Welcome to the first edition of “Pheasant Bird’s-Eye Recap.” In this series, we reflect on our progress over the past month, highlighting important figures and metrics. From recent deployments to network usage stats and trends in the Layer 2 scene, our monthly reports will encapsulate all notable events, ensuring that you remain updated about the latest advancements and are ready for upcoming developments.

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.

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.

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.