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Galxe, a pioneering Web3 identity and rewards platform, recently launched an upgraded EVM and a $50 million fund to stimulate its ecosystem.
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This significant investment marks a strategic move towards decentralization, encouraging developers to create user-centric applications on the new Gravity blockchain.
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Charles Wayn, co-founder of Galxe, emphasized that the $50 million fund aims to foster native use cases and broaden developer access, stating, “We’ve put together a $50 million ecosystem fund alliance to support native use cases, developers, and applications built on Gravity.”
Galxe launches $50 million ecosystem fund and EVM upgrade, promoting decentralized application development on its new Gravity blockchain.
Galxe’s Strategic Shift Towards Decentralization
Galxe is redefining its operational framework with the introduction of its Gravity blockchain, a move that signifies a robust shift away from prior centralization. The recent unveiling of this **EVM-compatible layer-1 network** aims to enhance developers’ ability to build innovative user-oriented applications. As articulated by co-founder Charles Wayn, the focus is not only on Galxe’s tools but also on creating a sustainable infrastructure beneficial for brands and projects leveraging the platform.
Details on the Gravity Blockchain Launch
The introduction of Gravity’s Alpha Mainnet in August marked a pivotal transition for Galxe, moving its services—including its Passport, Quest, Compass, and native Identity Protocol—on-chain. This shift allows developers greater flexibility and autonomy in managing their applications without depending on centralized systems. Wayn noted, “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.”
Unpacking the $50 Million Ecosystem Fund
The $50 million ecosystem fund is poised to empower developers by financing projects that align with Galxe’s vision for an engaging and user-centric ecosystem. This fund, supported by notable venture capital firms such as **Dragonfly Capital** and **HashKey Capital**, is also complemented by an additional $5 million earmarked for developer grants, showcasing Galxe’s commitment to fostering talent and innovation in the blockchain space.
Technical Innovations: Grevm 1.0 and the Gravity SDK
In conjunction with the ecosystem fund, Galxe introduced **Grevm 1.0**, an open-source parallel EVM designed to improve efficiency for developers. Developed using the Rust programming language, this EVM aims to provide a simplified experience compared to traditional EVMs. Yumin Xia, Galxe’s Chief Technical Officer, asserted that the Gravity SDK is set to significantly enhance the capabilities of developers, promising a toolkit that could eventually outperform the popular Cosmos SDK.
The Future of Gravity and Its Upcoming Goals
Xia envisions the Gravity network evolving into a vibrant ecosystem capable of supporting a multitude of projects, allowing users to seamlessly transact across 70 connected blockchain networks with the G token. The planned full launch of the Gravity Mainnet is anticipated in Q2 of 2025, with aims to optimize transaction execution and throughput to meet the demands of high-frequency microtransactions.
Conclusion
Galxe stands at the forefront of a transformative era in blockchain technology, with its new Gravity blockchain and the accompanying ecosystem fund. This strategic initiative not only underscores the importance of decentralization in modern applications but also highlights a commitment to community and developer inclusion. The road ahead promises innovation, with the full rollout of Gravity set to redefine blockchain interactions.
