Galxe has introduced a new Ethereum virtual machine (EVM) upgrade to its Gravity blockchain along with a $50 million fund aimed at boosting its ecosystem. Co-founder Charles Wayn emphasized the fund's purpose is to foster development on Gravity, which is designed to support user-focused applications and subsidiary blockchains. He noted the advantage of building on Gravity is access to Galxe's 1 million daily active users. Additionally, Galxe plans to allocate $5 million in developer grants. The ecosystem fund has backing from notable venture capital firms such as Dragonfly Capital and HashKey Capital. Galxe's chief technical officer, Yumin Xia, also announced the launch of Grevm 1.0, a new open-source EVM built to enhance efficiency. The Gravity network represents a shift from Galxe's earlier centralized systems, allowing for decentralized infrastructure that supports various applications. Gravity is a proof-of-stake layer-1 blockchain based on the Arbitrum Nitro stack. The complete launch of the Gravity Mainnet is scheduled for the second quarter of 2025.

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