PANews reported on December 10 that according to Cointelegraph, Web3 identity authentication and rewards platform Galxe announced a new Ethereum virtual machine (EVM) upgrade for its Gravity blockchain and established a $50 million fund to support the development of the network ecosystem.

Galxe co-founder Charles Wayn said the $50 million fund is intended to encourage development activity on its recently launched Gravity network, an EVM-compatible Layer 1 network designed to help developers launch new user-centric applications and even subsidiary blockchains. Wayn also said Galxe has provided an additional $5 million in developer funding for the network. The ecosystem fund is backed by venture capital firms including HashKey Capital, DAO5, and Lattice.

In addition to the Ecosystem Fund, Galxe CTO Yumin Xia also announced the launch of Grevm 1.0, an open-source parallel EVM built on “revm,” an EVM written in the Rust programming language that aims to be simpler and more efficient than the traditional EVM.