A renowned web3 identity and rewards platform, Galxe has launched a $50 million ecosystem fund to support emerging projects. The firm made the disclosure on Tuesday via an official blog post.Â
In the post, Galxe disclosed that it aims to build a rewarding and sustainable ecosystem on its newly upgraded Gravity blockchain. As revealed, top investors like HashKey Capital, DAO5, Drapper, Dragon, and the Spartan Group contributed to the establishment of the ecosystem fund.
The $50 million ecosystem fund known as the Gravity Ecosystem VC Alliance aims to support developers to build on the Gravity blockchain. Additionally, Galxe set aside another $5 million as developer grants to further back new projects by complementing the ecosystem fund.
Likewise, the protocol also launched an open-source parallel Ethereum Virtual Machine (EVM) to upgrade Gravity. As indicated, the solution relies on the Rust programming language to provide a simple and efficient option to existing EVMs.
While discussing the motive behind the newly launched fund, Galxe stated that the Gravity Ecosystem VC Alliance offers developers funds, resources, and infrastructural support. With this assistance, the platform explained that the Gravity network will enjoy the deployment of scalable and efficient solutions on the blockchain.
More so, the firm disclosed that the initiative will scout emerging projects with high performance and promising use cases. Also, Galxe added that the fund will help in enhancing the efficiency of the Gravity ecosystem.
Side Note on Galxe
Meanwhile, the co-founder of Galxe, Charles Wayn, provided more insight into the new initiative. The executive illustrated that the ecosystem fund further supports the push of the platform to nurture innovative projects that will aid the advancement of the platform.
Wayn elaborated that Galxe intends to build an ecosystem to attract more developers and encourage them to build on Gravity. The Co-founder opined that the network has about 1 million daily active users that will help projects to hit the mainstream market.
Currently, Galxe maintains a stern commitment to advancing its ecosystem. Recall that in August, the platform unveiled its Alpha Mainnet to support the transitions of the project away from a centralized entity.
As part of the process, Galxe transferred some core applications to on-chain. Some of these projects include Passport, Quest, Compass, and Identity Protocol.
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