Welcome to the June 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

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:

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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.

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 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.

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.