Originally published on: December 10, 2024
Galxe, a Web3 identity and rewards platform, has unveiled an exciting upgrade to its Gravity blockchain. Along with this upgrade comes a whopping $50 million fund designed to support the network’s ecosystem and encourage development.
According to Galxe co-founder Charles Wayn, the ecosystem fund was created to foster growth on the Gravity network. This network, which is EVM-compatible, serves as a layer-1 platform for developers to launch user-focused applications and even subsidiary blockchains. Wayn emphasized the advantage of building on Gravity, highlighting the instant access to Galxe’s 1 million daily active users.
In addition to the $50 million ecosystem fund, Galxe is also offering $5 million in developer grants to further support the network. The ecosystem fund has received backing from prominent venture capital firms, including HashKey Capital, DAO5, Lattice, and Spartan Group.
Yumin Xia, Galxe’s chief technical officer, announced the release of Grevm 1.0, an open-source parallel EVM built on “revm,” which is written in the Rust coding language. This new EVM is designed to be simpler and more efficient than traditional EVMs.
Galxe allows blockchain firms and crypto projects to host quests and tasks for users to complete, fostering community engagement and providing rewards and airdrops. With the launch of Gravity, Galxe has transitioned from a mostly centralized platform to a decentralized ecosystem, enabling clients and third-party projects to deploy quests and tasks onchain.
Gravity, a proof-of-stake layer-1 blockchain, uses Reth as its execution layer and the Jolteon (AptosBFT) consensus algorithm. The platform aims to support a wide range of projects and allow users to pay for gas uniformly across its 70 connected blockchain networks using the native G token.
Furthermore, Xia envisions Gravity becoming a robust network that can accommodate various projects and offer developers the opportunity to launch their own layer-1 and parallel EVMs on the platform in the coming years. The full launch of the Gravity Mainnet is scheduled for the second quarter of 2025.
In 2022, Galxe secured $10 million in funding from investors such as Multicoin Capital and Dragonfly Capital. As the platform continues to evolve and expand its ecosystem, the future looks promising for developers and users alike.
