Welcome to the April 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

In April, Pheasant Network marked two significant milestones in its expansion plans. First, we integrated X Layer, the first network added since our last integration in February, bringing our total to 11 supported networks. Second, we participated in the 20th edition of the Gitcoin Grants in the Web3 infrastructure category, where we successfully attracted over 4,400 contributors and increased market recognition.

In the broader Ethereum ecosystem, the entire Layer 2 sector saw a minor decrease in TVL, despite a slight increase in the TVL of Ethereum’s mainnet. This decline is likely due to the rapid expansion of the Solana and Bitcoin ecosystems.

Here's how network shares break down:

• Ethereum: 59.12%

• Arbitrum: 2.8%

• Base: 1.65%

• Blast: 1.63%

• Polygon: 0.98%

• Optimism: 0.94%

For further details, visit our official channels:

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April’s Key Focus

SDK Demo Site Launched

As part of our ongoing SDK development, we launched a demo site that helps developers integrate Pheasant SDK. It automatically generates code based on their inputs, which they can directly embed into their applications. We also updated the official SDK documentation to reflect the latest changes.

Completion of Homepage Design

After two months of hard work, we’ve wrapped up our homepage design. This new homepage will feature several enhancements, including the Pheasant Library—a curated collection of all information about Pheasant Network. The development team is currently working on implementing the site and plans to launch it in a few months.

Contract Logic Improvement

On the backend, we have enhanced the logic of our smart contracts to further minimize gas costs and optimize for speed. As a platform known for low costs and fast transactions, we consider continual enhances to our contract logic essential.

X Layer Integrated

In April, for the first time since last February when we integrated Mode, we added support for a new network: X Layer, a zkEVM rollup developed with the Polygon CDK by OKX, a leading cryptocurrency exchange. This marks the 11th network we support. In tandem with this release, we also co-hosted a successful bridge-focused campaign with X Layer.

Gitcoin Grants 20

On the business end, we participated in the 20th edition of Gitcoin Grants and attracted over 4,400 contributors. We ended up ranking third among 75 prominent applicants in the Web Infrastructure category, a proud achievement for us. Additionally, we launched a campaign to distribute special NFTs to Gitcoin contributors as a token of our appreciation.

Other Development Updates

Our latest progress includes the following:

• Updated the CI/CD process

• Added several networks to the testnet

• Advanced the development of several bridge APIs

• Significantly revised our Discord operations

• Researched emerging networks and projects

Product Metrics

• Number of Monthly Transactions: 6,102

• Value of Monthly Transactions: 1,066.095 ETH

• Number of Active Wallets: 4,419

• Community Member Count (across X, Discord, and Galxe combined): 166,532

Network Share

CEO’s Comment

April was another month of steady progress for Pheasant Network, marked by consistent advancements in both technology and business areas. We ranked in the top three for contributor numbers in the Web3 Infrastructure category of Gitcoin Grants 20. We believe that this ranking serves as a strong testament to the community’s positive reception of our commitment, approaches, and mission to create evergreen public goods.

While the broader industry experiences a surge of hype, our team is always focused on remaining grounded and committed to creating infrastructure and products designed to stand the test of time. The coming months promise several significant milestones, and we look forward to sharing our results with you.