosystem.
In a bid to expand its presence in the market, Galxe secured $10 million in funding during a recent fundraising round led by Multicoin Capital and Dragonfly Capital, underscoring the growing interest and confidence in the platform.
Witness the evolution of Galxe’s Gravity network and explore the possibilities of decentralized innovation and community empowerment in the burgeoning blockchain landscape. Stay informed with our Crypto Biz newsletter for the latest insights and trends shaping the industry. Join us on this exciting journey of discovery and growth in the crypto and blockchain space.