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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.

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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.

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