Pheasant Goes Live on Mode

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.

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