The crypto landscape is buzzing, with Galxe's Gravity blockchain leading the charge. They're not just launching a new crypto platform; they're rolling out a major Ethereum Virtual Machine (EVM) upgrade backed by a $50 million fund. The goal? To empower developers and reshape the way we interact with crypto. This shift from centralization to decentralization could be a game changer for the crypto market platform. Let's break down what's happening and what it means for the future.
The Genesis of Gravity Blockchain
Galxe, known for its Web3 identity and rewards platform, has revealed a major upgrade for its Gravity blockchain. This EVM-compatible layer-1 network is designed to be user-friendly, and it’s launching with a hefty $50 million ecosystem fund. That fund is geared towards inspiring developers to create user-centric applications and subsidiary blockchains. Charles Wayn, one of Galxe's co-founders, has made it clear that the aim is to get developers hooked on the Gravity network right from the start.
"We’ve put together a $50 million ecosystem fund alliance to support native use cases, developers, and applications built on Gravity", said Wayn.
To sweeten the deal, Galxe is also granting $5 million in developer grants, with backing from firms like Dragonfly Capital, HashKey Capital, DAO5, and Lattice. The plan is to create an ecosystem where innovation can thrive.
A Developer’s Playground
By providing such a substantial fund, Galxe is trying to create an inviting atmosphere for developers. With the backing, they hope to bolster a community of innovators who can fully utilize the strengths of the Gravity blockchain. Wayn pointed out that being involved with Gravity means instant access to Galxe's 1 million daily active users, which is a significant audience right from the get-go.
A Step Towards Decentralization
Before Gravity's launch, Galxe was primarily centralized, relying on automated systems to manage quests, tasks, and community-building applications. Now that the Gravity Alpha Mainnet went live in August, they've flipped that script and embraced decentralization. All of Galxe's applications, like Passport, Quest, Compass, and the Identity Protocol, are now on-chain.
"It’s not just Galxe who needs the chain, but it's also for the projects and brands that use our platform. Whoever builds and grows their applications on Galxe also wants to have decentralized infrastructure that can sustain their own traffic without relying solely on us", Wayn added.
This move towards decentralization could enhance security and user control, allowing brands to build independently without being tied down.
Technical Upgrades: EVM and Beyond
The standout feature of Gravity is its EVM compatibility. The introduction of Grevm 1.0, an open-source parallel EVM built on "revm", represents a major step forward. This new tool is built to be more user-friendly and efficient than traditional options.
Gravity operates as a proof-of-stake layer-1 blockchain, developed using the Arbitrum Nitro stack, utilizing Reth as its execution layer and Jolteon (AptosBFT) as its consensus algorithm. This combination offers a solid framework that could support millions of transactions every day.
Yumin Xia, Galxe’s chief technical officer, has ambitious objectives for Gravity. He believes the Gravity SDK will outpace the Cosmos SDK in terms of developer engagement and efficiency. This toolkit will enable developers to launch their own layer-1 and parallel EVMs on Gravity, promising higher throughput and faster execution.
"We hope everyone will use the Galxe chain SDK in the future. We are really hoping to beat the Cosmos SDK for chain abstraction", Xia stated.
Looking Ahead in the Crypto Market
The fully-fledged Gravity Mainnet is expected to launch in the second quarter of 2025, potentially solidifying Galxe’s footprint in the crypto market. Aside from quests and rewards, Xia has lofty goals for Gravity, with plans to host a diverse range of projects. There's also an effort to make gas payments more seamless across its 70 connected blockchain networks using the G token.
Galxe's proactive approach, backed by substantial finances, positions them as a pivotal force in the crypto market. By nurturing a decentralized ecosystem and empowering developers, they could redefine the way we engage with digital currency exchange platforms and virtual currency apps.
Previously, Galxe raised $10 million in a round led by Multicoin Capital and Dragonfly Capital, reflecting strong investor faith in their vision.
Summary
Galxe's Gravity blockchain is setting a new course for crypto platforms. With its significant funding, EVM upgrade, and focus on decentralization, Galxe aims to reshape our interactions with digital currency exchanges and virtual currency apps. As the Gravity network progresses, it could unveil a realm of possibilities for growth and innovation in the crypto market.
