Pheasant Bird’s-Eye Recap: October 2024

Welcome to the October 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.

In October, Pheasant Network made substantial, visible progress on the development front, notably with the integration of two networks and an additional token. Morph, after its May debut on the testnet, was successfully deployed on the mainnet, while Unichain, a DeFi-focused Layer 2 network developed by Uniswap Labs, was introduced on the testnet. This addition brings our network portfolio to 18, further expanding our ecosystem’s scope.

Another milestone was reached with the mainnet integration of the USDC token, making it the second currency to be adopted after ETH.  We believe that these additions will meet the growing user demand for a more interconnected ecosystem, allowing users smoother and more varied options within our platform.

In the broader crypto landscape, data from Defi Llama indicates that several prominent Layer 1 networks, including Ethereum, Solana, BSC, and Bitcoin, continued their growth in TVL share last month. Zooming into Ethereum’s Layer 2 scene, a notable shift occurred: Base has now surpassed Arbitrum—the former leader—in total value locked, capturing a 2.83% share.

• Ethereum: 55.95%
• Base：2.83%
• Arbitrum: 2.65%
• Polygon: 1.17%

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Morph Mainnet Integration

In October, we launched Morph on the mainnet—an eagerly awaited development following its testnet debut in May. Morph combines optimistic and ZK-rollup technologies, designed as a “consumer layer” for everyday transactions. Since its integration, Morph has quickly risen to become one of the top three networks on the Pheasant platform. To celebrate the release, we also launched a campaign offering limited-edition NFTs to users bridging assets to Morph using our bridge.

Unichain on Testnet

This month also saw the addition of Unichain on the testnet. Created by Uniswap Labs, Unichain is a Layer 2 network specifically designed for DeFi applications. It marks the fourth OP Stack-based network in our ecosystem, following Optimism, Base, and Mode, and represents the 18th network to join Pheasant Network.

USDC Bridging on Mainnet

After months of development, USDC bridging is now live on the mainnet, enabling fast and cost-effective transfers of stable value. Our newly launched USDC bridges use two separate protocols—the original Pheasant protocol and CCTP—to offer users efficiency based on transaction size.

Homepage Launch

October also marked the release of our first official homepage, a central hub for essential information about Pheasant Network. This site provides easy access to details about our future roadmap, team philosophy, and other core aspects of our project. Designed as an informative gateway, the homepage serves as a go-to resource for anyone looking to learn more about Pheasant Network.

Read a blog post about it.

Blog Post on the “Fat Apps” Theory

Our CEO, Tomo, shared a thought-provoking article, offering his perspective on the well-known “Fat Protocol Theory” and his vision for a new era of “Fat Apps.” The post revisits the impact of fat protocols on the crypto landscape and explores a shift toward applications playing a more central role in value creation. We highly recommend this five-minute read for a fresh take on where the industry might be headed.

Gitcoin Grants 22 Participation

Building on the success of our previous Gitcoin Grant round, where we received substantial community support—including over $2,000 from more than 1,200 contributors—we are participating in Gitcoin Grants Round 22. As a token of our gratitude, contributors in this round will have the chance to earn an exclusive NFT reward. To date, we’ve been backed by over 6,500 Gitcoin supporters, and as a community-driven project, we are incredibly thankful for this ongoing support that fuels our growth.

Our latest progress includes the following:

• Released Bridge V3 in the staging environment
• Strengthened our team structure to accelerate development
• Conducted research on implementing a proxy solution
• Carried out research for introducing a remote provider

• Number of Monthly Transactions: 1,731
• Value of Monthly Transactions: 275.4181 ETH, 169,129 USDC
• Number of Active Wallets: 994
• Community Member Count (across X, Discord, and Galxe combined): 163,374

Note that some networks are not tracked by DappRadar: https://dappradar.com/multichain/defi/pheasant-network

As of the last week of October

I'm pleased that October showcased visible progress, with key updates such as the USDC bridge—our primary development focus for months—the Morph mainnet launch, and the release of our homepage. While I’m proud of these achievements, this past month underscored an important lesson: taking too long to complete certain tasks can create communication gaps with our community.

To improve, we’ve restructured our development team to accelerate our workflow, and I’m confident this will soon lead to more consistent updates. Under this new setup, the community can look forward to more regular progress updates as we move toward the end of 2024.