Welcome to the special 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 reports cover all notable events, ensuring you’re up-to-date with the latest advancements and prepared for upcoming developments.
In today’s special issue, instead of our usual monthly overview, we will look back on this year’s development as we prepare to embark on 2024. There’s so much to cover, so buckle up and let’s jump right in.
Yearly Highlight
The first year of Pheasant Network is nearing its end, marking a period of immense success, largely thanks to the continuous support from our community. In less than a year since the project’s inception, we achieved remarkable growth. Starting as a modest, newborn project founded by just two ambitious individuals, Tomo and Newki—the CEO and CTO respectively—the Pheasant Network has now turned into a vibrant ecosystem supporting more than 10 Layer 2 networks.
A major catalyst for this rapid growth was the grant from the Ethereum Foundation. We were the only project in the Layer 2 category in that round to receive this grant. This financial support, coupled with the mentorship from the Ethereum Foundation, enabled us to expand our team, now comprising about 10 ardent individuals in the crypto space. With increased manpower, we’ve successfully launched numerous bridge solutions and features, including the highly demanded L2-to-L2 bridges.
Our efforts are clearly reflected in our statistics. The monthly transaction volume soared from a mere 70 in April to 12,714 in December, an impressive increase of over 180 times. The community has also seen tremendous growth, expanding more than 150 times in less than a year. We’ve transformed from a small, cozy group of just over 450 members to a global, vibrant, and active community of over 68,000 people.
For further details, visit our official channels:
Website | GitHub | Docs | Blog | Mirror | Twitter | Discord | YouTube | L2 Learn
2023’s Key Focus
While a plethora of events marked this year, the following are our standout achievements of 2023:
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Integrated a Range of Layer 2 Networks: Successfully added support for various Layer 2 networks, including Optimism, Arbitrum, Linea, Base, zkSync, Polygon zkEVM, Scroll, Mantle, Taiko, Mode and X1.
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Launched Optimistic Bridges across Layer 2 Networks: Facilitated seamless transactions across different Layer 2 networks in addition to foundational bridges linking Layer 1 to Layer 2.
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Increased the Transaction Cap: Significantly raised the maximum limit for bridge transactions from the initial 0.1 ETH to 1 ETH.
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Underwent a Code Audit: Had our code audited by Quantstamp, a top audit firm in the industry.
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Revamped the Canonical Site: Comprehensively upgraded our website to better serve our expanding ecosystem, with an eye on future network integrations.
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Formed Strategic Collaborations in High-Profile Campaigns: Participated in Linea’s, Scroll’s and X1’s campaigns as their official bridge partner, enhancing our presence in prominent ZK-based rollups.
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Enhanced Focus on External Communications: Launched initiatives like this monthly recap newsletter and L2 Radio, marking our progress from a startup stage to a more growth-focused phase.
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Ramped Up Marketing Efforts: Leveraged external platforms like Galxe and TaskOn to amplify our growth and market presence, in line with our advancing protocol development.
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Selected for a Grant in EF’s Ecosystem Support Program: Proudly became the only project in the Layer 2 category to receive a grant in this round.
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Participated in ETH Global Tokyo Hackathon: Engaged in the ETH Global Hackathon held in Tokyo, winning prizes from Linea, Scroll, Polygon, and Polygon zkEVM.
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Engaged Globally in Industry Conferences: Actively participated in global conferences like Devconnect, DeFi Security Summit, and Ethereum Singapore, interacting with key industry figures and our community, and delivering speeches.
Blog and Speech Roundup
Alongside our protocol development efforts, we have also concentrated on disseminating insightful knowledge to the community by sharing technical insights through blogs and conference talks.
Blog Posts:
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How Do Optimistic Bridges Work? — Deep Dive Into Pheasant Network’s Mechanism
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Multisig Bridges vs Optimistic Bridges — In-Depth Look at Security Mechanism of Pheasant Network
Conference:
Talks:
Product Metrics
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Number of Monthly Transactions (incl. testnet): 12,714
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Value of Monthly Transactions (incl. testnet): 1062.58
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Number of Active Wallets (incl. testnet): 3,786
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Community Member Count (across X, Discord, and Galxe combined): 68,333
CEO’s Commentary
We are approaching the end of our wild and adventurous first year. Amidst a downturn in the macroeconomy, the crypto market in 2023 was generally considered to be in a ‘winter season.’ Yet, despite these headwinds, the Layer 2 sector has not only persisted but also thrived. We’ve witnessed considerable strides in the development and enhancement of L2 infrastructures. In the face of a sluggish economy, the Ethereum ecosystem has demonstrated resilience with steady growth in TVL. The market continues to be buoyed by the strength of optimistic rollups, while the ZK domain is experiencing a surge of new projects launching on the mainnet.
Looking ahead to 2024, our team is filled with a blend of excitement and readiness. We are revving up for the upcoming era of not just Layer 2, but also Layer 3 and beyond. Our aim is to continuously enhance the Ethereum ecosystem, focusing on improving its seamlessness and interoperability. The journey ahead is full of potential, and we are committed to being at the forefront of these transformative developments in the blockchain space.