TL;DR
- Galxe has introduced Grevm 1.0, a new Ethereum Virtual Machine upgrade built on Rust, enhancing the performance and scalability of the Gravity network for developers.
- Galxe unveiled a $50 million ecosystem fund, backed by prominent venture capital firms, to support projects building on the Gravity network and foster innovation.
- An additional $5 million in developer grants has been allocated to attract developers, offering financial support and access to Galxe’s robust technical infrastructure.
Galxe, a leading Web3 identity and rewards platform, has announced a significant upgrade to its Gravity blockchain with the introduction of Grevm 1.0. This new Ethereum Virtual Machine upgrade, built on the Rust programming language, aims to provide a more efficient and simplified alternative to traditional EVMs.
The upgrade is designed to enhance the performance and scalability of the Gravity network, making it more attractive for developers looking to build high-performance decentralized applications.
Galxe’s $50 Million Ecosystem Fund
In addition to the EVM upgrade, Galxe has unveiled a $50 million ecosystem fund to support projects building on the Gravity network. This initiative, known as the Gravity Ecosystem VC Alliance, aims to provide funding, resources, and strategic backing for developers.
The fund is backed by prominent venture capital firms, including HashKey Capital, DAO5, Draper Dragon, and Spartan Group. Galxe co-founder Charles Wayn emphasized the importance of this initiative in fostering innovation and expanding the capabilities of the Gravity blockchain.
Developer Grants and Community Support
To further encourage innovation, Galxe has allocated an additional $5 million in developer grants. These grants are intended to attract developers to the Gravity network by offering financial support and access to Galxe’s robust technical infrastructure.
The Gravity network boasts impressive capabilities, including 1 gigagas per second throughput, sub-second transaction finality, and robust Proof-of-Stake (PoS) security. This infrastructure supports seamless integration across 70 interconnected blockchains, enabling developers to build scalable and efficient Web3 applications.
Moving Towards Decentralization
Before the launch of Gravity, Galxe was primarily centralized, relying on automated systems for deploying quests, tasks, and community-building applications. The launch of the Alpha Mainnet in August 2024 marked a strategic shift towards decentralization, with all of Galxe’s core applications, including Passport, Quest, Compass, and the Identity Protocol, moving on-chain.
This transition has allowed Galxe to provide a decentralized framework for developers to build and grow their projects independently.
Future Prospects
The introduction of Grevm 1.0 and the $50 million ecosystem fund mark significant milestones for Galxe’s Gravity network. These initiatives are expected to drive further innovation and development within the blockchain ecosystem. As the Gravity network continues to evolve, it promises to offer new opportunities for developers and users alike, solidifying its position as a key player in the Web3 space.
