Galxe, a Web3 identity authentication and reward platform, has announced a new EVM upgrade for its Gravity blockchain, along with a $50 million fund to support the development of its ecosystem. This initiative aims to promote activities around the recently launched Gravity network.

According to Charles Wayn, co-founder of Galxe, the $50 million fund is designed to encourage development activities on the Gravity network. In addition to this fund, Galxe has also allocated an extra $5 million in developer grants. The ecosystem fund is supported by venture capital firms such as Dragonfly Capital, HashKey Capital, DAO5, and Lattice.