The Rise and Fall of the Fat Protocol Thesis

A Perspective by Tomo, CEO of Pheasant Network

In 2016, the “Fat Protocol Thesis” emerged as a provocative idea in the blockchain space. Proposed by a prominent crypto investor, the thesis argued that most of the value in decentralized networks like blockchains would accrue at the protocol layer rather than the application layer. This view represented a radical departure from traditional internet value distribution and has shaped how investors evaluate blockchain projects since.

Fast forward to 2024. Eight years have passed since the first publication of this thesis—a significant period in the fast-moving world of crypto. During this time, many revolutionary ideas have either evolved or been reevaluated. So far, this thesis has largely held true: more value is currently captured at the protocol layer. However, I believe its validity may now be diminishing.

So, if the Fat Protocol era is winding down, are we on the verge of a ‘Fat Apps’ era? I believe so, though we’re not quite there yet. I think the transition is gradual, and today we find ourselves in an intermediate, preparational phase.

What is the Fat Protocol Thesis?

Before unpacking my own thoughts on the “fat app” trend, let's first revisit the now-controversial Fat Protocol Thesis.

The Fat Protocol Thesis proposes that, in the blockchain ecosystem, most of the value accrues at the protocol layer rather than at the application layer. This is the reverse of how value is distributed in the traditional internet, where applications like Facebook or Google capture the lion’s share of value, while the underlying protocols remain thin, largely commoditized, and generate little value themselves.

Two core principles underpin the fat protocol-thin application dynamic: the low entry cost for applications and the presence of native protocol tokens.

First, developing a blockchain protocol is significantly more complex and resource-intensive than building an application on top of it. This is because the foundational layers are open, shared, and composable, providing a solid infrastructure for apps to build upon without reinventing the wheel.

Those familiar with DeFi may recognize this as the “money Lego” concept. Uniswap, for example, didn’t need to create its own data storage mechanism or invent new currencies; it simply built its decentralized exchange on top of Ethereum (Layer 1), integrating existing assets like DAI, USDC, and others.

This dynamic is a marked departure from Web2. While Google relies on fundamental protocols like HTTP, its business model of monopolizing users and profits naturally led it to build everything else from scratch to create services like Gmail—everything from data storage to user authentication and server infrastructure.

Because blockchain applications can build on these pre-existing protocols, they don’t need to develop their own infrastructure from scratch, drastically lowering their development costs. This lower entry cost means applications capture less value—they require fewer resources to create and maintain. In contrast, protocols, which demand much more capital and effort, naturally capture more value to justify their higher costs.

The second factor driving this “fat protocol” phenomenon is the presence of native tokens. According to the theory, protocol tokens create a unique value cycle not seen in Web2. These tokens attract early investors, developers, and services to the protocol. As the ecosystem around the protocol grows, so does demand for the token, driving up its value. This, in turn, attracts more products and services to the protocol, further increasing token value. Early investors hold onto their tokens, anticipating even greater returns as the protocol gains popularity.

This creates a dynamic where, as the author observed, “the market cap of the protocol always grows faster than the combined value of the applications built on top, since the success of the application layer drives further speculation at the protocol layer.”

A Common Misconception

The unique token-driven dynamic, paired with the low barrier to entry for apps, forms the foundation of this radical concept. However, one critical distinction must be made: value capture is not the same as investment return. In a follow-up post in 2020, the same author clarified that while the protocol layer in crypto captures more value, this doesn’t always lead to substantial investment returns.

To put this into perspective: Imagine you invest $1 million in a Layer 1 protocol with a $1 billion market cap. If the network doubles in size, your investment also doubles, giving you a $2 million return. Now, consider investing that same $1 million in an app with a $10 million market cap. If that app grows 10x in the same time frame, your return would be 10x, or $10 million. So, while the protocol layer may capture more overall value, the application layer could deliver much higher investment returns. This is why value capture shouldn’t be the sole indicator for evaluating investments.

The Limitations of the Fat Protocol Model

As I mentioned earlier, while the Fat Protocol Thesis was influential at the time, I believe it’s now outdated. It was certainly prescient and made sense given the state of the crypto space back then, but the landscape has evolved so drastically over the last eight years that the factors the thesis relied on no longer hold up as a strong foundation.

So, what exactly has changed, and why has this once-groundbreaking idea lost relevance?

One major shift is the maturation of blockchain protocols, which now support far more applications, users, and transactions than they did in 2016. When the thesis was first released, Ethereum, the first smart contract blockchain, had only been public for a year. Although the network had a market cap of around $1 billion, there were few successful applications on it, making it reasonable to assume that most of the value would accrue at the protocol layer—because, at the time, it did.

Since then, both infrastructure and protocols have matured significantly. They now support a wide array of applications, users, and transactions. The rise of DeFi and NFTs exemplifies this. This flourishing decentralized app ecosystem challenges the original assumption that protocols would always capture the lion’s share of value.

Secondly and more importantly, market sentiment has shifted. In 2016, most development efforts focused on building and refining core blockchain infrastructure—scalability, security, and consensus mechanisms were the priorities. Innovation and excitement were concentrated at the protocol layer.

As protocols matured, however, the focus changed. The conversation moved from “protocols are the future” to “what’s the point of protocols without application value?” As the ecosystem evolved, it became increasingly clear that infrastructure alone wasn’t enough to drive adoption. Users interact with applications, not the underlying protocols. As decentralized apps gained prominence, attention naturally shifted to user-facing solutions. This shift suggests that the initial emphasis on protocol dominance was likely overstated, based on the early stages of blockchain development.

Is the Fat App Era Upon Us?

With these shifts in mind, let’s return to our original question: If the Fat Protocol Thesis no longer represents the future, are we on the verge of the Fat App era? In many ways, yes. That said, I don’t expect this shift to fully materialize for another 2-3 years, and there are two key nuances to consider.

First, it’s the collective app layer that becomes fatter, not individual apps. As the number of decentralized applications (dApps) grows, along with their users and transactions, the app layer will collectively capture far more value than the protocol layer. However, I don’t foresee the rise of a few dominant apps monopolizing the crypto space in the same way that Google or Amazon dominate Web2.

Blockchain’s open and decentralized nature doesn’t allow apps to lock in users and their data, which is how big tech companies achieve monopolies in Web2. Instead, we’re more likely to see a diverse ecosystem of applications—a “fat layer” of many apps. Some will offer specialized functions, like Uniswap’s exchange features or OpenSea’s NFT marketplace, while others will integrate multiple services to offer users a smoother, more comprehensive experience.

Second, while the protocol layer may seem to be thinning relative to the expanding app layer, it’s still growing in absolute terms as the definition of ‘protocol’ has evolved. When the Fat Protocol Thesis was first introduced, ‘protocol’  primarily referred to Layer 1 blockchains like Bitcoin and Ethereum. These were the dominant platforms with large user bases, and their ecosystems were relatively simple.

Today, the landscape is far more diverse, with a myriad of smart contract platforms available to developers—such as Solana, Avalanche, and Sui—due to lower entry barriers and the proliferation of tools, resources, and documentation. Additionally, ‘protocol’ now encompasses Layer 2 and even Layer 3 networks, which didn’t exist in 2016. For Ethereum in particular, there are dozens of these networks. So, while the protocol layer’s relative share of value capture may decrease, it’s still “fattening up” in absolute terms as Layer 1 chains expand and new layers are built on top.

A crucial point I’d like to highlight here is the lack of unity within the protocol layer itself, causing significant fragmentation. There are many Layer 1 blockchains, but they often lack interoperability, creating isolated ecosystems. Even within platforms like Ethereum, which have multiple layers (Layer 2 and Layer 3), there are barriers to seamless connection both vertically (between layers within the same network) and horizontally (across networks of the same layer).

Where Are We Headed From Here?

The notion of fragmentation and lack of interoperability is crucial because these are key reasons why I believe the ‘Fat Protocol to Fat App’ transition hasn’t occurred yet. The protocol layer’s fragmentation significantly limits the app layer’s ability to capture its full value, as users, liquidity, and development resources remain siloed. This fragmentation also increases development costs and results in poor user experiences, both of which stifle innovation and reduce the value captured by individual applications.

Given this scenario, I believe the next 1-2 years in the blockchain space will need to serve as a preparatory period for the Fat App era. While the Fat Protocol phase has brought us essential infrastructure services, we still lack the middleware necessary to bridge the gap between the infrastructure and application layers. This is where I anticipate increased focus and rapid development. Middleware services—such as Chain Abstraction technologies and Bridge-as-a-Service (BaaS) frameworks—will be critical in enabling exponential value capture at the application layer, setting the stage for a true Fat App era.

Monthly Overview

July was an exciting month for Pheasant Network, marked by significant advancements in both technology and marketing. On the technical side, we successfully integrated Fhenix into our network, which is currently in the testnet phase. This addition brings our ecosystem to a total of 16 networks, enhancing our reach and versatility.

In terms of marketing, we launched the third series of the Pheasant Voyage Campaign in collaboration with the Scroll ecosystem. Building on the success of previous rounds, this new series offers users a unique opportunity to engage with both platforms. The timing was ideal, as Scroll experienced notable growth this month, with a significant increase in Total Value Locked (TVL).

The broader Layer 2 space also saw substantial TVL growth. Although Blast, which had shown remarkable growth in recent months, experienced a slight decline, the overall expansion of Layer 2 solutions continues. This growth seems to be impacting some Layer 1 networks, as seen by the contractions in the TVL of Bitcoin L2s and Ethereum. Meanwhile, Solana continues to perform well, maintaining stable TVL figures.

Here’s how network shares break down:

• Ethereum: 57.94%

• Arbitrum: 3.32%

• Base: 1.73%

• Blast: 1.12%

• Polygon: 1.02%

• Scroll: 0.79%

For further details, visit our official channels:

Website | GitHub | Docs | Blog | Mirror | Twitter | Discord | Telegram | Galxe | L2 Learn

July’s Key Focus

Pheasant Voyage—Flight to Scroll

This month, we launched a new series under the Pheasant Voyage initiative titled “Flight to Scroll,” in collaboration with the Scroll ecosystem. This is the third round of our campaign, following successful collaborations with the Linea and Taiko ecosystems. Running in parallel with Scroll’s Sessions campaign, where we serve as an official bridge partner, users can earn rewards in both campaigns by bridging assets to Scroll using the Pheasant bridge.

Brand Guideline Renewal

In addition to protocol development, we are focusing on strengthening our brand identity. Following last month’s icon update, we have refreshed our brand guidelines to support further integration and network expansion. You can view the updated guidelines here.

Pheasant Network🪽

@PheasantNetwork

The Pheasant Brand Guidelines have been updated and published in @figma!

You can access the Figma file from the Brand Assets page in our docs, please have a look docs.pheasant.network/ecosystem/bran…

0

11:34 PM • Jul 4, 2024

Optimism Retro PGF Grant

Pheasant Network was recognized in the latest round of Optimism’s Retro Public Good Funding program, receiving 7,486.3 OP along with over 200 other projects. This marks our second time receiving this prestigious grant, following an award in the previous round. This recognition highlights our ongoing contributions to Optimism’s Superchain ecosystem.

Pheasant Network🪽

@PheasantNetwork

Pheasant received 7,486.3 OP in the @retropgf Round 4 of @Optimism following the previous round!

We will continue to contribute to the Superchain ecosystem pheasant.network

Optimism

@Optimism

Retro Funding 4 results are here!

10M OP is rewarded to 200+ projects that deployed contracts on the Superchain according to their onchain impact. (@base @modenetwork @zora @fraxfinance @metal_l2 and OP Mainnet)

Check the results: retrofunding.optimism.io/round/results

4

4:45 AM • Jul 22, 2024

Fhenix Integration

This month, we welcomed a new addition to our ecosystem with the integration of Fhenix, the first Layer 2 network utilizing fully homomorphic encryption (FHE). Users can now explore and test this network on the testnet, with a mainnet launch planned once the network is fully ready.

Pheasant Network🪽

@PheasantNetwork

Pheasant is now live on Fhenix!

We're pleased to announce the integration of Fhenix @FhenixIO, an Ethereum L2 and Coprocessor that uses FHE for onchain confidentiality. testnet.pheasant.network

Get a head start on the future of Fhenix, the first FHE L2 Rollup, with Pheasant

19

5:00 AM • Jul 23, 2024

$30M Transaction Volume

Just a fortnight after reaching the $25M transaction volume milestone, Pheasant Network has surpassed another significant marker of $30M with over 60,000 transactions facilitated. Our network continues to expand rapidly, and the next milestone of $40M is already in sight.

Pheasant Network🪽

@PheasantNetwork

Unstoppable rapid growth!

Volume has surpassed $30M and Txs has exceeded $60K. Here we go!! pheasant.network

3

12:16 PM • Jul 24, 2024

Other Development Updates

Our latest progress includes the following:

• Refactoring of the relayer function

• Final testing of the USDC bridge on the testnet

• Development of a REST API for automatically checking on-chain task status on Galxe

• Conclusion of Pheasant Voyage’s second round, “Flight to Taiko”

Product Metrics

• Number of Monthly Transactions: 16,550

• Value of Monthly Transactions: 3,602.4302 ETH

• Number of Active Wallets: 10,404

• Community Member Count (across X, Discord, and Galxe combined): 166,705

Network Share

CEO’s Comment

Continuing the trend from last month, Taiko has been a major contributor to the recent growth of the Pheasant Network. Since we launched bridges on its mainnet in May, the ZK network has significantly increased its presence within our ecosystem. Additionally, Scroll, which saw notable TVL growth in July, has also experienced a rise in bridge transaction volume on Pheasant. Both networks have been key drivers of our positive growth trajectory, which is accelerating as the broader Layer 2 ecosystem expands. With the integration of Fhenix, we are now more equipped than ever to help unify the increasingly diverse Layer 2 landscape.

In contrast to the positive momentum in the Layer 2 space, the broader crypto market appears to be entering a bearish phase, influenced heavily by macroeconomic factors. While the industry often sees a decline in user engagement during bear markets, we view this as an optimal time to focus on product development. With fewer distractions and less market hype, we are well-positioned to advance our infrastructure and make substantial progress.

Monthly Overview

While many significant events happened in June, we’re thrilled to share a major milestone: our network’s bridge transaction volume has exceeded $20 million, with more than 40,000 transactions completed. This success wouldn’t have been possible without the support of our community, and we appreciate your continued involvement.

As we celebrate this achievement, we remain focused on our long-term goals. To further expand our network and attract more users, we launched the second series of the Pheasant Voyage Campaign in June, in collaboration with the Taiko ecosystem. Following the success of the first series with the Linea ecosystem, this new round, titled “Flight to Taiko,” runs parallel to Taiko’s own campaign, Taiko Trailblazers, in which we are participating as one of their official bridge partners.

On the development front, we have integrated two new wallets into our ecosystem: Bitget Wallet and Taho. These additions are expected to increase user engagement, propelling us toward our next benchmark of $30 million in transaction volume.

Looking at the broader Ethereum ecosystem, June saw no significant changes in Total Value Locked (TVL), with Ethereum maintaining its dominance at over 60% market share. In the Layer 2 scene, although ZKsync’s airdrop made headlines, it has yet to challenge the stronghold of Optimistic Rollups.

• Ethereum: 61.22%

• Arbitrum: 2.99%

• Base：1.52%

• Blast：1.38%

• Polygon: 0.91%

For further details, visit our official channels:

Website | GitHub | Docs | Blog | Mirror | Twitter | Discord | Telegram | Galxe | L2 Learn

June’s Key Focus

Integration of Bitget Wallet and Taho

Last month, we integrated two new wallet apps: Bitget Wallet, a Web3-native multi-chain wallet, and Taho, a community-driven browser wallet. These additions represent the 6th and 7th wallets supported in the Pheasant ecosystem, following the previous integration of Rabby Wallet and OKX Wallet in May.

Pheasant Network🪽

@PheasantNetwork

Pheasant has integrated Bitget Wallet!

We are excited to announce the integration of @BitgetWallet, your web3 trading wallet of the future.
pheasant.network

Elevate your crypto journey with a safe, convenient, and powerful web3 trading wallet!

4

12:38 AM • Jun 13, 2024

Pheasant Network🪽

@PheasantNetwork

Pheasant has integrated Taho

We are excited to announce the integration of @taho_xyz, the community owned & operated wallet.
pheasant.network

Enjoy the first community-owned web3 wallet!

7

3:53 AM • Jun 7, 2024

20M Total Volume Achieved

Pheasant Network has surpassed a major milestone of $20M in total bridge transaction volume, completing over 40,000 transactions. This achievement is a significant step forward in our growth plan and a testament to the strong support from our community.

Pheasant Network🪽

@PheasantNetwork

Wow, Pheasant's total volume has surpassed $20M!
Total txs also exceeded 40K. More growth is on the way

5

4:21 AM • Jun 17, 2024

Pheasant Voyage - Flight to Taiko

Building on the achievements of our first Pheasant Voyage with the Linea ecosystem, we launched the second season, “Flight to Taiko,” on the 25th. This new round takes place during Taiko’s ongoing Trailblazers campaign, where we are an official bridge partner. By bridging assets to Taiko using the Pheasant bridge during the weeks of Flight to Taiko, users qualify for rewards from both campaigns, including Taiko Points, USDC, and Pheasant XPs.

Pheasant Network🪽

@PheasantNetwork

Pheasant Voyage—Flight to @taikoxyz "Week 1: Bridge Week" has begun!

app.galxe.com/quest/pheasant…

Begin our great journey to Taiko and earn $USDC, Pheasant XPs, and Taiko Points all at the same time!!

123

5:04 AM • Jun 25, 2024

Pheasant Network🪽

@PheasantNetwork

Pheasant Voyage—Flight to @taikoxyz "Week 2: Social Week" has begun!

app.galxe.com/quest/pheasant…

Dive into the community of fascinating projects in the Taiko ecosystem! Earn massive amounts of Pheasant XPs

60

6:23 AM • Jul 2, 2024

Updated Icon

Our social media icons now feature our green brand color as backgrounds, enhancing our visual identity. This update helps our presence stand out and makes it easier for people to identify us across platforms. You can check out our updated icons on X, Discord, and Telegram to see our new appearance.

Other Development Updates

Our latest progress includes the following:

• Development of canonical website V3

• Addition of explorer URLs for destination networks

• Galxe API development

• Publication of TaskOn community page

Product Metrics

• Number of Monthly Transactions: 6,395

• Value of Monthly Transactions: 1019.399 ETH

• Number of Active Wallets: 4,104

• Community Member Count (across X, Discord, and Galxe combined): 173,057

Network Share

CEO’s Comment

In June, we observed an increase in transaction volume on Taiko, whose mainnet we integrated in May. Currently, most transactions on Pheasant Network, including those involving Taiko, occur between Layer 2 networks—a trend we expect to continue. We believe our value as a third-party bridge project lies in connecting separate Layer 2 and Layer 3 networks, as canonical bridges provided by Layer 2 networks primarily connect Layer 1 to their respective Layer 2 networks. With the anticipated growth in the number of Layer 2 and Layer 3 networks, we aim to demonstrate our full potential.

Regarding the overall crypto market, there is a sense that it is entering a bearish phase. However, we believe that a bear market is the optimal time to advance our development diligently and patiently, without the distractions of market hype, especially for infrastructure projects like ours.

Monthly Overview

May 2024 marked a period of significant integration for Pheasant Network. We expanded our ecosystem by adding support for three new networks: Taiko, Morph, and Zircuit. After a year of integrating Taiko’s testnet, we successfully launched a bridge to its mainnet. Morph and Zircuit became the 13th and 14th networks in our ecosystem, with current support limited to their testnets. Additionally, we broadened our wallet compatibility last month.

On the business front, the highlight of May was ETHPrague. Our Co-founder, Tomo, presented Pheasant Network’s optimistic Layer 2 interoperability protocol to an audience of hundreds, showcasing its benefits. This event was a valuable opportunity to engage directly with our community and the broader Ethereum network.

Despite the positive community engagement in Prague, the statistical figures painted a different picture. While Ethereum saw a slight increase in Total Value Locked from the previous month, the overall Layer 2 space experienced a minor decrease. This trend can be attributed to the expanding Solana and Bitcoin ecosystems, with Bitcoin’s Layer 2 networks growing rapidly.

Here's how network shares break down:

• Ethereum: 60.58%

• Arbitrum: 2.95%

• Blast：2.04%

• Base：1.66%

• Polygon: 0.89%

For further details, visit our official channels:

Website | GitHub | Docs | Blog | Mirror | Twitter | Discord | Telegram | Galxe | L2 Learn

May’s Key Focus

Network Integration

In May, we welcomed two new projects on testnets to the Pheasant ecosystem, increasing the total number of supported networks to 14. The new networks are:

• Morph: A hybrid Layer 2 network combining optimistic and ZK technologies.

Pheasant Network🪽

@PheasantNetwork

We are excited to announce the integration of Morph @MorphL2, a hybrid rollup of zk and optimistic!
testnet.pheasant.network

Pheasant has made it possible to optimistically move from any Layer 2s to Morph ecosystem, not just Ethereum L1.

35

9:29 AM • May 13, 2024

• Zircuit: A ZK-rollup featuring a native AI security model at the sequencer level.

Pheasant Network🪽

@PheasantNetwork

Pheasant is now live on Zircuit!

We are pleased to announce the integration of Zircuit
@ZircuitL2, a modular zkRollup with AI-enabled security at the sequencer level.
testnet.pheasant.network

Dive into Zircuit to ride the wave of exciting LRT Staking via Pheasant!

31

1:05 AM • May 23, 2024

Wallet Integration

We also expanded our wallet support last month. In addition to MetaMask, Coinbase Wallet, and WalletConnect, we now support:

• Rabby Wallet: Renowned in the DeFi ecosystem on Ethereum.

Pheasant Network🪽

@PheasantNetwork

Pheasant has integrated Rabby Wallet!!

We are excited to announce the integration of @Rabby_io, the game-changing wallet for Ethereum and all EVM chains
pheasant.network

Enjoy a cost-effective and blazing-fast bridge to the DeFi ecosystem via Pheasant!

36

10:47 PM • May 14, 2024

• OKX Wallet: Developed by OKX, the creators of X Layer, which we integrated last month.

Pheasant Network🪽

@PheasantNetwork

Pheasant has integrated OKX Wallet!

We are excited to announce the integration of @okxweb3, a universal crypto wallet.
pheasant.network

Enjoy the collaboration between Pheasant and OKX following @XLayerOfficial!

27

3:44 AM • May 21, 2024

ETH Prague

Our Co-founder, Tomo, attended ETHPrague, engaging with the community and delivering a talk on the current challenges of Layer 2 and Layer 3 networks. He proposed solutions offered by optimistic protocols, like the one Pheasant Network employs. His speech is archived on ETHPrague’s official page.

https://live.ethprague.com/ethprague/watch?session=665833d1036a981493b0bf67

Scroll Sessions

We participated in Scroll Sessions as their bridge partner. This loyalty program rewarded users who bridged to Scroll using Pheasant Network with Scroll Mark points and special NFTs, significantly boosting transaction volume on our network.

Pheasant Network🪽

@PheasantNetwork

Pheasant <> Scroll Sessions campaign has begun!
app.galxe.com/quest/pheasant…

@Scroll_ZKP's loyalty program, ‘Scroll Session’ rewards points called ‘Scroll Marks’ for bridging via Pheasant.
Earn Scroll Marks & NFT at the same time!
pheasant.network

157

3:09 AM • May 28, 2024

Taiko Mainnet Integration

Last month, we successfully integrated Taiko mainnet, a type-1 ZK-rollup fully compatible with the EVM. This milestone came a year after launching a bridge to its testnet, marking a significant achievement in our development efforts.

Pheasant Network🪽

@PheasantNetwork

Pheasant is now LIVE on Taiko!

We are excited to announce the integration with @taikoxyz! Really happy to see this day arrive since the first integration over a year ago.
pheasant.network

Enjoy an optimistic bridge experience to Taiko via Pheasant!

31

2:44 AM • May 30, 2024

Other Development Updates

Our latest progress includes the following:

• Applied the SDK to the Disputer code.

• Conducted research for and began designing the USDC bridge.

• Started developing an API to fetch the average time for transaction processing.

• Established brand guidelines.

• Summarized the update requirements for the canonical site.

Product Metrics

• Number of Monthly Transactions: 6,665

• Value of Monthly Transactions: 1,047.581 ETH

• Number of Active Wallets: 4,901

• Community Member Count (across X, Discord, and Galxe combined): 170,946

Network Share

CEO’s Comment

Last month, we achieved important milestones with the integration of the Taiko mainnet and the Morph and Zircuit testnets. These additions not only strengthen our ecosystem but also enhance connectivity within the broader Ethereum network. Our approach is selective; as the industry experiences the proliferation of Layer 2 and Layer 3 networks, we prioritize integrating those that align with our strategic goals and contribute meaningful value to the Ethereum ecosystem.

ETHPrague was another major highlight in May. This event provided us with valuable insights into industry trends. At the project level, Layer 2 and Layer 3 solutions continue to be the hottest topics. However, developers are increasingly focused on technical matters such as zero-knowledge proofs, security, and governance. We also observed that regional interests vary significantly. Fortunately, our globally dispersed team keeps us attuned to these diverse trends, ensuring we stay ahead of the curve.

Monthly Overview

In April, Pheasant Network marked two significant milestones in its expansion plans. First, we integrated X Layer, the first network added since our last integration in February, bringing our total to 11 supported networks. Second, we participated in the 20th edition of the Gitcoin Grants in the Web3 infrastructure category, where we successfully attracted over 4,400 contributors and increased market recognition.

In the broader Ethereum ecosystem, the entire Layer 2 sector saw a minor decrease in TVL, despite a slight increase in the TVL of Ethereum’s mainnet. This decline is likely due to the rapid expansion of the Solana and Bitcoin ecosystems.

Here's how network shares break down:

• Ethereum: 59.12%

• Arbitrum: 2.8%

• Base: 1.65%

• Blast: 1.63%

• Polygon: 0.98%

• Optimism: 0.94%

For further details, visit our official channels:

Website | GitHub | Docs | Blog | Mirror | Twitter | Discord | Telegram | Galxe | L2 Learn

April’s Key Focus

SDK Demo Site Launched

As part of our ongoing SDK development, we launched a demo site that helps developers integrate Pheasant SDK. It automatically generates code based on their inputs, which they can directly embed into their applications. We also updated the official SDK documentation to reflect the latest changes.

Getting Started | Pheasant Network

Using npm: Using yarn: Import as ES6 module: This package is currently ES Module only. Instansiate using ethers signer: Instansiate using web3 provider as signer: Instansiate using hdwallet-provider signer (only Node.js): A simple Pheasant SDK Demo: https://pheasant-sdk-demo.web.app/ Please check the SDK Supported Network for keywords specifying the chain.

https://docs.pheasant.network

Completion of Homepage Design

After two months of hard work, we’ve wrapped up our homepage design. This new homepage will feature several enhancements, including the Pheasant Library—a curated collection of all information about Pheasant Network. The development team is currently working on implementing the site and plans to launch it in a few months.

Contract Logic Improvement

On the backend, we have enhanced the logic of our smart contracts to further minimize gas costs and optimize for speed. As a platform known for low costs and fast transactions, we consider continual enhances to our contract logic essential.

X Layer Integrated

In April, for the first time since last February when we integrated Mode, we added support for a new network: X Layer, a zkEVM rollup developed with the Polygon CDK by OKX, a leading cryptocurrency exchange. This marks the 11th network we support. In tandem with this release, we also co-hosted a successful bridge-focused campaign with X Layer.

Pheasant Network🪽

@PheasantNetwork

Pheasant <> X Layer campaign has begun!
app.galxe.com/quest/pheasant…

Get the first limited edition NFT with bridging to @XLayerOfficial via Pheasant! #XLayer
pheasant.network

89

4:59 AM • Apr 30, 2024

Gitcoin Grants 20

On the business end, we participated in the 20th edition of Gitcoin Grants and attracted over 4,400 contributors. We ended up ranking third among 75 prominent applicants in the Web Infrastructure category, a proud achievement for us. Additionally, we launched a campaign to distribute special NFTs to Gitcoin contributors as a token of our appreciation.

Pheasant Network🪽

@PheasantNetwork

Wow, over 1,100 people contributed to Pheasant with Gitcoin!!

We decided to distribute a special NFT to show our appreciation to all contributors
app.galxe.com/quest/pheasant…

Contribute to Pheasant through @gitcoin to get your exclusive NFT! #GG20

app.galxe.com

Participate in the Gitcoin Grants 20 to get the limited NFT by Pheasant Network | Galxe Quest

Join Participate in the Gitcoin Grants 20 to get the limited NFT by Pheasant Network on Galxe. Collect NFT and OAT badges to enhance your web3 presence and reputation.

360

9:42 AM • May 3, 2024

Other Development Updates

Our latest progress includes the following:

• Updated the CI/CD process

• Added several networks to the testnet

• Advanced the development of several bridge APIs

• Significantly revised our Discord operations

• Researched emerging networks and projects

Product Metrics

• Number of Monthly Transactions: 6,102

• Value of Monthly Transactions: 1,066.095 ETH

• Number of Active Wallets: 4,419

• Community Member Count (across X, Discord, and Galxe combined): 166,532

Network Share

CEO’s Comment

April was another month of steady progress for Pheasant Network, marked by consistent advancements in both technology and business areas. We ranked in the top three for contributor numbers in the Web3 Infrastructure category of Gitcoin Grants 20. We believe that this ranking serves as a strong testament to the community’s positive reception of our commitment, approaches, and mission to create evergreen public goods.

While the broader industry experiences a surge of hype, our team is always focused on remaining grounded and committed to creating infrastructure and products designed to stand the test of time. The coming months promise several significant milestones, and we look forward to sharing our results with you.

Today, Pheasant Network is excited to announce the integration of a new Layer 2 network. We are launching bridges on the X Layer mainnet, a cutting-edge zkEVM developed with Polygon CDK and created by OKX, a leading cryptocurrency exchange and Web3 technology company. This new release enables users to seamlessly transfer assets not only between the Ethereum Layer 1 and X Layer, but also among a wide range of supported Layer 2 rollups, including Arbitrum, Base, Linea, Mode, OP Mainnet, Polygon, Polygon zkEVM, Scroll, and zkSync Era.

To explore the expanding ecosystem of X Layer, simply visit our app, connect your wallet, select the source and destination networks, and enter the amount of ETH you wish to transfer. Make sure to double-check you have selected the correct networks and entered the accurate amount. Click send to confirm, and watch as your tokens swiftly make their way to X Layer in just a few minutes!

What is X Layer? — A zkEVM Layer 2 Network Built by OKX

X Layer is an EVM-compatible ZK-based Layer 2 network developed by OKX, one of the biggest crypto exchanges by daily trading volume (both spot and derivatives), custodying over US$22 billion of crypto on its platform. It is strategically designed to bring OKX’s 50 million global users to the decentralized Ethereum ecosystem, offering them an all-in-one portal to the vast world of Web3. It also allows developers to easily integrate with the exchange’s suite of products including its wallet.

Of course, OKX’s existing customers are not the only ones who can benefit from this new Layer 2 network. As a ZK-powered scalability solution, it introduces enhanced scalability, reduced transaction fees, the inherited security of Ethereum, and near-instantaneous transaction finality to all its users.

Since its public introduction in November 2023, Pheasant Network has been a steadfast supporter of X Layer, launching testnet bridges shortly after its release. A few months back, we actively participated in various ecosystem campaigns during the testnet. This collaboration has been mutually beneficial, paving the way for a thriving developer community on the Layer 2 network.

The Offspring of OKX and Polygon’s Collaboration

At its core, X Layer is the product of a collaborative effort between OKX and Polygon Labs, and the driving force behind it is Polygon Chain Development Kit (CDK). The Polygon CDK, developed by Polygon Labs, is an open-source, modular software framework designed to facilitate the building of ZK-based Layer 2 solutions. It equips developers with a comprehensive toolkit for designing highly customizable L2 solutions that are compatible with the EVM, ensuring the secure availability of data.

Furthermore, the Polygon CDK brings unified liquidity to all networks developed with it, using its ZK-based bridges for smooth and fluid asset transfers among them. This approach is key to realizing the project’s ambitious “Polygon 2.0” vision, which aims to create a more interoperable and more interconnected ecosystem of Layer 2 and Layer 3 solutions driven by ZK technology.

Since its debut six months ago, the CDK has quickly been adopted by several leading companies and projects within the blockchain space, with X Layer standing out as one of its most prominent networks. Pheasant Network plans to integrate more networks from the expanding Polygon 2.0 ecosystem, further endorsing our confidence in CDK’s capacity to drive the development of diverse Layer 2 solutions.

Bridge as a Keystone in the Multi-Layered Ethereum Ecosystem

X Layer represents the first network we’ve integrated that is built using the Polygon CDK. It also stands as our second Layer 2 developed by a centralized exchange, following the introduction of Coinbase’s Base. Additionally, it marks the third scalability solution from the Polygon family, coming after Polygon PoS and its zkEVM.

As the number of building kits such as Polygon CDK continues to grow, it becomes increasingly easier and more straightforward for non-Ethereum native projects like OKX to develop their own Layer 2 and Layer 3 solutions. This proliferation of networks catalyzes the transformation of Ethereum into a multi-layered and multi-network ecosystem. Consequently, this complex ecosystem necessitates a robust means of connectivity between the various Layer 2 and Layer 3 networks. This is where the significance of third-party bridge projects like Pheasant Network escalates, serving as an essential component that enhances interoperability within the Ethereum landscape.

We have more exciting announcements on the horizon, so make sure to subscribe to our blog, follow us on X, and join our Discord to ensure you don't miss out on our latest updates!

About Optimistic Bridges

Optimistic bridges, inspired by the design of optimistic rollups, allow users to transfer tokens from one chain to another in an “optimistic” manner. Optimistic transfers mean that the protocol does not require Ethereum to verify all of the bridge transactions but checks only fraudulent-looking ones. This mechanism is similar to how optimistic rollups work, where the protocol approves all transactions executed on Layer 2 by default and triggers the verification process on the Layer 1 level only when something suspicious is found. This structure leads to a drastic cut in gas fees and a higher degree of decentralization, enhancing the scalability and interoperability of the Ethereum ecosystem.

About Pheasant Network

Pheasant Network is an optimistic bridge network inspired by the idea of optimistic rollups. We aim to bring the concept to bridge architecture to address Ethereum’s interoperability challenges as well as scalability issues. Our robust security system and cost-effective design enable cheaper and faster asset transfers between Ethereum and Layer 2 networks while ensuring security and decentralization. We believe that optimistic solutions are the answer to future bridge development.

Website | GitHub | Docs | Blog | Mirror | Twitter | Discord | Telegram | Galxe | L2 Learn

Just a few months ago, we launched L2 Learn, the industry’s first learning platform dedicated to Layer 2 and its associated technologies. Designed as a comprehensive hub, this platform enables users to learn everything Layer 2 has to offer, all in one place. Since its debut, L2 Learn has attracted a diverse group of thousands of users, from crypto newcomers making their first token purchases to blockchain veterans seeking to expand and deepen their expertise.

Despite the successful launch and positive community response, V1 was not without its imperfections—a common scenario in software development. It lacked many critical features that both users and our development team had wanted. Recognizing the need for improvement, today, we are thrilled to announce that L2 Learn V2 is now live! This update introduces four major upgrades aimed at dramatically improving both usability and accessibility, directly responding to the community’s needs.

The enhancements include:

• Dark mode

• Text-to-speech (TTS)

• Multiple language support

• Improved mobile navigation

Let’s take a closer look.

V2 New Features Overview:

Dark Mode

Recognizing that users often spend extended periods on screens during e-learning, we prioritized introducing dark mode, one of our most requested features, to enhance the user experience and encourage continuous learning. With the release of V2, users can now turn on the easy-on-the-eyes dark mode by simply clicking the moon icon at the top-right corner of the screen. This activation switches the interface to a user-friendly dark theme, with Pheasant’s iconic green color accentuating important navigation elements, active learning modules, and key information.

Text-to-Speech (TTS)

This highly demanded feature enables users to listen to lessons by clicking the ‘Listen’ icon located below the title on each page, allowing them to multitask effectively and study during commutes, workouts, or other daily activities. Utilizing the Web Speech API and implemented using React, our TTS feature allows learners to adjust the playback speed and pause whenever necessary.

This implementation is particularly motivated by the needs of auditory learners within our team, who absorb information more effectively through listening rather than reading. This trait is not uncommon; studies suggest that up to about 30% of the population are auditory learners like them. For these individuals, engaging with a purely text-based learning platform can be daunting and exhausting.

Moreover, we recognized that providing only text-based content fell short of inclusivity and accessibility standards. We are pleased to have introduced this feature early in the development process, ensuring it caters to a wider range of learning preferences.

Multiple Language Support

Crypto has become a global phenomenon, experiencing significant adoption across non-English-speaking regions, including Asia, Africa, and South America. These areas are often at the forefront of blockchain development, as many residents turn to the technology as an alternative to inadequate existing systems.

This widespread adoption underscores the critical need for multilingual support, enhancing accessibility and usability for users worldwide. In alignment with our mission to facilitate global adoption of Layer 2 technology, we have expanded L2 Learn to include support for 17 additional languages. To switch languages, simply click the ‘Language’ button located in the footer of the page and select your preferred language.

The supported languages are:

• English

• Español (Spanish)

• Português (Portuguese)

• Deutsch (German)

• Italiano (Italian)

• українська (Ukrainian)

• Nederlands (Dutch)

• Polski (Polish)

• Русский (Russian)

• Türkçe (Turkish)

• हिन्दी (Hindi)

• 한국어 (Korean)

• 中文(简体) (Simplified Chinese)

• 中文(繁體) (Traditional Chinese)

• 日本語 (Japanese)

• Bahasa Indonesia (Indonesian)

• Tiếng Việt (Vietnamese)

• ภาษาไทย (Thai)

Note: L2 Learn does not guarantee the accuracy of the content in any language other than English.

Improved Mobile Navigation

The V2 update introduces significant improvements to the mobile site, better catering to diverse learning styles. These include a refined navigation menu, easier switching between profile pages, the addition of dark mode, and streamlined access to Pheasant Bridge.

These enhancements make learning through the mobile site more casual and accessible. There’s no need to sit formally at your desk; simply open your phone and access L2 Learn anytime, anywhere. Learning should be inviting and approachable, not daunting.

Get Started, Now!

L2 Learn V2 is packed with highly demanded features. This upgrade not only enhances usability, thereby boosting learning efficiency for existing users, but also expands accessibility, reaching user bases previously untapped. As we strive to onboard the next billion users to Layer 2 and aid in the wider adoption of Ethereum and Layer 2 networks, enhancing accessibility is not just an option—it’s a necessity.

To explore our new features and deepen your knowledge of Layer 2, head over to L2 Learn and start your learning journey today. The platform offers high-quality content and awards SBT certificates upon course completion. Additionally, you can connect with like-minded individuals, taking full advantage of its social platform aspect.

The V2 upgrade results directly from the community’s feedback. If you have any suggestions or proposals, we invite you to share your thoughts with us on Discord. Your feedback is essential and accelerates our progress toward a successful and thriving service.

Have fun learning!

About L2 Learn

L2 Learn is a comprehensive, social educational platform that focuses on Layer 2 technology. Our main goal is to demystify the concept of Layer 2 and its associated technologies using learner-friendly language, making it the perfect starting point for your journey into the Layer 2 world. L2 Learn goes beyond being a learning hub and serves as a DID (decentralized identifier) platform. You can record your learning activities on-chain and earn certificates in the form of SBT, soulbound tokens. This design ensures that your learning achievements are permanently stored and can be verified on-chain, turning your wallet into a decentralized identifier.

Website | GitHub | Docs | Blog | Mirror | Twitter | Discord | Telegram | YouTube | Galxe | Pheasant Network

Monthly Overview

March was an eventful month for both Pheasant Network and the wider Ethereum ecosystem, which underwent one of its most significant upgrades since the Merge—the Dencun upgrade. This eagerly awaited upgrade, which implemented EIP-4844 also known as Proto-Danksharding aimed at improving efficiency and scalability, has dramatically reduced transaction fees across Layer 2 networks. The benefit of this improvement extends beyond rollups; our own Pheasant Network bridges have also experienced a noticeable decrease in gas fees for transactions involving Layer 2 networks.

Boosting the momentum generated by the Dencun upgrade, we launched a large-scale marketing campaign in March, titled “Pheasant Voyage.” In collaboration with the Linea ecosystem, the campaign’s first round, “Flight to Linea,” successfully drew thousands of participants, marking a promising beginning.

The positive sentiment across the Layer 2 ecosystem is mirrored in network metrics. As reported by DeFi Llama, by the end of March, the TVL across all Layer 2 networks has seen an increase, despite a minor drop in the Ethereum mainnet’s TVL. A particularly noteworthy change in the chart since last month is the emergence of Blast, a newly rising optimistic rollup. Since its mainnet launch last month, Blast has quickly attracted a substantial user base and asset pool, securing its position as the second-largest Layer 2 network by TVL, just behind Arbitrum, which has maintained the lead for several months.

• Ethereum: 57.02%

• Arbitrum: 3.55%

• Blast：1.45%

• Base：1.24%

• Polygon: 1.15%

• Optimism: 1.08%

For further details, visit our official channels:

Website | GitHub | Docs | Blog | Mirror | Twitter | Discord | Telegram | Galxe | L2 Learn

March’s Key Focus

SDK Development Progress

We made improvements to the alpha version of the SDK released in February, achieving steady progress throughout March. The SDK now supports Ethers.js, expanding beyond its initial compatibility with Web3.js. It is also now implemented on Pheasant Network’s canonical website.

Rebalance Script Improvement

Another important technical update in March was the improvement to the rebalance script. As a platform featuring liquidity-based bridges, Pheasant Network requires relayers to periodically rebalance their assets deposited in the contracts to avoid a heavy imbalance between two networks and ensure smooth transfers. The process is automated within Pheasant’s protocol, and we’ve enhanced its script to increase efficiency.

Optimism Demo Day

On the business front, Tomo, our CEO, participated in Optimism’s Demo Day, their weekly event held on Discord where projects built on Optimism have the opportunity to present their work to the community. During the March 14th session, Tomo discussed the general mechanism and benefits of optimistic bridges and introduced our newly launched learning platform, L2 Learn, as part of our contribution to creating public goods in the Optimism ecosystem. The demo has been archived on our official YouTube channel.

Pheasant Network🪽

@PheasantNetwork

Tomo our CEO will be attending @Optimism Demo Day to meet and mingle with everyone in the community Let's celebrate Blob!

It is today at 4pm UTC. If you can make it, join the Optimism's Discord

discord.com

Join the Optimism Discord Server!

Meet the co-founder for your next project, get technical support, or just hang out and vibe with the Optimism community. | 141334 members

8

11:41 PM • Mar 13, 2024

Homepage Development

Although we have always been a product-first team, the maturation of product development has allowed us to begin developing our homepage. Planned for release in a few months, this homepage will serve as the face of our project and a hub for all information related to our products and services.

Gas Fee Reduction Due to the Dencun Update

The Ethereum mainnet completed the Dencun upgrade on March 13th, implementing EIP-4844, also known as Proto-Danksharding. This upgrade introduced “blobs”—cheap and temporary storage units for transaction data—with the primary aim of reducing the cost of transactions related to Layer 2 networks. The impact of this upgrade was immediate and significant, reducing the cost of Pheasant bridges from Optimism to other L2 networks to as little as 0.000004 ETH (about $0.015).

Pheasant Network🪽

@PheasantNetwork

Now, @Optimism -> L2s fee is super low with Pheasant!
pheasant.network

It's just 0.000004 ETH ($0.015), so this is the power of...

2

11:52 PM • Mar 13, 2024

Pheasant Voyage—Flight to Linea

Last month marked the successful launch of our new initiative, Pheasant Voyage, a major-scale marketing campaign series across the Ethereum ecosystem, collaborating with a different Layer 2 ecosystem in each round. In its first season, we partnered with Linea’s ecosystem, inviting projects built on it to participate. While still ongoing, the initiative’s first weeks have attracted thousands of participants from both Pheasant and Linea ecosystems and have encouraged dozens of projects on Linea to join us.

Pheasant Network🪽

@PheasantNetwork

Pheasant Voyage—Flight to @LineaBuild "Week 0: Prep Week" has begun!

galxe.com/pheasantnetwor…

Pheasant XPs become an important metric for evaluating your activities in the futureLet's Warm Up!

416

6:30 AM • Mar 14, 2024

Development Updates

Our latest progress includes the following:

• Released v2 of L2 Learn on the testnet

• Recruited additional Discord moderators to support the network’s expansion

• Developed a demo website for testing the SDK

• Conducted research on emerging networks and projects

Product Metrics

• Number of Monthly Transactions: 4,208

• Value of Monthly Transactions: 394.54

• Number of Active Wallets: 2,887

• Community Member Count (across X, Discord, and Galxe combined): 128,173

Network Share

CEO’s Comment

Last month, Pheasant network and the broader Layer 2 ecosystem experienced several pivotal events, among which the successful completion of the Dencun upgrade stands out as a significant achievement we’d like to celebrate with our community. We believe the substantial decrease in gas fees on Layer 2, brought about by this upgrade, will lead to increased asset inflow to Layer 2. This bodes well for bridges like Pheasant that support Layer 2 networks. As always, our commitment is to provide an open and seamless gateway to the Layer 2 ecosystem, which is now better equipped to serve the next billion users thanks to this promising upgrade.

Shifting focus to our own efforts, our project achieved a number of important milestones in development, such as the release of the SDK and the launch of Pheasant Voyage. Although we focus some initiatives on business and community engagement, our core has always been product development, aimed at building robust technology.

Greetings, Pheasant Community,

Having launched in mid-March, our “Pheasant Voyage—Flight to Linea” initiative is now in full swing. As we enter the second week, starting on March 28th, we’d like to extend a warm invitation to our community members to join the party, as this stage promises to be even more thrilling! Missed the first week? No worries. There are still plenty of activities and rewards awaiting you. So, prepare to come aboard and join the adventure!

The second week of Pheasant Voyage is all about bridging. In preparation for the third week, when you’ll be asked to complete some on-chain tasks on Linea’s network, the task for Week 2 involves bridging assets to Linea. Before we dive deeper into this week’s activities, let’s take a moment to reflect on our journey so far and recap the highlights of this round.

What is Pheasant Voyage?

Pheasant Voyage is a series of initiatives led by the Pheasant team and hosted on Galxe. For each round, we’ll partner with a different Layer 2 ecosystem to invite projects built on it to participate. These projects will set tasks for users, giving them opportunities to explore and interact with the projects through these tasks.

Launched in partnership with the Linea ecosystem, Flight to Linea marks the first round of the Pheasant Voyage series. Among the many projects hosted on Linea, dozens have officially confirmed their participation.

Each round of Pheasant Voyage consists of a preparation week followed by four main weeks. Each week has a specific goal and set of tasks designed to engage users with the projects in exciting ways. The schedule and overview of the Flight to Linea round is as follows:

Week 0: Prep Week (Closed)

• Date: March 12th, 10:00 AM - March 19th, 10:00 AM (UTC)

• Description: A warm-up phase for participants to get familiar with Pheasant Network and its ecosystem.

Week 1: Social Week (Closed)

• Date: March 19th, 10:00 AM - March 26th, 10:00 AM (UTC)

• Description: The initial week of the round, during which the participating projects’ social tasks are launched.

Week 2: Bridge Week (Next!)

• Date: March 28th, 10:00 AM - April 7th, 10:00 AM (UTC)

• Description: Users prepare for upcoming activities by moving assets to the Layer 2 network. Details are provided below:

Week 3: Coming soon…

Week 4: Coming soon…

The Voyage to Date

Pheasant Voyage’s collaboration with the Linea ecosystem has gotten off to a strong start, with the initial phases—Week 0 and Week 1—experiencing a rapid surge in enthusiasm from both the Pheasant and Linea communities. This wave of excitement has led to thousands of individuals participating in the event so far. During these first two stages, participants were encouraged to follow us and over 10 participating projects from the Linea ecosystem on social media to receive exclusive rewards and prepare for the upcoming weeks.

Pheasant Network🪽

@PheasantNetwork

Pheasant Voyage—Flight to @LineaBuild "Week 0: Prep Week" has begun!

galxe.com/pheasantnetwor…

Pheasant XPs become an important metric for evaluating your activities in the futureLet's Warm Up!

416

6:30 AM • Mar 14, 2024

We extend our heartfelt thanks to everyone who has participated in the first two phases and helped spread the word. Your contributions have been so powerful; they played a crucial role in amplifying our message and engaging an even wider audience. The significant interest in the Flight to Linea round has propelled our initiative to the top feature on Linea’s ecosystem activation page!

Pheasant Network🪽

@PheasantNetwork

Pheasant Voyage—Flight to @LineaBuild "Week 1: Social Week" has begun!

galxe.com/pheasantnetwor…

Dive into the community of fascinating projects in the Linea ecosystem! Earn massive amounts of Pheasant XPs

153

10:19 AM • Mar 19, 2024

What’s Coming for Week 2?

Building on the momentum from the first two weeks, Week 2 introduces a crucial bridging task. We know you all can’t wait to venture into Linea’s vast ecosystem, but there’s one more step to take before starting your exploration—securing assets. To interact with any projects participating in Pheasant Voyage, you must have some ETH on Linea. Therefore, during the second week, we’ve assigned the task of transferring your assets to Linea using Pheasant bridges, setting the stage for on-chain activities in the week ahead.

Inspired by the optimistic protocol used in rollup technology, Pheasant bridges provide a fast, secure, and cost-effective method for asset transfer, offering an easy and seamless gateway into Linea. Our network enables bridging between both Layer 1 and Layer 2 networks, as well as among various Layer 2 networks, so as long as you have ETH on one of the 9 supported networks—Ethereum, Arbitrum One, Base, OP Mainnet, Polygon, Polygon zkEVM, Scroll, zkSync Era, and Mode—you can participate in this phase to move ETH to Linea and qualify for rewards.

Unsure how to use Pheasant bridges? Worry not. Our bridge interface is designed to be intuitive and straightforward, guiding you through each step of the process. For those new to bridging assets, we’ve also prepared a detailed, hands-on guide accessible directly on the task page, ensuring you have all the information needed for a smooth asset transfer experience.

Below are the details for Flight to Linea Week 2:

• Task: Transfer any amount of ETH from a network supported by the Pheasant Network using a Pheasant Bridge. Your task completion status will be verified automatically every 12 hours.

• Period: March 28th, 10:00 AM - April 7th, 10:00 AM (UTC)

• Rewards: Earn Pheasant XP Points. The more frequently you transfer ETH, the more XP points you accumulate.

For further details, please consult this guideline.

What Can I Get for Completing Tasks?

Participating in Pheasant Voyage rewards you with more than just a deeper understanding of the projects on Linea. Attractive incentives await those who engage:

• Pheasant XP: Earn points through Galxe that may become an important metric for evaluating your activities within the Pheasant ecosystem in the future. More XP points are allocated for this week than in the previous two stages.

• USDC: Throughout the series, we have allocated a total of more than $30,000 in USDC as rewards, ensuring that your efforts are tangibly appreciated.

• Limited NFTs: We offer unique and exclusive NFT to participants who complete all the tasks. Limited NFT claming will be announced after Week 4.

Gear Up for the Voyage to Linea

The Flight to Linea round of Pheasant Voyage is hitting a high note. To keep this momentum going, we’re inviting you to join us on the next phase of this thrilling journey starting March 28th. To participate in this initiative and qualify for rewards, simply visit the Galxe page and complete the listed task.

Stay updated with Pheasant Voyage by following us on X, subscribing to our blog, and joining our Discord channel. We’re excited to see you participate in our adventures. Don't miss out on this unique opportunity—embark on the voyage with us today!

About Optimistic Bridges

Optimistic bridges, inspired by the design of optimistic rollups, allow users to transfer tokens from one chain to another in an “optimistic” manner. Optimistic transfers mean that the protocol does not require Ethereum to verify all of the bridge transactions but checks only fraudulent-looking ones. This mechanism is similar to how optimistic rollups work, where the protocol approves all transactions executed on Layer 2 by default and triggers the verification process on the Layer 1 level only when something suspicious is found. This structure leads to a drastic cut in gas fees and a higher degree of decentralization, enhancing the scalability and interoperability of the Ethereum ecosystem.

About Pheasant Network

Pheasant Network is an optimistic bridge network inspired by the idea of optimistic rollups. We aim to bring the concept to bridge architecture to address Ethereum’s interoperability challenges as well as scalability issues. Our robust security system and cost-effective design enable cheaper and faster asset transfers between Ethereum and Layer 2 networks while ensuring security and decentralization. We believe that optimistic solutions are the answer to future bridge development.

Website | GitHub | Docs | Blog | Mirror | Twitter | Discord | Telegram | Galxe | L2 Learn

In the dynamic landscape of Ethereum with new Layer 2 networks emerging almost every week, have you felt the urge to dive into these networks but found yourself hesitating, unsure where to begin? Or perhaps you’ve discovered a network that perfectly matches your values and aesthetic, but the vast selection of apps and products it offers throws you off?

If this sounds familiar, you’re in luck. Today, we’re excited to announce the launch of Pheasant Voyage, a series of month-long adventures in partnership with various Layer 2 ecosystems. The goal is to guide users on voyages to Layer 2 networks and encourage them to explore dapps on these platforms.

Our first journey is set for Linea, an industry-leading zkEVM rollup hosting hundreds of dapps. Titled “Flight to Linea,” this adventure is scheduled to take off on March 14th on Galxe. There will be rewards for participants including limited NFTs and Pheasant XP. Additionally, over 30K in USDC has been allocated to be distributed as rewards throughout the initiative. So come aboard and don’t miss out on this opportunity!

Pheasant Voyage-Flight to Linea by Pheasant Network | Galxe Quest

Join Pheasant Voyage-Flight to Linea by Pheasant Network on Galxe. Earn rewards to enhance your web3 presence and reputation.

https://app.galxe.com

What is Pheasant Voyage?

Pheasant Voyage is a series of initiatives led by the Pheasant team and hosted on Galxe. For each round, we’ll partner with a different Layer 2 ecosystem to invite projects built on it to participate. These projects will set tasks for users, giving them opportunities to explore and interact with the projects through these tasks.

The aims of Pheasant Voyage are:

• Enhance visibility and spark interest in projects in the Layer 2 ecosystem

• Bolster their communities by fostering engagement and participation

• Offer users a seamless entry point to new networks and the dapps they host

Each round of Pheasant Voyage consists of a preparation week followed by four main weeks. Each week has specific goals and a set of tasks designed to engage users with the projects in meaningful ways:

• Week 0: Prep Week — A warm-up phase to get participants familiar with Pheasant Network and its ecosystem.

• Week 1: Social Week — The initial week of the round, during which the participating projects’ social tasks are launched.

• Week 2: Bridge Week — The second week is all about bridging. Users prepare for upcoming activities by moving assets to the Layer 2 network.

• Week 3: Coming soon…

• Week 4: Coming soon…

What is Pheasant Voyage’s Flight to Linea?

Launched in partnership with the Linea ecosystem, “Flight to Linea” marks the first round of the Pheasant Voyage series. For those unfamiliar, Linea is a cutting-edge ZK-rollup network developed by ConsenSys that is fully compatible with the EVM. Among the plethora of projects hosted on Linea, dozens of them have officially confirmed their participation in this event. Through a series of quests provided throughout the course, users have the opportunity to both learn about these exciting projects and experience them firsthand.

The ‘Flight to Linea’ round will kick off on March 14th at 10:00 AM (UTC) and last until April 24th at 10:00 AM (UTC). Below is the detailed schedule:

• Week 0 (Warm-up): March 14th, 10:00 AM - March 19th, 10:00 AM (UTC)

• Week 1 (Social): March 19th, 10:00 AM - March 26th, 10:00 AM (UTC)

• Week 2 (Bridge): March 28th, 10:00 AM - April 7th, 10:00 AM (UTC)

• Week 3: Coming soon…

• Week 4: Coming soon…

Week0: Get Ready to Fly! by Pheasant Network | Galxe Quest

Join Week0: Get Ready to Fly! on Galxe. Earn loyalty points by contributing to Pheasant Network and enhance your web3 presence and reputation.

https://app.galxe.com

What to Expect for Week 0?

Each round of our series begins with Week 0, serving as the prep phase. During this time, we introduce easy and casual tasks as a warm-up, designed to be the perfect entry points for engaging with our and the Layer 2 communities. Though it’s labeled as Week 0, it’s just as important as the subsequent weeks, offering Pheasant XP rewards that you can only be eligible for by completing all the tasks during this week.

Tasks for Week 0 of Flight to Linea include:

• Follow Pheasant on Galxe Space

• Follow Pheasant on X

• Repost and like Pheasant’s post about this voyage

Rewards:

• Pheasant XP

For more details, please refer to this Galxe page. Information about the subsequent weeks will be made available as each week concludes. To get a full picture of Pheasant Voyage, this guideline may also be useful.

What Can I Get for Completing Tasks?

Participating in Pheasant Voyage offers more benefits than just becoming familiar with the projects on Linea. There are attractive rewards awaiting participants:

• Pheasant XP: These points will be granted through Galxe and may become an important gauge for evaluating your activities within the Pheasant ecosystem in the future.

• USDC: Throughout the series, a total of more than $30,000 worth of USDC has been allocated for rewards, ensuring that your efforts are tangibly appreciated.

• Limited NFTs: We offer unique and exclusive NFT to participants who complete all the tasks. Limited NFT claming will be announced after Week 4.

Join Our Voyage Now!

Week 0 of our voyage to Linea will begin on Galxe in a minute. If you’re eager to explore the expansive ecosystem of Linea, start by completing this week’s tasks to qualify for the Pheasant XP reward. We’ll be sharing updates on the Pheasant Voyage across our official social media platforms. Make sure to follow us on X, subscribe to our blog, and join our Discord channel to stay up-to-date. We’re excited to see you participate in our thrilling voyages. Don’t miss this unique opportunity—join our voyage now!

About Optimistic Bridges

Optimistic bridges, inspired by the design of optimistic rollups, allow users to transfer tokens from one chain to another in an “optimistic” manner. Optimistic transfers mean that the protocol does not require Ethereum to verify all of the bridge transactions but checks only fraudulent-looking ones. This mechanism is similar to how optimistic rollups work, where the protocol approves all transactions executed on Layer 2 by default and triggers the verification process on the Layer 1 level only when something suspicious is found. This structure leads to a drastic cut in gas fees and a higher degree of decentralization, enhancing the scalability and interoperability of the Ethereum ecosystem.

About Pheasant Network

Pheasant Network is an optimistic bridge network inspired by the idea of optimistic rollups. We aim to bring the concept to bridge architecture to address Ethereum’s interoperability challenges as well as scalability issues. Our robust security system and cost-effective design enable cheaper and faster asset transfers between Ethereum and Layer 2 networks while ensuring security and decentralization. We believe that optimistic solutions are the answer to future bridge development.

Website | GitHub | Docs | Blog | Mirror | Twitter | Discord | Telegram | Galxe | L2 Learn

Monthly Overview

February proved to be an exceptionally productive month for Pheasant Network, marked by two major alpha releases: the SDK and L2 Learn. The SDK launch, which has been the central focus of our recent efforts, represents a significant milestone in our development journey. In its initial alpha launch, it offers support for web3.js, with plans for future expansion to include ethers.js. Simultaneously, our flagship educational platform specializing in Layer 2 technologies, L2 Learn, made its public debut. Despite being in its alpha phase, L2 Learn has already successfully engaged hundreds of users worldwide.

In contrast to the forward momentum within Pheasant’s development activities, the broader Layer 2 landscape experienced a slower pace in February. While the Ethereum mainnet continues to dominate the DeFi market, showing a modest increase in TVL, according to the latest data from DeFi Llama, a slight decline was observed across all Layer 2 networks, including Arbitrum, Polygon, and Optimism. Looking ahead, we expect a change in tide with the upcoming Dencun update on the mainnet, which is anticipated to significantly influence the entire Layer 2 and Ethereum ecosystem.

For further details, visit our official channels:

Website | GitHub | Docs | Blog | Mirror | Twitter | Discord | Telegram | Galxe | L2 Learn

February’s Key Focus

Alpha Release of Pheasant SDK

Last month’s standout achievement was the unveiling of the alpha version of the Pheasant SDK, a pivotal step in enhancing our bridges’ accessibility and integration capabilities. This development enables developers to integrate Pheasant’s bridging technology into their own products and services, extending the reach beyond our canonical site. While support is currently limited to web3.js, we have plans to expand compatibility to ethers.js in the near future.

Alpha Release of L2 Learn

February also saw the alpha launch of L2 Learn, an educational platform focused on Layer 2 technologies and their relevant concepts including bridges. This release came after a limited testing phase initiated a couple of months ago for pre-registered early adopters. L2 Learn provides comprehensive insights into Layer 2 solutions and awards SBT certificates upon course completion, which are issued across all networks supported by Pheasant Network.

L2 Learn🎓 Social Learning Hub / Live now!

@l2learn_io

3, 2, 1... Dive into Layer 2!

The day has finally arrived: Your Ultimate Social Learning Hub for Layer 2, aptly named "L2 Learn", is now LIVE!
l2learn.io

Give this blog just 5 minutes, and deep dive into L2 Learn today

mirror.xyz

Introducing L2 Learn: Your One-Stop Social Learning Hub Is Here

L2 Learn is a comprehensive, social educational platform that focuses on Layer 2 technology. L2 Learn goes beyond being a learning hub and serves as a DID (decentralized identifier) platform.

36

9:09 PM • Mar 7, 2024

Integration with Mode Mainnet

This month marked the start of our support for Mode, a modular DeFi Layer 2 solution developed using Optimism’s OP Stack. Despite being a recent addition to the L2 landscape, Mode has quickly captured attention, especially with the announcement of its Layer 3 initiative shortly after its mainnet launch. Mode represents the third network from Optimism’s Superchain to connect with the Pheasant ecosystem, following Optimism Rollup and Base.

https://mirror.xyz/0x0CdeF21714e12A518B818C9a70c7AA39D4A69974/CGgNHI875Ue0IuDRt8YLd-Cr_5CIwWVgF1cLzddTNiE

Pheasant Network🪽

@PheasantNetwork

Pheasant Network is now live on Mode’s @modenetwork mainnet!!

Pheasant provides cheaper and faster txs to Mode through the optimistic power. Don't miss out on this big wave!

Integrating Mode: A Community-Driven, Cooperative Layer 2 :

mirror.xyz

Integrating Mode: A Community-Driven, Cooperative Layer 2

We are thrilled to announce the integration of Mode, a new Layer 2 network with a strong focus on community-driven growth.

21

1:07 AM • Feb 20, 2024

Campaign Rollout

In February, we launched several marketing campaigns to extend our outreach. These included:

• Linea Park: A collaborative campaign with the Linea ecosystem.

• Cupid’s Carnival: A Valentine’s Day-themed event hosted on TaskOn.

• Sprint: A campaign that rewarded participants with the Sprinter role on Discord.

As our product matures, we are dedicating more resources to expand our user base. In the upcoming month, we plan to launch a major campaign titled “Pheasant Voyage,” expected to attract hundreds of new users to our network.

Development Updates

• Tested the refactored code to enhance relayer performance on the testnet

• Entered the final stage of planning for the Pheasant Voyage

• Began designing a hub website for the entire project

• Started the development of L2 Learn v2

• Improved the rebalance tool to enhance bridge liquidity

Product Metrics

• Number of Monthly Transactions: 4,549

• Value of Monthly Transactions: 563 ETH

• Number of Active Wallets: 5,669

• Community Member Count (across X, Discord, and Galxe combined): 130,288

(As of the end of February)

Network Share

CEO’s Comment

We are excited to announce the launch of the SDK, a milestone that marks a significant step forward in our bridge development efforts over the past few months. However, we recognize that the true value of the SDK is dependent on strong transaction activity and liquidity across our bridges. To fully unleash the SDK’s potential, our dev and biz teams are working together closely to attract more users and increase transaction volumes, with the goal of enhancing the success of the Ethereum ecosystem as a whole.

February was an exceptional month that fostered a sense of unity within our core team, especially highlighted by our chance to meet in person. This gathering was not just an opportunity for our team to strengthen bonds but also allowed us to organize a meetup that attracted numerous developers interested in our project, significantly deepening our community ties.

Although the TVL in the Ethereum ecosystem experienced a slight decline last month, the broader crypto market is showing promising signs of growth, with increases in both prices and market capitalization. This positive trend motivates us to press forward with our roadmap goals. We’re eager to share more about our upcoming initiatives soon.

Layer 2 technology has been a game-changer in Ethereum development, making network congestion a thing of the past. This cutting-edge technology is poised to solve the long-standing problem known as blockchain’s trilemma, which has baffled developers for years. Without it, Ethereum’s future would most likely be uncertain.

Yet, despite its significance, a chasm remains. Many are reluctant to explore the L2 realm, put off by its intricate jargon and the lack of accessible resources. While Layer 2 might initially seem complex, however, with the right guidance, it’s more accessible than it appears.

This situation led us to create L2 Learn—a free, all-in-one learning platform where you can learn everything about Layer 2. From its history and definition to its inner mechanisms and details of individual projects, L2 Learn offers it all. No more sifting through disparate sources or hopping between platforms. Whether you’re a newcomer to the Layer 2 space or an experienced individual, our platform offers courses tailored to your level of expertise.

But L2 Learn goes beyond just being a learning hub. It’s a multifaceted platform that integrates RPG-inspired gamification, crypto-native functionalities, and DID services. Each component is carefully designed to empower learners to navigate the crypto space autonomously. With its entertaining elements, L2 Learn ensures learners remain engaged, fostering sustained attention and involvement.

If the last few paragraphs have piqued your intellectual curiosity, we invite you to explore our freshly-minted platform and select a course that resonates with your interests. Dive into L2 Learn today. If you’re unsure whether our service suits your needs, give this blog just 5 minutes. Read on, and let us showcase the unique features and benefits that distinguish L2 Learn from other crypto learning platforms.

Dive Deep into Layer 2 with Our Comprehensive Courses

The signature offering of L2 Learn is its comprehensive courses, which are divided into two categories: Basics of Layer 2 and Projects. The former delves into the essentials of Layer 2, encompassing prerequisites, clear definitions of key terms, and insights into the technology’s benefits and risks. The latter offers an overview of various L2 projects, paired with hands-on guides for real-world applications.

Upon launch, the ‘Basics of Layer 2’ category will offer 6 separate courses—Introduction to Layer 2, Layer 2 Fundamentals, Rollups, Optimistic Rollups, ZK-Rollups, and Bridges—listed in the order of beginner-friendliness. While you’re free to pick any course that interests you, following them in the suggested sequence will enrich your learning experience—particularly if you’re new to this domain.

Each course comprises several concise yet content-rich lessons, all accompanied by a review page and a concluding quiz to cement your understanding. Designed to be accessible to learners at any level, L2 Learn’s lessons avoid complex jargon and are abundant with visual aids, making the learning experience less intimidating. Thus, even a complete novice can easily begin their L2 learning journey, provided they are willing to engage.

Turning Learning into Fun, Not a Chore

At first glance, L2 Learn might appear to be just another common, basic learning platform. However, while we proudly offer high-quality educational content, what sets L2 Learn apart from other educational services is our unique features that turn learning into an enjoyable activity rather than merely an obligation.

Gamification Features

Beyond our standard courses and lessons, we have introduced RPG-style gamification features. For instance, learners can earn EXPs (experience points) for their progress and “level up” as they accumulate them. Additionally, they can acquire badges and skills upon reaching milestones, which will be displayed on their profile pages.

Social Media Aspect

L2 Learn incorporates social media features to cultivate a sense of community among learners, promoting knowledge exchange and networking. Learners can set up their profile page, using either their wallet address or a chosen username for the URL. This profile showcases their learning journey, which includes completed courses and lessons, their current level, acquired skills, badges, and certificates. Plus, learners can share their achievements on various social media platforms to inspire peers.

DID Platform

Being a crypto-native learning hub, L2 Learn also functions as a DID platform. DID, which stands for decentralized identifier, is a new digital pseudonymous identifier powered by blockchain technology. Think of DIDs as being similar to passports or driving licenses, but issued and verified without the need for third-party intermediaries. The user, via their crypto wallet, solely manages these identifiers, distinguishing them from traditional centralized ID systems.

Central to the DID system are SBTs or soulbound tokens, which are a special type of NFT (non-fungible token) that become non-transferable once sent to a wallet. They are ideal for representing a holder’s identity and credentials in a decentralized manner. For instance, SBTs can represent one’s educational background, career history, medical records, or participation in a DAO, giving the holder the power to confirm their identity to another entity via their wallet.

Being passionate advocates for decentralized ID technology, the Pheasant team has integrated the DID and SBT features into L2 Learn. After completing a course, you can mint an SBT representing your academic accomplishment on the platform. This token will be transferred to your wallet, becoming part of your digital pseudonymous identity.

As long as your wallet is linked to L2 Learn during sign-up, you can mint SBTs across all networks supported by the Pheasant Network, such as Ethereum, Optimism, Arbitrum, Base and in the future Polygon PoS, Scroll, zkSync, Linea, Polygon zkEVM, Taiko, Mode, X1 and Mantle.

Why Did We Create a Learning Platform?

L2 Learn offers a suite of features that streamline the introduction to the L2 landscape. However, what motivated us—a bridge project—to launch this learning platform? And what philosophies underpin its creation?

Our inspiration stems from a clear vision: as a bridge project and advocate for Ethereum, our mission is to serve as the primary gateway to the Layer 2 world to promote wider Ethereum adoption. This mission is not just about bridging the technological chasm but also addressing the psychological barriers.

Since our inception, we’ve worked passionately on establishing robust technological links between Ethereum and the L2 ecosystem, enhancing Ethereum’s scalability and connectivity. Today, our bridges span 10+ networks with over 300k transactions facilitated in total. However, technology alone cannot propel the next billion crypto users to embrace both Layer 2 and Ethereum.

Bridging the knowledge divide is equally essential. By making Layer 2 more approachable and demystifying its intricacies, we can inspire more individuals to harness this technology. The stakes are high; without widespread Layer 2 adoption, Ethereum’s future becomes uncertain. Even the most revolutionary technologies can go unused if overlooked by their intended users.

In essence, our goal always remains the same: to boost Ethereum’s scalability and adoption. Aware of the existing knowledge gap and leveraging our unique vantage point as a bridge project, we are committed to addressing this challenge.

Get Started Now!

If you’re ready to dive into the L2 world or just want to explore our gamification features, start with L2 Learn today! There’s no need for a tedious registration process involving email and password. Simply begin your journey into Layer 2 by choosing a course and lesson that sparks your interest.

We plan to enhance the scope and functionalities of L2 Learn in the future by introducing more courses. To stay updated on the latest developments, follow this blog, X, and join our Discord channel. For a deeper dive into L2 Learn's specifics, please refer to its Docs. We encourage you to stay in touch with us!

Thank you always for your continuous support. Together, let’s shape the future of Ethereum and Layer 2.

About L2 Learn

L2 Learn is a comprehensive, social educational platform that focuses on Layer 2 technology. Our main goal is to demystify the concept of Layer 2 and its associated technologies using learner-friendly language, making it the perfect starting point for your journey into the Layer 2 world. L2 Learn goes beyond being a learning hub and serves as a DID (decentralized identifier) platform. You can record your learning activities on-chain and earn certificates in the form of SBT, soulbound tokens. This design ensures that your learning achievements are permanently stored and can be verified on-chain, turning your wallet into a decentralized identifier.

Website | GitHub | Docs | Blog | Mirror | Twitter | Discord | Telegram | YouTube | Galxe | Pheasant Network

Today, we are thrilled to announce the integration of Mode, a new Layer 2 network with a strong focus on community-driven growth. As of today, Pheasant users can seamlessly transfer tokens into and out of Mode, enjoying a safe, fast, and cost-effective experience. This means that not only can users move assets across layers using our bridges, but they can also directly transfer tokens between Mode and other Layer 2 networks, bypassing Layer 1. This capability is enabled by our newly released L2-to-L2 bridge solution.

To move assets to or from Mode, users simply need to follow the easy-to-understand instructions in the Pheasant app. After choosing the appropriate source and destination networks, enter the transfer amount, and you’re all set. Speaking of the transfer amount, in response to user feedback, we’ve increased the transaction limit from 0.1 ETH to 1 ETH for all bridges, including Mode. This enhancement allows for larger transactions in a single go, leading to significant savings on gas fees. Experience our upgraded app today!

Third Network From the Superchain Family

Recently launched after a few weeks of the developer mainnet phase, the Mode mainnet represents the third network from Optimism’s Superchain network to connect to the Pheasant ecosystem, following Optimism Rollup and Base. The Superchain initiative, created by the Optimism team, aims to establish a network of Layer 2 and Layer 3 networks sharing foundational mechanisms such as communication methods, security, and decentralized governance. The objective of Superchain is to achieve unparalleled interoperability, scalability, and interconnectivity within the Ethereum ecosystem.

To facilitate the integration of chains into the Superchain, the Optimism team offers a set of modular, standardized, and open-source software components known as the OP Stack. This framework enables developers to build Layer 2 and Layer 3 networks on Superchain. An increasing number of networks are utilizing the OP Stack to create customized chains, thanks to its modularity and inherent interoperability, with Mode being one of the latest adopters.

Pheasant Network received 24579.48 OP at RetroPGF Round 3 from Optimism. And Mode has received the OP as well. This is a futuristic governance system of Optimism to support Public Goods, and it can be said that Pheasant and Mode, which are oriented toward Public Goods, are kindred spirits.

Cooperative Layer 2

Mode describes itself  as a “cooperative chain,” underscoring its community-led approach in nurturing collaboration among users, developers, and the network itself. In most decentralized Layer 2 networks, the sequencers, who manage transactions and liaise with Layer 1, receive all network fees. Mode, however, has instituted a unique reward system within its protocol. This system allocates a portion of the sequencer fees to users and developers, through referral earnings and a sequencer fee-sharing model, respectively. This innovative approach encourages more extensive participation and development on Mode, fueling network growth and fostering a positive feedback loop.

Mode’s commitment to cooperation isn’t limited to its technical infrastructure. With the public mainnet now operational, they’re launching a DeFi hackathon from December 5th to inspire developers to explore Mode’s potential, particularly its sequencer fee-sharing feature. Additionally, a comprehensive ambassador program has been rolled out for non-developers. Interested in being part of Mode’s evolving ecosystem? Participate in these programs and contribute to their success!

What’s Next For Pheasant Network?

Pheasant Network, driven by its community like Mode, is enthusiastic about Mode's mainnet launch and its integration into our network. We’re also poised to embrace more OP Stack-built networks from the Superchain family. With 2023 drawing to a close and 2024 on the horizon, we're preparing more exciting announcements. Stay tuned and follow us on X, Discord, and Mirror for the latest updates!

About Optimistic Bridges

Optimistic bridges, inspired by the design of optimistic rollups, allow users to transfer tokens from one chain to another in an “optimistic” manner. Optimistic transfers mean that the protocol does not require Ethereum to verify all of the bridge transactions but checks only fraudulent-looking ones. This mechanism is similar to how optimistic rollups work, where the protocol approves all transactions executed on Layer 2 by default and triggers the verification process on the Layer 1 level only when something suspicious is found. This structure leads to a drastic cut in gas fees and a higher degree of decentralization, enhancing the scalability and interoperability of the Ethereum ecosystem.

About Pheasant Network

Pheasant Network is an optimistic bridge network inspired by the idea of optimistic rollups. We aim to bring the concept to bridge architecture to address Ethereum’s interoperability challenges as well as scalability issues. Our robust security system and cost-effective design enable cheaper and faster asset transfers between Ethereum and Layer 2 networks while ensuring security and decentralization. We believe that optimistic solutions are the answer to future bridge development.

Website | GitHub | Docs | Blog | Mirror | Twitter | Discord | L2 Learn

Monthly Overview

Pheasant Network kicked off 2024 on a high note.

Our primary focus in January was completing the overhaul of our canonical website, a project initiated last year. Post-revamp, the website has functioned as intended despite a few minor bugs, significantly enhancing the user experience. Another highlight this January was securing a grant from Optimism’s funding program. This grant represents not just a financial boost but also our commitment to building public goods that contribute to the growth of Optimism’s ecosystem and beyond. We’re very honored to join the ranks of other innovative and forward-thinking grant recipients.

Shifting our perspective to broader Layer 2 network activities, DeFiLlama data, as of January, shows Ethereum maintaining its lead in Total Value Locked (TVL), with a 56.31% market share. Trailing behind are Arbitrum and Polygon, with 4.59% and 1.14% respectively, while Optimism contributes a noteworthy 1.39%. Despite little change in the TVL dynamics since last month, Ethereum’s ongoing Dencun update may positively impact Layer 2 networks. The introduction of Proto-Danksharding with the Dencun fork is anticipated to reduce gas fees for these networks, potentially increasing fund inflows.

For further details, visit our official channels:

Website | GitHub | Docs | Blog | Mirror | Twitter | Discord | L2 Learn

January’s Key Focus

Revamping the Canonical Website

January saw the smooth operation of our newly revamped canonical website. While minor bugs were identified, no major issues arose, and our bridges have been operating flawlessly. We would like to emphasize that the overhaul was driven by the community’s increasing demand, and most of the new features were added based on their direct feedback. Enhancements include:

• Dark mode addition

• Addition of address copy and disconnect features

• Top banner addition for announcements

• Modal window addition for network selection

• Display of receiving amounts on the destination network

• Improved visibility of transaction limits

• Direct transaction explorer links in the History section

• Mobile site optimizations

For more details, read our post on X.

Pheasant Network🪽

@PheasantNetwork

Pheasant's canonical website has been revamped! pheasant.network
Come on, let's see what has changed together.

1/ Look at the whole page first.
Dark mode
All Pheasanters can now switch between dark and light mode. This is a proposal from the Pheasant community.

Pheasant Network🪽

@PheasantNetwork

@PheasantNetwork's canonical website has been redesigned!!

What are the updates? pheasant.network
Share your insights and requests.

12

9:26 AM • Jan 11, 2024

Optimism’s RetroPGF Round 3

We were selected as one of the recipients for a grant from Optimism’s RetroPGF (Public Goods Funding) Round 3. This initiative, orchestrated by The Optimism Collective, Optimism’s DAO, is dedicated to distributing OP tokens to innovative builders and creators within the ecosystem to bolster the development of public goods through financial support. We have received 24,597.48 OP, and we are committed to reinvesting this in the growth of the Optimism ecosystem through our technology.

Pheasant Network🪽

@PheasantNetwork

Pheasant received 24,579.48 OP from @Optimism RetroPGF Round 3. We are honored to be recognized by the @retropgf community for our contributions to the Optimism ecosystem thus far.

The OP received this time will be returned to Optimism for future growth. Please continue to

Optimism

@Optimism

RetroPGF Round 3 results are here!

30M OP was granted to contributors building the public goods that power the Optimism Collective.

21

10:23 PM • Jan 11, 2024

X1 Testnet Tour

We participated in the X1 Testnet Tour, a campaign organized by X1, an emerging zkEVM-powered Layer 2 network developed by OKX. The campaign lasted several weeks and took place on Galxe. Pheasant Network joined as the official bridge partner, alongside other bridge projects, increasing awareness in the X1 ecosystem.

Development Update

Our latest progress includes:

• Progressing with the development of our public SDK

• Fixing bugs in L2 Learn

• Optimizing the relayer’s performance through code refactoring

• Setting out to plan Pheasant Voyage, a large-scale marketing campaign

Product Metrics

• Number of Monthly Transactions : 3,539

• Value of Monthly Transactions: 897 ETH

• Number of Active Wallets : 8830

• Community Member Count (across X, Discord, and Galxe combined): 131,104

(As of the end of January)

CEO’s Commentary

We are proud to have reached a significant milestone: the renewal of our website. With this task completed, we can now turn our attention to our next major objective, SDK development. We are also humbled to have been recognized in Optimism’s RetroPGF Round 3, a testament to our continuous effort and the community’s support in development. This award further motivates us to contribute to the growth of not only Optimism but also the entire Ethereum ecosystem.

February promises to be an exciting month for us as we plan to fully launch L2 Learn, a comprehensive learning hub for Layer 2 and related technologies. We eagerly anticipate contributing further to the development of Layer 2 solutions through the upcoming launch of L2 Learn, as well as our flagship bridge product.

In today’s special issue, instead of our usual monthly overview, we will look back on this year’s development as we prepare to embark on 2024. There’s so much to cover, so buckle up and let’s jump right in.

Yearly Highlight

The first year of Pheasant Network is nearing its end, marking a period of immense success, largely thanks to the continuous support from our community. In less than a year since the project’s inception, we achieved remarkable growth. Starting as a modest, newborn project founded by just two ambitious individuals, Tomo and Newki—the CEO and CTO respectively—the Pheasant Network has now turned into a vibrant ecosystem supporting more than 10 Layer 2 networks.

A major catalyst for this rapid growth was the grant from the Ethereum Foundation. We were the only project in the Layer 2 category in that round to receive this grant. This financial support, coupled with the mentorship from the Ethereum Foundation, enabled us to expand our team, now comprising about 10 ardent individuals in the crypto space. With increased manpower, we’ve successfully launched numerous bridge solutions and features, including the highly demanded L2-to-L2 bridges.

Our efforts are clearly reflected in our statistics. The monthly transaction volume soared from a mere 70 in April to 12,714 in December, an impressive increase of over 180 times. The community has also seen tremendous growth, expanding more than 150 times in less than a year. We’ve transformed from a small, cozy group of just over 450 members to a global, vibrant, and active community of over 68,000 people.

Pheasant Network🪽

@PheasantNetwork

Happy New Year, frens!
2022 was an extremely Optimistic year for the bridges. 2023 is sure to be another Optimistic plus Zero-Knowledge year Stay tuned!

9

8:00 PM • Jan 3, 2023

For further details, visit our official channels:

Website | GitHub | Docs | Blog | Mirror | Twitter | Discord | YouTube | L2 Learn

2023’s Key Focus

While a plethora of events marked this year, the following are our standout achievements of 2023:

• Integrated a Range of Layer 2 Networks: Successfully added support for various Layer 2 networks, including Optimism, Arbitrum, Linea, Base, zkSync, Polygon zkEVM, Scroll, Mantle, Taiko, Mode and X1.

• Launched Optimistic Bridges across Layer 2 Networks: Facilitated seamless transactions across different Layer 2 networks in addition to foundational bridges linking Layer 1 to Layer 2.

https://mirror.xyz/0x0CdeF21714e12A518B818C9a70c7AA39D4A69974/M41kuCLhu4rzrFp9Bx7wWDN-x4gXvBQSOalW61kVkGg

• Increased the Transaction Cap: Significantly raised the maximum limit for bridge transactions from the initial 0.1 ETH to 1 ETH.

• Underwent a Code Audit: Had our code audited by Quantstamp, a top audit firm in the industry.

• Revamped the Canonical Site: Comprehensively upgraded our website to better serve our expanding ecosystem, with an eye on future network integrations.

• Formed Strategic Collaborations in High-Profile Campaigns: Participated in Linea’s, Scroll’s and X1’s campaigns as their official bridge partner, enhancing our presence in prominent ZK-based rollups.

• Enhanced Focus on External Communications: Launched initiatives like this monthly recap newsletter and L2 Radio, marking our progress from a startup stage to a more growth-focused phase.

• Ramped Up Marketing Efforts: Leveraged external platforms like Galxe and TaskOn to amplify our growth and market presence, in line with our advancing protocol development.

• Selected for a Grant in EF’s Ecosystem Support Program: Proudly became the only project in the Layer 2 category to receive a grant in this round.

• Participated in ETH Global Tokyo Hackathon: Engaged in the ETH Global Hackathon held in Tokyo, winning prizes from Linea, Scroll, Polygon, and Polygon zkEVM.

• Engaged Globally in Industry Conferences: Actively participated in global conferences like Devconnect, DeFi Security Summit, and Ethereum Singapore, interacting with key industry figures and our community, and delivering speeches.

Blog and Speech Roundup

Alongside our protocol development efforts, we have also concentrated on disseminating insightful knowledge to the community by sharing technical insights through blogs and conference talks.

Blog Posts:

• What are optimistic bridges? -Overview and what they offer

• How Do Optimistic Bridges Work? — Deep Dive Into Pheasant Network’s Mechanism

• Multisig Bridges vs Optimistic Bridges — In-Depth Look at Security Mechanism of Pheasant Network

Conference:

• Ethereum Singapore

• DeFi Security Summit

• ETHTaipei

• ETHKL

Talks:

Product Metrics

• Number of Monthly Transactions (incl. testnet): 12,714

• Value of Monthly Transactions (incl. testnet): 1062.58

• Number of Active Wallets (incl. testnet): 3,786

• Community Member Count (across X, Discord, and Galxe combined): 68,333

CEO’s Commentary

We are approaching the end of our wild and adventurous first year. Amidst a downturn in the macroeconomy, the crypto market in 2023 was generally considered to be in a ‘winter season.’ Yet, despite these headwinds, the Layer 2 sector has not only persisted but also thrived. We’ve witnessed considerable strides in the development and enhancement of L2 infrastructures. In the face of a sluggish economy, the Ethereum ecosystem has demonstrated resilience with steady growth in TVL. The market continues to be buoyed by the strength of optimistic rollups, while the ZK domain is experiencing a surge of new projects launching on the mainnet.

Looking ahead to 2024, our team is filled with a blend of excitement and readiness. We are revving up for the upcoming era of not just Layer 2, but also Layer 3 and beyond. Our aim is to continuously enhance the Ethereum ecosystem, focusing on improving its seamlessness and interoperability. The journey ahead is full of potential, and we are committed to being at the forefront of these transformative developments in the blockchain space.

Monthly Overview

In November, we reached two major milestones in protocol upgrades: the launch of direct L2-to-L2 bridges on the mainnet and an increase in the transaction cap. These advancements, combined with our involvement as an official bridge partner in Linea’s DeFi campaign, significantly boosted network activity. The metrics for November surpassed those of October, with the total number of monthly transactions nearly tripling and the overall transaction value experiencing more than an eightfold increase.

This month, we also attended Devconnect in Istanbul, Turkey, from November 13th to 19th. It was an excellent opportunity to connect with like-minded individuals in the Ethereum ecosystem, exchange insightful opinions, and discuss important matters.

The enthusiasm we felt in Istanbul is reflected in the upward trend of the ETH price, which likely contributed to the increase in Total Value Locked (TVL) on Ethereum in November. The DeFi sector benefited from this upswing, experiencing a slight growth in total capital influx compared to the previous month. Ethereum continues to dominate the market, with its share of the DeFi TVL pie remaining largely unchanged since October. According to DeFiLlama, as of this writing, mainnet Ethereum accounts for 56.42%, up 2.46% from the end of October, followed by Arbitrum at 4.57%, Polygon at 1.75%, Optimism at 1.62%, and Base at 0.63%. All are showing steady increases except for Polygon.

For further details, visit our official channels:

Website | GitHub | Docs | Blog | Mirror | Twitter | Discord | L2 Learn

November’s Key Focus

L2-to-L2 Bridge Mainnet Launch

After October’s testnet launch, our bridges directly connecting different Layer 2 networks have been successfully launched on the mainnet. As a third-party bridge project, we recognize creating seamless connections between Layer 2 networks as a key responsibility, given that canonical bridges usually don’t prioritize this development. We are proud to have built these bridges to meet users’ long-standing needs. Pheasant’s bridges not only allow users to bypass the inconvenience of routing through Layer 1 but also, in theory, offer the fastest and most cost-effective Layer 2 transfers.

nft://10/0x098d702D75A6f2e1b67619aBc342d6Ae0ab53B75/?showBuying=true&showMeta=true&size=small

Increasing the Transaction Limit

Another key accomplishment last month was raising the bridge transaction cap from 0.1ETH to 1ETH. This upgrade allows users to transfer larger amounts in a single transaction, aiming to reduce gas fees and enhance transaction efficiency.

Pheasant Network🪽

@PheasantNetwork

Finally, Pheasant's bridge limit has been increased!

[ 0.1 >>>>> 1 ETH ]

Now you can enjoy even more of Pheasant's overwhelmingly low gas cost advantages pheasant.network

7

9:41 AM • Nov 20, 2023

Participation in Linea’s Mainnet Launch Campaign

Following Scroll’s mainnet campaign in October, we joined Linea’s DeFi campaign, named ‘DeFi Voyage,’ as an official bridge partner. The campaign spans 6 weeks and consists of 10 waves, each with a specific task, aimed at encouraging Linea users to explore the DeFi ecosystem. Pheasant Network contributed to the 2nd Wave, facilitating transactions in and out of Linea.

Pheasant Network🪽

@PheasantNetwork

Pheasant × @LineaBuild DeFi Voyage has been started!!

Passing the Linea DeFi Voyage in Pheasant, you can claim not only Linea XP on @IntractCampaign , but also limited NFT on @Galxe
galxe.com/pheasantnetwor…

46

6:47 AM • Nov 14, 2023

Launching L2 Radio

We’ve also made significant strides in marketing with the debut of L2 Radio, an audio series on X (Twitter) Spaces, where we invite guests from various projects to join our discussions. In our first episode, we hosted a session with the growth manager of Linea and talked about the aforementioned DeFi Voyage. Looking ahead, not only are we planning to welcome more influential figures in the industry, but we are also eager to offer the community AMA sessions with our CEO on L2 Radio.

Pheasant Network🪽

@PheasantNetwork

Set a reminder for L2 Radio #1: Linea DeFi Voyage

Join us on Thursday at 8:00 AM UTC to hear from @LineaBuild Growth Manager @emacosc on what Linea DeFi Voyage.
x.com/i/spaces/1MnGn…

29

6:40 AM • Nov 3, 2023

Development Updates

Our latest progress includes:

• Finalizing the SBT logic of L2 Learn

• Modifying the signature method of relayers for enhanced security

• Researching latest trends and seeking collaboration opportunities at Devconnect

• Enhancing the bridge protocol’s performance

• Developing bridges for USDC using CCTP

• Transitioning from Goerli to Sepolia testnet

• Initiating the development of a public SDK

Product Metrics

• Number of Monthly Transactions (incl. testnet): 18,960

• Value of Monthly Transactions (incl. testnet): 1791.42 ETH

• Number of Active Wallets (incl. testnet): 4,152

• Community Member Count (across X, Discord, and Galxe combined): 62,086 (As of the end of November)

CEO’s Commentary

Raising the transaction cap and launching the L2-to-L2 bridge function mark a significant milestone for us as a third-party bridge, solidifying our position in the market. As 2023 draws to a close, the crypto market, particularly in the Ethereum domain, is regaining momentum, with new Layer 2 and 3 projects emerging monthly. The comeback vibe among developers at Devconnect was more energetic than ever, inspiring us to accelerate our efforts through December.

The wait is over. Users no longer need to route through Layer 1 to transfer assets between Layer 2 networks. Say goodbye to excessive gas fees or wasted time bridging between layers just to operate within the Layer 2 realm.

Today, we’re excited to introduce bridges that connect all Layer 2 networks within our ecosystem. These bridges enable users to transfer their assets between Layer 2 solutions safely, affordably, quickly, and most importantly, directly.

Whether you’re sending assets between optimistic rollups, ZK-rollups, or transferring from one type of rollup to another—or even moving from Layer 2 to Layer 3—our bridges ensure seamless bridge transactions between all networks in our ecosystem. This includes Optimism, Arbitrum, Polygon PoS, Scroll, zkSync, Base, Linea, Polygon zkEVM, Taiko, Mantle, and many more on the horizon.

If you’re holding assets on any of the mentioned networks and are curious about another Layer 2 or rollup we support, simply head to our app. Choose your source and destination networks, and we’ve already paved your path to a new Layer 2 ecosystem.

Towards a Rollup-Centric Future

The launch of our L2-L2 bridges is a pivotal moment, showcasing our recent developmental focus. While numerous challenges await, we prioritized building these bridges because we believe that Ethereum is transitioning into a multi-network, interconnected space, a vision shared across the industry.

Vitalik Buterin, Ethereum’s co-founder, has projected that Ethereum would pivot toward a “rollup-centric” network, as he detailed in his 2020 forum post and a subsequent blog. This suggests a shift where most users move to Layer 2 networks and rollups, with Ethereum remaining the bedrock. This change is evident, with some top rollups now flippening Ethereum in daily transactions.

As Ethereum progresses to this rollup-centric paradigm, users will naturally disperse across various rollup networks, each offering distinct benefits. Imagine being part of a DAO on Arbitrum, managing a chunk of your assets in a lending protocol on Scroll, exchanging a stable coin on a DEX on Optimism, purchasing an NFT meme piece on Linea, and sending money to a friend on zkSync, who actively trades on Base. This multi-network engagement, though it might seem far-fetched now, is likely what our interaction with the Ethereum ecosystem will look like in the future.

In a rollup-focused ecosystem, Layer 2 interconnectivity becomes paramount, surpassing even Layer 1 to Layer 2 links. While many bridges connect Layer 1 to Layer 2, users are experiencing a lack of technology bridging two Layer 2 networks. Many Layer 2 projects have primarily focused on bridging to Ethereum, often neglecting Layer 2 to Layer 2 connections due to technical challenges and competitive dynamics.

With a dedication to Ethereum’s interoperability, Pheasant Network fills this gap, putting us in an ideal position to bridge various networks.

How Do Pheasant L2-L2 Optimistic Bridges Work?

Our newly launched L2-L2 bridges function fundamentally the same as our cross-layered ones, facilitating decentralized and optimistic transfers. This means that all bridge transactions are approved by default, and if any fraudulent transactions are detected, anyone can raise a dispute. Here’s a detailed breakdown of how our protocol works:

By default (when no disputes are raised):

1. A relayer deposits liquidity to the BondManager contract (Layer2 Bridge Contract)

2. A user sends assets they want to transfer to the PheasantNetworkBridgeChild contract deployed on the source chain and submits a request to the relayers.

3. The relayer then sends assets directly to the user’s address on the destination chain.

4. The relayer generates proof of the direct transfer from its transaction hash and registers it with the PheasantNetworkBridgeChild contract. This proof allows the relayer to withdraw the assets deposited by the user.

In the case of fraud:

1. A disputer initiates a verification process by highlighting a relayer’s misbehavior. To trigger this challenge period, the disputer must deposit a certain amount of assets.

2. The relayer presents evidence to vindicate themselves within a designated time frame after the disputer’s claim.

3. If the evidence validates the relayer’s legitimacy, meaning the disputer’s claim was false, the assets deposited by the disputer are confiscated as a penalty and transferred to the relayer.

4. If the evidence does not vindicate the relayer, or if they fail to present evidence within the designated period, the disputer can slash the relayer’s bond and retrieve the deposited assets.

For further details, please refer to the Docs.

Shaping Highly Interconnected Layer 2 Networks

Our latest launch marks a significant step toward a future where Ethereum’s Layer 2 networks are seamlessly interconnected. We genuinely believe that affordable, swift bridges are crucial to improving Ethereum’s scalability and interoperability, especially as the number of Layer 2 networks grows, and are committed to providing technologies that eliminate network barriers.

While we are proud of our accomplishments, our journey is far from over. We are already racing towards our next milestone. Connect with our vibrant community on Discord, stay updated with our announcements on X, and explore our latest insights on Mirror. If you’re affiliated with a Layer 2 or related project and are keen on collaborating, reach out to us. We always appreciate community-led, grassroots initiatives. Stay tuned!

About Optimistic Bridges

Optimistic bridges, inspired by the design of optimistic rollups, allow users to transfer tokens from one chain to another in an “optimistic” manner. Optimistic transfers mean that the protocol does not require Ethereum to verify all of the bridge transactions but checks only fraudulent-looking ones. This mechanism is similar to how optimistic rollups work, where the protocol approves all transactions executed on Layer 2 by default and triggers the verification process on the Layer 1 level only when something suspicious is found. This structure leads to a drastic cut in gas fees and a higher degree of decentralization, enhancing the scalability and interoperability of the Ethereum ecosystem.

About Pheasant Network

Pheasant Network is an optimistic bridge network inspired by the idea of optimistic rollups. We aim to bring the concept to bridge architecture to address Ethereum’s interoperability challenges as well as scalability issues. Our robust security system and cost-effective design enable cheaper and faster asset transfers between Ethereum and Layer 2 networks while ensuring security and decentralization. We believe that optimistic solutions are the answer to future bridge development.

Website | GitHub | Docs | Blog | Mirror | Twitter | Discord | L2 Learn

In the world of crypto, do you ever find that traditional written media, such as blogs and social media posts, are excellent sources of information but lack immediacy and a raw, unfiltered quality? Have you ever wanted to delve beyond polished whitepapers and documentation to grasp the inspiration and guiding philosophies behind the technology? Or perhaps you’re simply keen to hear real dialogues between industry leaders and influential figures?

If you answered ‘yes’ to any of the above, we have great news for you. We’re launching L2 Radio—a new audio series on X (Twitter) Spaces. On L2 Radio, we’ll feature guests from the Ethereum and Layer 2 sectors to engage in conversations and address community questions.

To kick off this new project, we’re honored to host Emanuele, the growth manager of Linea, as our inaugural guest. He’ll shed light on the Linea DeFi Voyage, an exciting campaign focused on DeFi. Joining him will be our CEO, Tomo, who will share our perspective on optimistic bridges and our future vision for collaboration with Linea. This premiere episode will stream on our X account at 8 am UTC on November 9th. An exclusive NFT award will be given to those who join us live, so make sure to follow us on X and set a reminder!

L2 Radio by Pheasant Network | Galxe Quest

Join L2 Radio by Pheasant Network on Galxe. Earn rewards to enhance your web3 presence and reputation.

https://app.galxe.com

L2 Radio: A Closer Look

Here’s what we plan to feature on L2 Radio:

• Community Calls: We’ll invite guests from various projects to engage in interactive dialogues and address community questions.

• AMA with the CEO: Tomo, our CEO, will be on the frontlines, answering questions from the community.

• Office Hours: Community members can join us for regular sessions to converse directly with the Pheasant Network team.

• Interviews with L2 Projects: We’ll host interviews with leading projects and figures, covering topics our community is eager to explore.

While we stream it live on X Spaces, we understand that not everyone can participate in real-time. Don’t worry, though - if you can’t make it to the live streams, we’ve got you covered. We’ll archive each session on our official YouTube channel, allowing you to catch up on insightful discussions at your convenience. With L2 Radio, you can transform everyday routines, whether it’s commuting or doing house chores, into productive learning opportunities. However, keep in mind that only those who join us live on X Spaces will be eligible for the NFT awards.

Join Us for L2 Radio

We’re thrilled to welcome numerous brilliant minds to our platform and are eager to offer our community the opportunity to gain insights directly from these experts. To catch live L2 Radio episodes and be eligible for NFT awards, ensure you follow us on X and set reminders. Additionally, subscribe to our YouTube channel, and, of course, stay updated with our Mirror blog. Don’t forget to also join our Discord server. We’re looking forward to seeing you on our X Space this November 9th!

About Optimistic Bridges

Optimistic bridges, inspired by the design of optimistic rollups, allow users to transfer tokens from one chain to another in an “optimistic” manner. Optimistic transfers mean that the protocol does not require Ethereum to verify all of the bridge transactions but checks only fraudulent-looking ones. This mechanism is similar to how optimistic rollups work, where the protocol approves all transactions executed on Layer 2 by default and triggers the verification process on the Layer 1 level only when something suspicious is found. This structure leads to a drastic cut in gas fees and a higher degree of decentralization, enhancing the scalability and interoperability of the Ethereum ecosystem.

About Pheasant Network

Pheasant Network is an optimistic bridge network inspired by the idea of optimistic rollups. We aim to bring the concept to bridge architecture to address Ethereum’s interoperability challenges as well as scalability issues. Our robust security system and cost-effective design enable cheaper and faster asset transfers between Ethereum and Layer 2 networks while ensuring security and decentralization. We believe that optimistic solutions are the answer to future bridge development.

Website | GitHub | Docs | Blog | Mirror | Twitter | Discord | L2 Learn

Monthly Highlights

In October, we deployed our new bridge on the freshly launched Scroll mainnet. We also launched the highly anticipated L2-to-L2 bridges in a testnet environment while simultaneously making enhancements to our existing architecture.

In terms of network activity, this month recorded a modest rise in both the volume and value of bridge transactions processed through Pheasant Network compared to September, with a total of over 6,000 transactions. On the other hand, the number of active wallets has been waning. This decline can be attributed to our involvement in Scroll’s testnet campaign in September, which temporarily surged transaction volumes.

Turning our attention to the broader Layer 2 landscape, DeFiLlama data, as of the end of October, indicates a consistent increase in fund inflow to Layer 2 networks. Ethereum is second to none in terms of Total Value Locked (TVL), constituting approximately 54% of the TVL across the entire crypto space. In the Layer 2 arena, Arbitrum holds the biggest share with over 4.39% of the total TVL, followed by Polygon PoS at 1.8%, Optimism at 1.55%, and Base at 0.71%.

For further details, visit our official channels:

Website | GitHub | Docs | Blog | Mirror | Twitter | Discord | L2 Learn

October’s Key Focus

Deployment on Scroll’s Mainnet

October was a thrilling period not just for Pheasant Network, but for the entire Layer 2 community. Scroll, a prominent ZK-rollup known for its near perfect EVM equivalence, made its debut on the mainnet. To support their launch, we worked closely with the Scroll team as their bridge partner and were among the first to deploy a bridge on their network. Moreover, we actively participated in their mainnet kickoff campaign led by Galxe, offering exclusive NFTs to those who bridged from Ethereum to Scroll through our bridge.

Pheasant Network🪽

@PheasantNetwork

Pheasant has integrated Scroll @Scroll_ZKP's mainnet!!

We are very pleased to make this announcement in the Scroll ecosystem @BuildWithScroll.

Jump in here for a super fast and cheap Ethereum and Scroll bridge trip! pheasant.network

mirror.xyz

Pheasant Network Goes Live on Scroll’s Mainnet

We are thrilled to announce that Pheasant Network is introducing its bridge between the Scroll mainnet and Ethereum.

69

8:12 AM • Oct 17, 2023

L2-to-L2 Bridge Testnet Launch

Prior to the full-scale launch scheduled for this month, bridges linking two Layer 2 networks were launched on the testnet in October to test their operation and resilience. Fortunately, no significant challenges have emerged, paving the way for the upcoming mainnet launch.

Pheasant Network | Intent-centric Bridge and Cross-chain Swap

Pheasant Network is an Intent-centric Bridge and Cross-chain Swap between Layer 1, Layer 2 and Layer 3

https://pheasant.network

ETHKL Hackathon Judge

We had the privilege of joining Ethereum Kuala Lumpur, hosted in Malaysia from October 13-15, as hackathon judges. This event offered us a front-row seat to the evolving landscape of crypto development in Asia. Many participants developed technical tools and infrastructure, which was a refreshing change from recent hackathons, which had been dominated by NFT-based projects.

Product Metrics

• Number of Monthly Transactions (incl. testnet): 6,368

• Value of Monthly Transactions (incl. testnet): 208.39 ETH

• Number of Active Wallets (incl. testnet): 3,260

• Community Member Count (across X, Discord, and Galxe combined): 60,635 (As of the end of October)

Development Updates

Our latest progress includes:

• Researching and developing solutions to address the 256 block hash limitations on Ethereum

• Introducing an error handling process for unexpected transaction types

• Raising the upper transaction limit

• Revamping the official website

• Conducting the final test for L2 Learn

CEO’s Commentary

With Scroll’s mainnet release last month, all the major Layer 2 networks have completed their mainnet launches. While Layer 2 continues to dominate discussions, Layer 3 is gaining increasing traction. Pioneering this trend is Optimism’s OP Stack, leading the charge in Layer 3 toolkit development. Concurrently, Offchain Labs announced the mainnet version of Arbitrum Orbit, their development tools for building a custom Layer 3 on Arbitrum’s L2 networks.

We are sure that the upward trend for Layer 3 augurs well for bridge projects like ours. Whether it’s bridging Layer 2 to Layer 3 or interlinking different Layer 3 networks, bridge technologies remain indispensable.

The Layer 2 landscape continues to captivate us with a series of major announcements.

Today marks an important moment in the crypto world as Scroll officially launches its long-awaited mainnet, introducing a ZK-based rollup solution that offers the Ethereum Virtual Machine (EVM) equivalence. Coinciding with this development, we’re thrilled to announce that Pheasant Network is introducing its bridge between this new ZK-rollup and the Ethereum mainnet, providing low-cost, fast, and secure bridge transactions in a decentralized, optimistic fashion. This recent launch represents the third ZK-rollup mainnet to join our platform, which comes on the heels of our integration with zkSync and Polygon zkEVM just last week.

For those eager to delve into Scroll’s burgeoning ecosystem—from participating in a DAO, earning interest via a DeFi protocol, acquiring an NFT collectible, or more—you can get onboarded with just a few clicks using Pheasant’s bridge. Just head to our app, connect your wallet, and follow the on-screen instructions. Your assets will be transferred to the new mainnet in mere minutes!

Scroll’s Rise in Ethereum Scaling

Scroll, founded just a couple of years ago, is a Layer 2 scaling solution that leverages cutting-edge zero-knowledge technology to enhance Ethereum’s throughput. The project has witnessed remarkable growth, particularly in 2022, successfully launching their testnet, securing $50 million in funding, and attracting a substantial number of dApps and developers.

While this release represents Scroll’s mainnet integration, Pheasant Network has been proudly supporting its testnet since May. Over the past four months, we’ve overseen more than 75,000 testnet bridge transactions, amounting to 3,300 ETH. What’s more, right before the launch of the mainnet, our bridge was actively involved in the mainnet release campaign held on the Sepolia testnet, processing tens of thousands of transactions valued at over 1,000 ETH in total.

From its inception, Scroll has been driven by a mission to create a ZK-based rollup with EVM-equivalence, ensuring full compatibility with Ethereum down to the bytecode level. Essentially, this means that anything that functions on Ethereum should seamlessly operate on Scroll. Achieving complete EVM-equivalent ZK-rollups was initially considered a conundrum when the project began, but they have successfully overcome this challenge. Scroll now offers trust-minimized, secure, and cost-effective transactions, powered by ZK proofs, to the general public, while also facilitating the migration of Ethereum apps to Scroll without modification.

Another noteworthy aspect of this promising project is its unwavering commitment to open-source, community-driven development, which aligns perfectly with Ethereum’s core philosophy. In a humble interview statement, the co-founders expressed that their ultimate objective is simply to “help Ethereum scale,” rather than winning the zkEVM race or being the first to develop it.

This alignment with Ethereum’s values is precisely what Pheasant Network aspires to achieve. After all, our ultimate goal is to contribute to Ethereum and L2 projects’ scaling, connectivity, and growth. We are pleased to be part of Scroll’s ecosystem, a project that shares our commitment to Ethereum’s values.

Wave of zkEVM Mainnet Release

As the Layer 2 scene witnesses a wave of zkEVM releases, Pheasant Network is also accelerating its efforts to build crucial bridges that connect upcoming networks. We have more exciting news in store. Make sure to follow us on X, Discord, and Mirror so you can stay updated on the latest developments. If you have any suggestions, requests, or questions, please don’t hesitate to voice them. Stay tuned!

About Optimistic Bridges

Optimistic bridges, inspired by the design of optimistic rollups, allow users to transfer tokens from one chain to another in an “optimistic” manner. Optimistic transfers mean that the protocol does not require Ethereum to verify all of the bridge transactions but checks only fraudulent-looking ones. This mechanism is similar to how optimistic rollups work, where the protocol approves all transactions executed on Layer 2 by default and triggers the verification process on the Layer 1 level only when something suspicious is found. This structure leads to a drastic cut in gas fees and a higher degree of decentralization, enhancing the scalability and interoperability of the Ethereum ecosystem.

About Pheasant Network

Pheasant Network is an optimistic bridge network inspired by the idea of optimistic rollups. We aim to bring the concept to bridge architecture to address Ethereum’s interoperability challenges as well as scalability issues. Our robust security system and cost-effective design enable cheaper and faster asset transfers between Ethereum and Layer 2 networks while ensuring security and decentralization. We believe that optimistic solutions are the answer to future bridge development.

Website | GitHub | Docs | Blog | Mirror | Twitter | Discord | L2 Learn