Web3 identity and rewards platform Galxe has announced a new Ethereum Virtual Machine (EVM) upgrade to its Gravity blockchain and launched a $50 million fund. The fund aims to boost the development of its recently launched Gravity network, an EVM-compatible Layer 1 network designed to help developers launch new user-centric applications and even affiliated blockchains. Galxe also provided an additional $5 million developer grant for the network. The eco-fund is backed by venture investments including Dragonfly Capital, HashKey Capital, DAO5, and Lattice. In addition to the eco-fund, Yumin Xia, Galxe's CTO, also announced the launch of Grevm 1.0, an open-source parallel EVM built on "revm," an EVM written in the Rust programming language and designed to be simpler and more efficient than traditional EVMs.