Galxe launches Gravity EVM upgrade and establishes a $50 million ecosystem fund

ChainCatcher news, according to Cointelegraph, the Web3 identity authentication and rewards platform Galxe announced a new Ethereum Virtual Machine (EVM) upgrade for its Gravity blockchain and established a $50 million fund to support the development of the network ecosystem. This ecosystem fund is backed by venture capital firms such as HashKey Capital, DAO5, and Lattice.

Galxe co-founder Charles Wayn stated that the advantage of building on Gravity is the immediate access to Galxe's 1 million daily active users. Wayn pointed out that Galxe will also provide $5 million in funding for network developers.

In addition, Galxe's Chief Technology Officer Yumin Xia announced the launch of Grevm 1.0, an open-source parallel EVM built on "revm," designed to be simpler and more efficient than traditional EVMs.