About Pheasant Network
Last updated
Last updated
~ Create public goods loved worldwide and continuously contribute to the development of the decentralized blockchain ecosystem ~
Pheasant Network is an optimistic interoperability protocol offering a suite of solutions that unify all Layer 2 infrastructures. Pheasant Network links infrastructures across Ethereum and Layer 2 ecosystems by offering an optimistic-based Bridge-as-a-Service (BaaS) solution that allows developers to seamlessly integrate native bridge and swap functionality into their applications. Our robust security system and cost-effective design enable cheaper and faster asset transfers between Ethereum and Layer 2 networks while ensuring security and decentralization.
Our mission is to provide a long-term contribution to the Ethereum ecosystem as a community-driven project and serve the public good. We are looking forward to your participation in creating a sustainable solution together.
Pheasant Network has applied an optimistic philosophy seen in the Layer 2 development to bridge technology and has come up with a new scalability solution, optimistic bridges, a system which processes bridging transactions optimistically. Just like Ethereum inspects only suspicious transactions on the Layer 1 level in the case of optimistic rollups, Pheasant Network’s optimistic bridges do not require Layer 1 to verify all of the transactions, but only invalid-looking ones when users transfer their tokens to a different chain. This leads to a drastic cut in the gas fees for token bridges.
Hacks are one of the major threats to bridges. Our thorough research on bridge hacks and their methods has found that human errors are the main cause of bridge exploitation. Humans do make mistakes and it is impossible to eliminate human errors completely so we focus on building a protocol resistant and resilient to human errors and minimising potential loss and damage. The key to achieving this is decentralised liquidity.
There is no single central entity in Pheasant Network. Instead, an actor called a relayer provides liquidity to the ecosystem to facilitate transfers, which ensures the decentralization of the protocol.
While relayers are required to deposit a certain amount of assets as a bond, its amount is relatively small (the formula is mentioned below). Additionally, the assets they deposit into the protocol to facilitate the transfer of users' tokens are only temporarily locked in the contracts, and they can be withdrawn at any time after a certain amount of time. In other words, the relayer retains complete control over their own assets in the wallet while still being able to provide liquidity.
