Golden Finance reports that Galxe, the Web3 identity authentication and rewards platform, announced a new Ethereum Virtual Machine (EVM) upgrade for its Gravity blockchain and the establishment of a $50 million fund. The fund is designed to promote 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 has also provided the network with an additional $5 million in developer funding. The ecosystem fund is backed by venture capital including Dragonfly Capital, HashKey Capital, DAO5 and Lattice. In addition to the ecological fund, Galxe's 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 faster than traditional EVM is simpler and more efficient.