Welcome to the July 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

July was an exciting month for Pheasant Network, marked by significant advancements in both technology and marketing. On the technical side, we successfully integrated Fhenix into our network, which is currently in the testnet phase. This addition brings our ecosystem to a total of 16 networks, enhancing our reach and versatility.

In terms of marketing, we launched the third series of the Pheasant Voyage Campaign in collaboration with the Scroll ecosystem. Building on the success of previous rounds, this new series offers users a unique opportunity to engage with both platforms. The timing was ideal, as Scroll experienced notable growth this month, with a significant increase in Total Value Locked (TVL).

The broader Layer 2 space also saw substantial TVL growth. Although Blast, which had shown remarkable growth in recent months, experienced a slight decline, the overall expansion of Layer 2 solutions continues. This growth seems to be impacting some Layer 1 networks, as seen by the contractions in the TVL of Bitcoin L2s and Ethereum. Meanwhile, Solana continues to perform well, maintaining stable TVL figures.

Here’s how network shares break down:

• Ethereum: 57.94%

• Arbitrum: 3.32%

• Base: 1.73%

• Blast: 1.12%

• Polygon: 1.02%

• Scroll: 0.79%

For further details, visit our official channels:

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July’s Key Focus

Pheasant Voyage—Flight to Scroll

This month, we launched a new series under the Pheasant Voyage initiative titled “Flight to Scroll,” in collaboration with the Scroll ecosystem. This is the third round of our campaign, following successful collaborations with the Linea and Taiko ecosystems. Running in parallel with Scroll’s Sessions campaign, where we serve as an official bridge partner, users can earn rewards in both campaigns by bridging assets to Scroll using the Pheasant bridge.

Brand Guideline Renewal

In addition to protocol development, we are focusing on strengthening our brand identity. Following last month’s icon update, we have refreshed our brand guidelines to support further integration and network expansion. You can view the updated guidelines here.

Optimism Retro PGF Grant

Pheasant Network was recognized in the latest round of Optimism’s Retro Public Good Funding program, receiving 7,486.3 OP along with over 200 other projects. This marks our second time receiving this prestigious grant, following an award in the previous round. This recognition highlights our ongoing contributions to Optimism’s Superchain ecosystem.

Fhenix Integration

This month, we welcomed a new addition to our ecosystem with the integration of Fhenix, the first Layer 2 network utilizing fully homomorphic encryption (FHE). Users can now explore and test this network on the testnet, with a mainnet launch planned once the network is fully ready.

$30M Transaction Volume

Just a fortnight after reaching the $25M transaction volume milestone, Pheasant Network has surpassed another significant marker of $30M with over 60,000 transactions facilitated. Our network continues to expand rapidly, and the next milestone of $40M is already in sight.

Other Development Updates

Our latest progress includes the following:

• Refactoring of the relayer function

• Final testing of the USDC bridge on the testnet

• Development of a REST API for automatically checking on-chain task status on Galxe

• Conclusion of Pheasant Voyage’s second round, “Flight to Taiko”

Product Metrics

• Number of Monthly Transactions: 16,550

• Value of Monthly Transactions: 3,602.4302 ETH

• Number of Active Wallets: 10,404

• Community Member Count (across X, Discord, and Galxe combined): 166,705

Network Share

CEO’s Comment

Continuing the trend from last month, Taiko has been a major contributor to the recent growth of the Pheasant Network. Since we launched bridges on its mainnet in May, the ZK network has significantly increased its presence within our ecosystem. Additionally, Scroll, which saw notable TVL growth in July, has also experienced a rise in bridge transaction volume on Pheasant. Both networks have been key drivers of our positive growth trajectory, which is accelerating as the broader Layer 2 ecosystem expands. With the integration of Fhenix, we are now more equipped than ever to help unify the increasingly diverse Layer 2 landscape.

In contrast to the positive momentum in the Layer 2 space, the broader crypto market appears to be entering a bearish phase, influenced heavily by macroeconomic factors. While the industry often sees a decline in user engagement during bear markets, we view this as an optimal time to focus on product development. With fewer distractions and less market hype, we are well-positioned to advance our infrastructure and make substantial progress.