The Gravity blockchain enables seamless transactions across 70 connected networks with uniform gas payments using its native token G.
By Chimamanda U. Martha
Edited by Julia Sakovich
Updated
3 mins read
Galxe, a leading Web3 identity and rewards platform, has announced the launch of a $50 million ecosystem fund to accelerate innovation within its newly upgraded Gravity blockchain.
According to an announcement on Tuesday, this initiative, known as the Gravity Ecosystem VC Alliance, seeks to support developers and projects in building high-performance decentralized solutions while expanding the capabilities of the blockchain’s ecosystem.
The Gravity Ecosystem VC Alliance was established to provide funding, resources, and strategic backing for developers aiming to create scalable and efficient applications on the Gravity blockchain. Prominent investors, including HashKey Capital, DAO5, Draper Dragon, and Spartan Group, supported the new initiative.
Galxe’s co-founder, Charles Wayn described the initiative as a vital step toward supporting innovative projects that align with the platform’s mission.
“We wanted to start to build out the ecosystem and allow more developers to come over and build here. The advantage of building on Gravity is that you get instant access to the 1 million daily active users of Galxe,” Wayn told Cointelegraph.
To complement the ecosystem fund, Galxe has also allocated an additional $5 million in developer grants to encourage further innovation. These grants aim to attract developers looking to capitalize on Gravity’s robust technical infrastructure and vast community of 31 million users.
In addition to the ecosystem fund, Galxe has introduced Grevm 1.0, an open-source parallel Ethereum Virtual Machine (EVM) to upgrade Gravity. The new blockchain solution was developed using the Rust programming language to offer a simplified and more efficient alternative to traditional EVMs.
The Grevm 1.0 seeks to provide a better foundation for developers compared to existing solutions.
The Gravity network boasts impressive technical capabilities, including 1 gigagas per second throughput, sub-second transaction finality, and robust Proof-of-Stake (PoS) security.
The protocol launched its Alpha Mainnet in August 2024, marking a strategic shift away from centralized infrastructure. During the transition, Galxe moved its core applications — such as Passport, Quest, Compass, and Identity Protocol — on-chain.
Galxe provides developers with a decentralized framework to build and grow their projects independently. The full mainnet is scheduled for launch next year.
Gravity’s infrastructure supports seamless integration across 70 interconnected blockchains, enabling developers to build applications that cater to a wide array of use cases. Additionally, its native token, G, facilitates uniform payment for gas fees across these networks, simplifying user interactions and improving accessibility.
The blockchain also has its own native SDK dubbed “Gravity SDK”, currently under development. According to Galxe, the open-source toolkit will enhance developer capabilities by providing a streamlined framework for creating decentralized applications.
Xia has high ambitions for the SDK, noting that it is being developed to outperform existing solutions like the Cosmos SDK by offering greater flexibility and efficiency.
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Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
