Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert & block trade
Convert crypto with one click and zero fees
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Galxe launches $50 million fund and Gravity EVM upgrade

Galxe launches $50 million fund and Gravity EVM upgrade

GrafaGrafa2024/12/10 09:20
By:Mahathir Bayena

Web3 identity platform Galxe has announced the launch of a significant upgrade to its Gravity blockchain, introducing an Ethereum Virtual Machine (EVM) enhancement alongside a $50 million ecosystem fund aimed at fostering development on its network.

In an interview, co-founder Charles Wayn explained that the fund is designed to stimulate growth within the newly launched Gravity network.

This EVM-compatible layer-1 network seeks to facilitate the creation of user-focused applications and subsidiary blockchains.

“We’ve put together a $50 million ecosystem fund alliance to support native use cases, developers, and applications built on Gravity,” Wayn stated.

He emphasised the potential for developers to access Galxe’s existing user base, which boasts one million daily active users.

Additionally, Galxe is offering $5 million in developer grants to further encourage innovation on the platform.

The ecosystem fund has received backing from several venture capital firms, including HashKey Capital and DAO5.

Alongside the fund announcement, Chief Technical Officer Yumin Xia introduced Grevm 1.0, an open-source parallel EVM built using Rust.

This new architecture aims to enhance efficiency compared to traditional EVMs.

Historically, Galxe operated in a more centralised manner, relying on automated systems for deploying quests and community-building applications.

The recent launch of Gravity’s Alpha Mainnet in August marked a shift toward decentralization for all of Galxe’s applications.

Wayn noted that Gravity is not only beneficial for Galxe but also for brands and projects utilising its platform.

“Whoever builds and grows their applications on Galxe also wants to have decentralized infrastructure that can sustain their own traffic without relying solely on us,” he added.

Gravity employs a proof-of-stake consensus mechanism, utilising Reth as its execution layer.

The full launch of the Gravity Mainnet is anticipated in the second quarter of 2025.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

New spot margin trading pair — HOLO/USDT!

Bitget Announcement2025/09/12 07:46

FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

- FUN plunged 32.34% in 24 hours to $0.008938, marking a 541.8% monthly loss amid prolonged bearish trends. - Technical breakdowns, elevated selling pressure, and forced liquidations highlight deteriorating market sentiment and risk-off behavior. - Analysts identify key support below $0.0080 as critical, with bearish momentum confirmed by RSI (<30) and MACD indicators. - A trend-following backtest strategy proposes short positions based on technical signals to capitalize on extended downward trajectories.

Bitget-RWA2025/09/12 06:14
FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

OPEN has dropped by 189.51% within 24 hours during a significant market pullback

- OPEN's price plummeted 189.51% in 24 hours to $0.8907, marking its largest intraday decline in history. - The token fell 3793.63% over 7 days, matching identical monthly and yearly declines, signaling severe bearish momentum. - Technical analysts cite broken support levels and lack of bullish catalysts as key drivers of the sustained sell-off. - Absence of stabilizing volume or reversal patterns leaves the market vulnerable to further downward pressure.

Bitget-RWA2025/09/12 06:14
OPEN has dropped by 189.51% within 24 hours during a significant market pullback

New spot margin trading pair — LINEA/USDT!

Bitget Announcement2025/09/11 10:04