Welcome to the May 2024 edition of “Pheasant Bird’s-Eye Recap.” In this series, we reflect on our progress over the past month, highlighting key figures and metrics. From recent deployments and network usage statistics to trends in the Layer 2 scene, our monthly reports cover all notable events, ensuring you’re up-to-date with the latest advancements and prepared for upcoming developments.

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%

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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.

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

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.

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

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.

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.

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.

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.