Galxe Launches $50M Fund and EVM Upgrade to Power Gravity Blockchain
Galxe Launches– Web3 identity and rewards platform Galxe has unveiled significant updates to its Gravity blockchain, including a new Ethereum Virtual Machine (EVM) upgrade and a $50 million ecosystem fund aimed at encouraging further development. This move is designed to accelerate the growth of Gravity, a newly launched EVM-compatible layer-1 blockchain, as Galxe seeks to expand its ecosystem and foster the growth of decentralized applications (dApps).
New $50 Million Fund to Support Gravity’s Ecosystem Growth
Galxe co-founder Charles Wayn spoke with Cointelegraph about the creation of the $50 million ecosystem fund, which aims to support the native use cases, developers, and applications built on the Gravity network. According to Wayn, the fund will serve as an initiative to help attract more developers to Gravity and ensure the platform continues to expand its ecosystem.
We’ve put together a $50 million ecosystem fund alliance to support native use cases, developers, and applications built on Gravity, Wayn stated. We wanted to start to build out the ecosystem and allow more developers to come over and build here. The advantage of building on Gravity is that you get instant access to the 1 million daily active users of Galxe.
In addition to the ecosystem fund, Galxe is offering $5 million in developer grants to further support the growth of its network. The fund has already secured backing from several venture capital firms, including HashKey Capital, DAO5, Lattice, and Spartan Group.
Galxe Introduces Grevm 1.0: A New EVM for Increased Efficiency
Alongside the launch of the $50 million fund, Galxe also introduced Grevm 1.0, an open-source parallel EVM built on the “revm” framework, which is written in the Rust programming language. The new EVM is designed to be simpler and more efficient than traditional Ethereum Virtual Machines (EVMs), offering blockchain firms and crypto projects a more streamlined and cost-effective solution for building decentralized applications.
“Grevm 1.0 is part of our vision to enhance Gravity’s scalability and efficiency,” said Yumin Xia, Galxe’s Chief Technical Officer. By using revm and building on Rust, we aim to offer a faster, more secure EVM that helps developers deploy their projects with greater ease.
Moving Toward Decentralization with Gravity’s Launch
Before the launch of the Gravity network, Galxe operated with a more centralized approach, relying on automated systems for tasks, quests, and community-building applications. However, with the introduction of Gravity, Galxe is transitioning to a more decentralized infrastructure.
The Alpha Mainnet of Gravity was launched in August, bringing several Galxe applications, including Passport, Quest, Compass, and the platform’s native Identity Protocol, on-chain. Wayn emphasized that Gravity is not just for Galxe but also for the projects and brands that use its platform. These projects require decentralized infrastructure that can scale independently of Galxe’s centralized systems.
“It’s not just Galxe who needs the chain, but it’s also for the projects and brands that use our platform,” Wayn explained. “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.”
Gravity: A Proof-of-Stake Layer-1 Blockchain with Big Goals
Gravity is a proof-of-stake (PoS) layer-1 blockchain that is EVM-compatible, built to support the growing demands of the decentralized web. Gravity uses Reth as its execution layer and Jolteon (AptosBFT) as its consensus algorithm. The network is designed to be scalable and developer-friendly, offering a range of tools and resources to help developers build new applications.
Beyond its primary use cases for quests and rewards, Galxe has ambitious plans for Gravity. Xia shared that the ultimate goal is to build the network into a versatile platform that can support a wide range of projects and provide users with a seamless experience across multiple blockchains.
We hope to build Gravity into a network that can support a wealth of projects and allow users to pay for gas uniformly across its 70 connected blockchain networks using the native G token, Xia said. He also mentioned that the Gravity SDK, the open-source toolkit on which Gravity is built, is expected to be “10 to 100 times better” than the Cosmos SDK in the near future.
Future Prospects: Customizable Layer-1s and Parallel EVMs
Looking ahead, Galxe has plans for Gravity to become a go-to platform for developers who wish to create their own layer-1 blockchains or parallel EVMs. Xia mentioned that in the coming years, Gravity will allow developers to launch their own EVM-compatible chains on the network, further enhancing its capabilities.
The full launch of the Gravity Mainnet is scheduled for the second quarter of 2025. As the project matures, Galxe hopes to position Gravity as a leading solution for decentralized applications and blockchain projects seeking scalability, flexibility, and security.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
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