TechFlow news, December 10 — According to Cointelegraph, Galxe, a Web3 identity and rewards platform, announced a new Ethereum Virtual Machine (EVM) upgrade for its Gravity blockchain and unveiled a $50 million fund to support the development of the network's ecosystem. The ecosystem fund is backed by venture capital firms including HashKey Capital, DAO5, and Lattice.
Charles Wayn, co-founder of Galxe, said that building on Gravity offers immediate access to Galxe’s one million daily active users. Wayn noted that Galxe will also provide $5 million in grants to developers on the network.
In addition, Yumin Xia, Galxe's Chief Technology Officer, announced the launch of Grevm 1.0, an open-source, parallelized EVM built on "revm," designed to be simpler and more efficient than traditional EVMs.
