Originally published on: December 10, 2024
Galxe, a Web3 identity and rewards platform, has introduced an exciting upgrade to its Gravity blockchain – an Ethereum Virtual Machine (EVM) enhancement. In addition to this innovative improvement, Galxe also launched a $50 million fund dedicated to nurturing the ecosystem of its network.
According to Charles Wayn, co-founder of Galxe, the motivation behind the substantial fund is to stimulate development on the newly established Gravity network. This layer-1 network, which is EVM-compatible, aims to empower developers to create user-centric applications and even subsidiary blockchains. Developers choosing to build on Gravity will gain immediate access to Galxe’s extensive user base of 1 million daily active users.
To further support developers, Galxe is offering an additional $5 million in grants specifically tailored to boost innovation on the network. The ecosystem fund has received robust backing from prominent venture capital firms such as HashKey Capital, DAO5, Lattice, and Spartan Group.
One of the major highlights of this upgrade is the introduction of Grevm 1.0, an open-source parallel EVM developed on “revm”, an EVM based on the Rust coding language. This innovative approach promises simplicity and efficiency, surpassing the capabilities of traditional EVMs.
Galxe also serves as a platform for blockchain firms and crypto projects to engage users through quests and tasks, enabling them to earn rewards and airdrops. This interactive model not only fosters community growth but also enhances user engagement.
Looking ahead, Gravity is poised to transform into a thriving network that supports a diverse range of projects. Yumin Xia, Galxe’s chief technical officer, envisions a future where Gravity facilitates seamless gas payments across its interconnected blockchain networks using the project’s native G token.
With ambitious goals set for the Gravity network, including the launch of Gravity SDK and support for developers to create their layer-1 and parallel EVMs, the future looks promising for Galxe and its innovative blockchain ecosystem.
The official launch of the Gravity Mainnet is scheduled for the second quarter of 2025, marking a significant milestone in Galxe’s journey towards decentralized infrastructure and community-driven innovation.
In a 2022 funding round led by Multicoin Capital and Dragonfly Capital, Galxe secured $10 million, demonstrating growing investor confidence in the platform’s potential. Stay tuned for more updates on Galxe and the evolving landscape of blockchain technology.