Galxe Launches Gravity EVM Upgrade with $50M Ecosystem Fund

Galxe has just launched a major upgrade to its Gravity blockchain with the Ethereum Virtual Machine (EVM). Alongside this upgrade, the platform introduced a $50 million fund to grow the Gravity ecosystem. 

$50 Million to Fuel Innovation

Charles Wayn, co-founder of Galxe, explained that the $50 million fund will attract developers to the Gravity network. The layer-1 blockchain allows users to create decentralized applications and build new blockchains.

Wayn said that building on Gravity connects developers to Galxe’s 1 million daily active users. On top of this, Galxe will also offer $5 million in grants to support developers. The funding comes with backing from prominent venture firms like HashKey Capital, DAO5, Lattice, and Spartan Group.

The Gravity blockchain’s Alpha Mainnet launched in August. That launch moved Galxe’s apps, including Passport, Quest, and Compass, fully onto the chain. Decentralization now allows these apps to maintain their own traffic without solely relying on Galxe.

Grevm 1.0: A Faster, Simpler EVM

Yumin Xia, chief technical officer at Galxe, introduced Grevm 1.0 as part of the upgrade. Grevm 1.0 uses “revm,” an EVM built in Rust. This makes it faster, easier to use, and efficient for blockchain projects. Xia also shared big plans for the Gravity network. 

Users may soon pay gas fees uniformly across 70 connected blockchains with Galxe’s native G token. Xia hopes Gravity SDK will outperform Cosmos SDK by "10 to 100 times" in terms of scalability and capabilities. The full Gravity Mainnet is expected to launch in the second quarter of 2025.

Galxe’s funding and technological upgrades position the network to shape decentralized development. This move could open doors for blockchain projects to scale with improved access and tools.