Originally published on: December 10, 2024
Galxe, a prominent Web3 identity and rewards platform, has recently introduced an exciting upgrade to its Gravity blockchain – the Ethereum Virtual Machine (EVM). This groundbreaking enhancement is accompanied by the launch of a substantial $50 million fund dedicated to fostering the growth of the network’s ecosystem.
In a conversation with Cointelegraph, Charles Wayn, the co-founder of Galxe, expressed his enthusiasm for the $50 million fund, emphasizing its role in incentivizing development on the newly introduced Gravity network. Gravity is an EVM-compatible layer-1 network that aims to empower developers in launching innovative and user-focused applications, along with subsidiary blockchains.
Wayn highlighted the benefits of building on Gravity, citing the immediate access to Galxe’s 1 million daily active users as a significant advantage for developers. In addition to the ecosystem fund, Galxe is also offering $5 million in developer grants for the network, further encouraging innovation and growth.
The ecosystem fund boasts support from prominent venture capital firms such as HashKey Capital, DAO5, Lattice, and Spartan Group, underscoring the industry’s confidence in Galxe’s vision and potential.
On another exciting note, Yumin Xia, Galxe’s chief technical officer, introduced the launch of Grevm 1.0, an open-source parallel EVM developed on “revm” – an EVM written in the Rust coding language. This innovative approach is designed to enhance simplicity and efficiency compared to traditional EVMs, offering new possibilities for blockchain firms and crypto projects.
Galxe’s platform enables hosting quests and tasks for users, facilitating community-building and reward distribution. The recent launch of the Alpha Mainnet of Gravity in August marked a significant milestone for Galxe, transitioning its apps, including Passport, Quest, Compass, and the Identity Protocol, to an on-chain environment.
Looking ahead, Galxe aims to establish Gravity as a robust network supporting various projects and enabling uniform gas payments across its interconnected blockchain networks using the native G token. With ambitious plans for the Gravity SDK and the continued development of the network, including the launch of layer-1 and parallel EVMs, Galxe is poised for further growth and innovation in the years to come.
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