Galxe, a platform centered on Web3 identity and rewards, has announced significant advancements with a new Ethereum virtual machine (EVM) upgrade to its Gravity blockchain and the establishment of a $50 million ecosystem fund. This fund aims to foster development within the fledgling Gravity network, an EVM-compatible layer-1 platform designed to facilitate the creation of user-centric applications and subsidiary blockchains.
The $50 million fund seeks to encourage developers and native use cases to thrive on the Gravity network. With the advantage of accessing a large user base, particularly Galxe’s 1 million daily active users, the initiative intends to attract a diverse range of developers. In addition to this fund, Galxe is also providing $5 million in grants specifically for developers within the network.
This ecosystem fund has garnered support from several venture capital firms, including Dragonfly Capital, HashKey Capital, DAO5, and Lattice. In tandem with the fund announcement, the company’s chief technical officer unveiled Grevm 1.0, an open-source parallel EVM built on “revm,” which is designed to be simpler and more efficient than traditional EVMs.
Previously, Galxe relied heavily on centralized systems for deploying community-building quests and tasks. Following the launch of Gravity’s Alpha Mainnet in August, all of Galxe’s applications, including Passport, Quest, Compass, and the native Identity Protocol, were moved to an on-chain structure.
Gravity operates as a proof-of-stake layer-1 blockchain utilizing a structure based on the Arbitrum Nitro stack. Its compatibility with EVM is enhanced through Reth as its execution layer and Jolteon (AptosBFT) as its consensus algorithm. The long-term vision for Gravity includes enabling users to pay gas uniformly across 70 interconnected blockchain networks using the project’s native G token.
The Gravity SDK, an open-source toolkit, is anticipated to play a critical role in allowing developers to create their own layer-1 and parallel EVMs. It promises improved throughput and execution speed, targeting transactions essential for daily microtransactions. The full launch of the Gravity Mainnet is expected in the second quarter of 2025. In 2022, Galxe successfully raised $10 million in funding led by Multicoin Capital and Dragonfly Capital.
