2023 in Review & What’s to Come in 2024

In 2023, Pastel Network exhibited remarkable resilience and growth amidst challenging market conditions and regulatory uncertainties. This year signified major advancements in our technology and strategic partnerships, cementing our position in the evolving Web3 landscape.

We concentrated our efforts on delivering our most substantial Mainnet upgrade to date and enhanced SmartMint’s functionality, establishing it as a leading minting platform. As we enter 2024, we’re poised to build on this momentum, aiming to make it Pastel’s most successful year yet.

Here’s a review of our 2023 accomplishments and a preview of our 2024 plans.

Key Achievements at a Glance:

  • Processed over 1.25 million on-chain transactions (+100% YoY growth)
  • Surpassed $0.10 / transaction in protocol revenues
  • Contributed 300K+ lines of code across 42 repositories (Check it out!)
  • Secured 10+ major partnerships
  • Achieved over 6% of PSL Staked
  • Launched a Website refresh and redesign (Check it out!)
  • Released Pastel Chain Mainnet Upgrade — Monet 2.0 (Details here)
    – Integration of Supernode Storage Challenges to Cascade
    – Activation of Supernode Health and State Challenges
    – Stabilization of Sense Protocol
  • Released the Pastel Gateway (Try it out!)
  • Upgraded SmartMint — Rainier Release
    – Introduction of BSC Support
    – NFTs minted now leverage Sense/Cascade infrastructure

Ecosystem & Business Development Update:

The first half of 2023 posed challenges in partnership development, influenced by regulatory uncertainties and evolving blockchain technology. Nonetheless, the latter half witnessed a resurgence in the crypto market, leading to significant growth in collaborations and signaling a maturing, optimistic industry.

Notable ecosystem and BD partnerships in 2023 included:

  • Collaborating with Sensei Node to deploy 10 Supernodes, enhancing network stability and raising awareness in Latin America. Users now have an alternative method to stake their PSL collateral without running or operating a full Supernode.
  • Working with Solana, one of the largest Web3 players, to leverage Cascade for archival storage. With our recent Mainnet upgrade now live, we are excited to begin diving into a variety of integration possibilities with the Solana network this quarter.
  • Engaging with key NFT Gaming and Metaverse entities like Habbo Hotel, Splinterlands, and Pirate Nation, focusing on secure NFT processes and storage.
  • Pursuing a partnership with Zetachain for seamless DeFi ecosystem interactions.
  • Advancing in the NFT ecosystem, particularly in gaming, with proof-of-concepts alongside major players like Magic Eden to power marketplaces and applications.
  • Strengthening our network with ongoing collaborations with platforms like Avalanche, Polygon, and Polkadot, and expanding our pipeline of over 125 ecosystem partners. These players will work with Pastel across several avenues — Cascade / Sense integrations, SmartMint partnerships, and ecosystem DApps.

Technical Developments:

2023 was marked by relentless innovation, notably the Monet 2.0 Mainnet Upgrade and a comprehensive revamp of SmartMint. Our commitment to continuous development resulted in significant contributions, laying the groundwork for future success.

Pastel Chain: Monet 2.0 Mainnet Upgrade

This upgrade enhanced our Supernode infrastructure, introduced the permanent NFT data storage solution Cascade, and improved the Sense duplicate detection technology.

This major upgrade brought significant enhancements to our ecosystem:

  • Advanced features in our NFT data storage solution, Cascade.
  • Stabilization of the Sense Protocol with improved duplicate detection technology.
  • Release of a production-ready Open-API Gateway, enhancing network interaction and reliability.
  • Supernode Infrastructure enhancements for optimized performance and stability.

These advancements underline our commitment to innovation in the Web3 space, driving transactional and revenue growth.

A detailed summary of the upgrade can be found here.

SmartMint: Rainier Release

The Rainier Release marked a significant update for SmartMint, introducing:

  • Integration with the BSC Network, broadening our reach and accessibility.
  • Enhanced NFT Features through Sense/Cascade integrations, ensuring NFT rarity and secure storage.
  • Optimized Smart Contracts to increase efficiency and reduce gas fees, democratizing NFT creation.

This release represents a leap forward in making SmartMint a powerful, user-friendly platform for NFT creation and management.

Community Updates:

In 2023, Pastel Network recognized the crucial role of community collaboration in building credibility and fostering growth. Our efforts this year significantly strengthened our relationship with our community, nurturing trust, innovation, and a shared vision for success.

2023 saw a strengthened bond with our community through various initiatives:

  • Revamped Ambassador Program on Zealy: We reinvigorated our ambassador program, leveraging the gamified platform Zealy. This initiative has been instrumental in mobilizing our passionate user base to promote Pastel Network’s achievements more effectively.
  • Monet 2.0 Odyssey Campaign: Celebrating our Mainnet upgrade with educational and rewarding activities.
  • Interactive Quizzos on Discord with prizes up to 50,000PSL, fostering a lively and engaging atmosphere.
  • SmartMint Art Contest, providing creators with a platform to showcase their artworks to the community.
  • Engaging Twitter Spaces sessions with key Web3 ecosystem partners to share developments and foster discussions.

Highlighted Community Events:

As we step into 2024, we aim to build off these successful initiatives with many more exciting campaigns and activities planned! Our focus remains on fostering a vibrant and engaged community, as their support and participation are integral to our continued growth and success.

Stay tuned for a series of innovative campaigns and community-focused events that will further deepen your connection with the Pastel Network community and bring new dimensions to your experience with our world!

Pastel Network’s 2024 Vision and Roadmap

Overview

2024 heralds an era of growth and innovation for Pastel Network as we build upon our previous achievements. Our strategy focuses on expanding our technological footprint and capabilities to deepen community ties and drive ecosystem growth. With a vision to be at the vanguard of Web3, our goals for the year are both bold and attainable, reflecting our commitment to exceeding community expectations.

Our resolve is steadfast in establishing Pastel Network as a Web3 leader, and our team is committed to realizing the ambitious objectives set for 2024. We aim to not only meet but exceed our community’s expectations through innovation and diligence.

2024 Initiatives at a Glance:

  • Streamlining Development: Focusing on accelerated Testnet and Mainnet upgrade cycles, marked by Vermeer, Matisse, and Rembrandt releases.
  • Cross-Chain Connectivity: Facilitating asset and data transfers with Solana, Ethereum, Polygon, and more through interoperable cross-chain bridges.
  • User-Centric Applications: Expanding our user base from technical enthusiasts to creative minds via the Web Wallet, Pastel Portal, and Gateway & Client SDKs.
  • Token Economics Optimization: Strengthening PSL tokenomics with consensus algorithm modifications, strategic Foundation burns, and protocol revenue optimization.
  • AI/ML Market Leadership: Advancing our deep-learning capabilities to discern AI-generated content and extending SuperNode functionalities for AI-based services.
  • User and Partner Experience: Launching advanced technical resources and tools to improve overall interaction with our platform.
  • SmartMint’s Evolution: Introducing cutting-edge features to revolutionize the NFT minting landscape.
  • Ecosystem Growth: Broadening our network with additional Layer-2 collaborations, DApps, enterprise integrations, and native Layer-1 associations while integrating across more wallets, exchanges, and apps.

The following details Pastel Network’s targeted schedule for 2024, adaptable to strategic realignment.

Detailed 2024 Roadmap and Goals

Iterative Development and Release Strategy

In 2024, we will enhance our development strategy for rapid and reliable updates. Following our substantial Monet 2.0 upgrade, we’re equipped for fast-paced, quarterly release cycles, each aiming for major Mainnet enhancements. Our focus will be on performance, scalability, incentive mechanics, and blockchain optimizations. The upcoming Vermeer release is slated to be deployed ahead of schedule early in Q1.

Web3 Interoperability via Native Bridges

 

With a vision for a multi-chain future, Pastel Network continues to focus on the development of native interoperability solutions, emphasizing a seamless user experience across diverse blockchains. Wrapped-Pastel is already enabled, allowing users to access native PSL and its diverse array of use-cases directly on Ethereum. This year, we are focused on achieving greater native interoperability achieved via a special quorum of SuperNodes (”Bridge Nodes”) for native data and asset bridging.

As more networks are bridged to Pastel, users within other ecosystems can directly benefit from the wide breadth of Pastel functionality. This also will be to drive overall network acquisition growth. Our community can expect to see more integrations across large L1 and L2 chains, with a keen focus on supporting Solana by the first half of the year.

Wallet Enhancements and Pastel Portal Introduction

Our commitment to user convenience will see the introduction of a dedicated Web Wallet, allowing users convenient access to their funds without the necessity of installing the complete wallet software. Additionally, we are exploring collaborations with other wallet services that accommodate a variety of tokens, providing users with the flexibility and convenience of managing all their tokens within a unified wallet interface.

The Pastel Portal, set to launch later this year, will allow users to interact with all things Pastel — like creating a wallet, minting NFTs, storing data on Cascade, authenticating images on Sense— directly via a light web App!

Improved Token Economics and Staking Initiatives

Our focus on refining and improving PSL’s token economics includes several key changes in 2024 that will better support the supply, deflationary mechanics, and market value of PSL.

To kick off the new year, we will be integrating Pastel Network Improvement Proposal 2 (PNIP2) in the coming weeks, which will link mining capabilities to SuperNode operations. In short, mining will be limited and correspond proportionately to users who are actively contributing to broader network operations (i.e., operating Supernodes).

A number of other initiatives such as consensus algorithm modifications to increase protocol burn, strategic Foundation burns, the introduction of smart-staking pools, and partnerships with third-party staking providers will all strengthen overall PSL tokenomics.

Innovative Marketing Campaigns

We are revitalizing our marketing initiatives to better communicate our technical milestones and foster community growth. Upcoming campaigns, similar to2023’s Monet Odyssey Campaign, will highlight Pastel’s vision for a decentralized and interconnected Web3 ecosystem. We will be undertaking a number of strategic initiatives to increase transparency in what we are building and overall enthusiasm for the project.

Details on what we are planning will be shared very soon along with some exciting events to make Pastel’s vision of a decentralized and interconnected Web3 world a reality!

SmartMint’s Matterhorn Release

Prepare for the imminent upgrade, brimming with exciting features set to elevate your NFT experience. Embrace new minting support for Tezos, empowering users to effortlessly craft NFT collections and drops on additional networks.

But that’s just the beginning — we’re also introducing a burn mechanism for your NFTs, providing creative avenues to engage with your supporters. This integration is poised to lift the platform to new heights, significantly increasing Pastel’s transaction volume and protocol revenue. Gear up for a fresh era of NFT interaction and boundless possibilities!

Matterhorn is slated to launch in Q1 of this year.

Advanced DeFi Integration

In connection with our interoperability and staking initiatives, we are actively working to streamline the integration of PSL within the DeFi ecosystem. Such efforts aim to remove the barriers introduced by token wrapping and unwrapping, ensuring a frictionless experience for users across various blockchain platforms.

In our pursuit to enrich user engagement within the DeFi ecosystem, we are in the process of forging partnerships with other ecosystems, including ZetaChain. We will continue to simplify and optimize the user experience, allowing users to seamlessly participate in the Pastel Network blockchain.

Community Reward System Revamp

This past year we unveiled the our new Pastel Ambassador program through an integration with Zealy. This upgrade brings an additional layer of enthusiasm for members actively participating in community challenges, providing rewards for their engagement.

As we head into 2024, brace yourselves for an upcoming update on the reward structure. This update is meticulously designed to acknowledge and express our gratitude to our most loyal community members. Expect the latest reward system to be announced in early January!

Additional Exchange Listings

In our pursuit of increased DeFi integrations and third-party wallet support for PSL, we are committed to facilitating more on/off ramps for supporters within the ecosystem. Our strategy includes securing listings on prominent exchanges to improve accessibility, increase participation, and raise global awareness. This strategic move aligns with our objective of fostering overall growth and support for PSL. 3 international blue-chip exchange listings are planned for 2024.

APAC Expansion

The Pastel Network is set for strategic expansion into the Asia-Pacific region in 2024. Our aim is to engage with local communities, establish partnerships, and tailor initiatives to the region’s needs. This includes targeted marketing campaigns, event participation, and collaborations with local projects and organizations. By proactively reaching the APAC audience, Pastel seeks to not only raise awareness about its innovative Web3 solutions but also to cultivate a diverse and robust user base, contributing to the global growth and recognition of the platform.

Closing Remarks

2023 was indeed a rollercoaster for the entire ecosystem, yet Pastel Network emerged stronger and more resilient. As we step into 2024, we’re gearing up for an even more exhilarating journey. The strides we’ve made not only reflect the remarkable progress of Pastel Network but also underscore the immense potential that lies ahead in the ever-evolving realm of Web3.

Our heartfelt gratitude goes out to everyone who has been an integral part of the Pastel ecosystem during this period of significant evolution and growth. Your support and engagement have been pivotal in reaching these milestones.

As we embark on this new year, Pastel Network is just warming up. We’re poised to elevate the entire ecosystem to unprecedented levels of growth and adoption. The upcoming year is teeming with promise, and we’re excited to unfold the next chapter of innovation and community-driven success.

Thank you all for being a part of this remarkable journey. Together, let’s make 2024 the most impactful and successful year yet in the journey of Pastel Network!

About Pastel Network

Pastel Network is a fully decentralized, interoperable layer-1 blockchain serving as the preeminent protocol standard for non-fungible tokens (“NFTs”) and Web3 technology.

Pastel powers layer-1 & layer-2 blockchains, decentralized applications (”dApps”), or third-party enterprises with next-generation infrastructure including NFT copymint protection, permanent data storage, and more. Lightweight protocols delivered via Web3 open APIs like Sense and Cascade can be easily integrated across existing ecosystems. A wide range of applications can be built directly on Pastel, enabling developers to enjoy the NFT primitives, composability, plug-and-play modules, and security of the broader network.

Pastel is managed by world-class developers, cryptographers, and technologists, supported alongside an experienced and extensive network of marketers, influencers, and third-party agencies. Pastel is backed by key stakeholders including Innovating Capital, a prominent venture fund.

For more information on Pastel Network, visit https://pastel.network/.

Website | Twitter | Discord | Telegram | Github | Reddit | Instagram

Latest post

Scroll to Top