Welcome to the February 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

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.

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.

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.