Galxe Launches $50 Million Ecosystem Fund for Gravity Blockchain Development
Galxe, a Web3 identity and rewards platform, launched a $50 million ecosystem fund to boost innovation within its upgraded Gravity blockchain.
The initiative, named the Gravity Ecosystem VC Alliance, aims to support developers in creating high-performance decentralized solutions and expanding the blockchain's ecosystem capabilities. Investors such as HashKey Capital, DAO5, Draper Dragon, and Spartan Group are backing this initiative.
A $50M Boost for Blockchain Developers
The Gravity Ecosystem VC Alliance will provide funding, resources, and strategic support for developers looking to build scalable applications on the Gravity blockchain. Galxe co-founder Charles Wayn emphasized the importance of this initiative for supporting innovative projects aligned with the platform's mission. Wayn stated that building on Gravity offers instant access to Galxe's 1 million daily active users.
Additionally, Galxe allocated $5 million in developer grants to encourage further innovation, targeting developers interested in leveraging Gravity's technical infrastructure and its community of 31 million users.
Introducing Grevm 1.0
Galxe introduced Grevm 1.0, an open-source parallel Ethereum Virtual Machine (EVM) designed to upgrade Gravity. Developed using Rust, Grevm 1.0 aims to provide a more efficient alternative to traditional EVMs, offering a better foundation for developers.
The Gravity network features significant technical capabilities, including 1 gigagas per second throughput, sub-second transaction finality, and robust Proof-of-Stake security. The Alpha Mainnet launched in August 2024, marking a move away from centralized infrastructure, with core applications like Passport, Quest, Compass, and Identity Protocol transitioning on-chain. The full mainnet is set to launch next year.
A Vision for Interconnected Innovation
Gravity's infrastructure allows integration across 70 interconnected blockchains, enabling diverse application development. Its native token, G, simplifies user interactions by facilitating uniform payment for gas fees across networks.
The blockchain also features the "Gravity SDK," currently under development, which aims to enhance developer capabilities by providing a streamlined framework for creating decentralized applications. Xia noted ambitions for the SDK to surpass existing solutions like the Cosmos SDK in flexibility and efficiency.