Web3 identity and rewards platform Galxe has made a bold leap forward with the announcement of the Galxe Gravity EVM Upgrade Fund, a $50 million initiative designed to accelerate blockchain innovation and developer engagement. Paired with a cutting-edge Ethereum Virtual Machine (EVM) upgrade, this initiative marks a pivotal moment for the Gravity network, Galxe’s EVM-compatible layer-1 blockchain.
This ambitious ecosystem fund, supported by major venture capital firms such as Dragonfly Capital, HashKey Capital, DAO5, and Lattice, is set to transform how developers build decentralized applications (dApps) on Gravity.
Empowering Developers with $50M Fund and New EVM Technology
Speaking to Cointelegraph, Galxe co-founder Charles Wayn highlighted the purpose of the fund, saying, “We’ve put together a $50 million ecosystem fund alliance to support native use cases, developers, and applications built on Gravity.”
The Galxe Gravity EVM Upgrade Fund aims to encourage developers to utilize the network’s unique capabilities, including seamless integration with Galxe’s 1 million daily active users. Developers building on Gravity will also gain access to an additional $5 million in grants earmarked specifically for innovative projects.
“Building on Gravity gives developers instant access to our massive user base while also leveraging a decentralized infrastructure to support their applications,” Wayn added.
Introducing Grevm 1.0: Efficiency Meets Innovation
As part of the upgrade, Galxe has introduced Grevm 1.0, an open-source parallel EVM built on “revm,” a Rust-based programming language designed for simplicity and efficiency. The new EVM promises developers faster execution times and streamlined processes, setting Gravity apart from other layer-1 networks.
According to Galxe’s Chief Technical Officer, Yumin Xia, “Grevm 1.0 is a game-changer for blockchain developers. Our goal is to create a platform that is not only efficient but scalable, supporting millions of micro-transactions daily with sub-second execution times.”
A Shift Towards Decentralization
Before the Gravity network launch, Galxe primarily relied on centralized, automated systems to support its clients and third-party projects. However, the transition to Gravity represents a significant shift towards decentralization, enabling projects and brands to deploy decentralized infrastructure without depending solely on Galxe.
Galxe’s Alpha Mainnet launch in August brought its core applications—including Passport, Quest, Compass, and the Identity Protocol—on-chain, further enhancing the network’s functionality.
“It’s not just Galxe who needs the chain,” Wayn noted. “The projects and brands that use our platform also require decentralized infrastructure to sustain their traffic. Gravity allows them to achieve this seamlessly.”
Building the Future of Blockchain
A cornerstone of the Galxe Gravity EVM Upgrade Fund is the development of the Gravity SDK, an open-source toolkit that promises unparalleled flexibility and performance for blockchain developers.
“Our vision is to make the Gravity SDK ten to 100 times better than Cosmos SDK,” Xia said. “We want to empower developers to launch their own layer-1 and parallel EVMs on Gravity, enabling a thriving ecosystem of dApps and blockchain projects.”
The Gravity SDK aims to provide higher throughput, efficient resource management, and uniform gas payments across its 70 connected blockchain networks using the native G token.
Backing from Industry Leaders
Galxe’s confidence in its ecosystem’s potential is reflected in the backing it has received from industry heavyweights. In 2022, the platform raised $10 million in a funding round led by Multicoin Capital and Dragonfly Capital.
This level of support underscores the growing interest in decentralized identity and rewards platforms like Galxe, which provide tangible benefits to blockchain firms and their communities.
A Vision for 2025 and Beyond
With the full launch of the Gravity Mainnet slated for the second quarter of 2025, Galxe is setting its sights on becoming a leading force in blockchain innovation.
“We’re building a network that developers, projects, and users can trust,” Xia stated. “The Galxe Gravity EVM Upgrade Fund is just the beginning of what we hope will be a revolutionary era for blockchain development.”
Galxe’s Role in the Web3 Ecosystem
Galxe continues to redefine the possibilities within Web3, offering blockchain firms a platform to host quests and tasks that strengthen their communities and reward user engagement.
Wayn emphasized the importance of these tools, noting, “Galxe helps projects build vibrant communities while giving users access to rewards and airdrops. It’s a win-win for everyone involved.”
With the Galxe Gravity EVM Upgrade Fund, Grevm 1.0, and Gravity SDK, Galxe is poised to leave an indelible mark on the blockchain landscape. By prioritizing developer empowerment and decentralization, the platform is not just keeping pace with industry trends but setting new standards for innovation and scalability.
As the Web3 ecosystem evolves, initiatives like the Galxe Gravity EVM Upgrade Fund are vital to fostering growth and innovation. With $50 million in funding, cutting-edge technology, and a commitment to decentralization, Galxe is leading the charge to build a blockchain future that benefits developers, users, and businesses alike.
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