Welcome to the November 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 to network usage statistics and 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 November, we reached two major milestones in protocol upgrades: the launch of direct L2-to-L2 bridges on the mainnet and an increase in the transaction cap. These advancements, combined with our involvement as an official bridge partner in Linea’s DeFi campaign, significantly boosted network activity. The metrics for November surpassed those of October, with the total number of monthly transactions nearly tripling and the overall transaction value experiencing more than an eightfold increase.

This month, we also attended Devconnect in Istanbul, Turkey, from November 13th to 19th. It was an excellent opportunity to connect with like-minded individuals in the Ethereum ecosystem, exchange insightful opinions, and discuss important matters.

The enthusiasm we felt in Istanbul is reflected in the upward trend of the ETH price, which likely contributed to the increase in Total Value Locked (TVL) on Ethereum in November. The DeFi sector benefited from this upswing, experiencing a slight growth in total capital influx compared to the previous month. Ethereum continues to dominate the market, with its share of the DeFi TVL pie remaining largely unchanged since October. According to DeFiLlama, as of this writing, mainnet Ethereum accounts for 56.42%, up 2.46% from the end of October, followed by Arbitrum at 4.57%, Polygon at 1.75%, Optimism at 1.62%, and Base at 0.63%. All are showing steady increases except for Polygon.

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November’s Key Focus

L2-to-L2 Bridge Mainnet Launch

After October’s testnet launch, our bridges directly connecting different Layer 2 networks have been successfully launched on the mainnet. As a third-party bridge project, we recognize creating seamless connections between Layer 2 networks as a key responsibility, given that canonical bridges usually don’t prioritize this development. We are proud to have built these bridges to meet users’ long-standing needs. Pheasant’s bridges not only allow users to bypass the inconvenience of routing through Layer 1 but also, in theory, offer the fastest and most cost-effective Layer 2 transfers.

Increasing the Transaction Limit

Another key accomplishment last month was raising the bridge transaction cap from 0.1ETH to 1ETH. This upgrade allows users to transfer larger amounts in a single transaction, aiming to reduce gas fees and enhance transaction efficiency.

Participation in Linea’s Mainnet Launch Campaign

Following Scroll’s mainnet campaign in October, we joined Linea’s DeFi campaign, named ‘DeFi Voyage,’ as an official bridge partner. The campaign spans 6 weeks and consists of 10 waves, each with a specific task, aimed at encouraging Linea users to explore the DeFi ecosystem. Pheasant Network contributed to the 2nd Wave, facilitating transactions in and out of Linea.

Launching L2 Radio

We’ve also made significant strides in marketing with the debut of L2 Radio, an audio series on X (Twitter) Spaces, where we invite guests from various projects to join our discussions. In our first episode, we hosted a session with the growth manager of Linea and talked about the aforementioned DeFi Voyage. Looking ahead, not only are we planning to welcome more influential figures in the industry, but we are also eager to offer the community AMA sessions with our CEO on L2 Radio.

Development Updates

Our latest progress includes:

• Finalizing the SBT logic of L2 Learn

• Modifying the signature method of relayers for enhanced security

• Researching latest trends and seeking collaboration opportunities at Devconnect

• Enhancing the bridge protocol’s performance

• Developing bridges for USDC using CCTP

• Transitioning from Goerli to Sepolia testnet

• Initiating the development of a public SDK

Product Metrics

• Number of Monthly Transactions (incl. testnet): 18,960

• Value of Monthly Transactions (incl. testnet): 1791.42 ETH

• Number of Active Wallets (incl. testnet): 4,152

• Community Member Count (across X, Discord, and Galxe combined): 62,086 (As of the end of November)

CEO’s Commentary

Raising the transaction cap and launching the L2-to-L2 bridge function mark a significant milestone for us as a third-party bridge, solidifying our position in the market. As 2023 draws to a close, the crypto market, particularly in the Ethereum domain, is regaining momentum, with new Layer 2 and 3 projects emerging monthly. The comeback vibe among developers at Devconnect was more energetic than ever, inspiring us to accelerate our efforts through December.