In Q3, Pastel Network continued to solidify its position as a leading decentralized layer-1 blockchain, achieving significant progress in both technical development and business partnerships. These milestones set the stage for even greater growth heading into 2024.

Quarter in Review:

• AI Inference Protocol: Pastel’s AI-driven Inference layer is now live on Testnet, bringing powerful AI functionalities like intelligent data analysis to the network. The Mainnet launch is anticipated in the coming weeks, unlocking cutting-edge AI features that will enhance user experiences across the Pastel ecosystem.
• Strategic Partnerships: Pastel has joined Polygon’s Solution Provider Network, integrating technologies like Sense, Cascade, and Inference to enhance digital asset security and AI functionalities within Polygon. Additionally, a partnership with LUKSO integrates Pastel’s Cascade and Sense protocols for improved digital asset management, ensuring redundancy, accessibility, and security for NFTs. Pastel is also exploring a collaboration with Kima Network to enhance cross-chain asset transfers and liquidity for PSL tokens, further expanding blockchain interoperability.
• Wallet Integration: Nabox Wallet now supports PSL tokens, providing a seamless experience for users to store and manage their assets. Another multi-chain wallet integration is expected by year-end to further streamline user access and storage solutions.
• Community Engagement: Q3 was a month of heightened community activity, with exclusive quests launched on the Foundry platform, offering rewards to participants. Discussions on the future of NFTs were hosted with ReneVerse, and the team’s co-founder, Anthony Georgiades, appeared in several media outlets, discussing Web3 investing and the impact of AI on elections.

Key Stats:

• Pastel network has processed over 2,000 Sense requests and 14,000 Cascade requests to date.
• Processed over 1.5M transactions (+37% YOY growth).
• The Pastel Staking APR is ~37%, with 650,000,000 PSL staked (~6.5% of supply).
• 139 SuperNodes are supporting the Pastel Network globally, reflecting a 10% quarter-over-quarter growth.
• A total of 41.3M PSL has been burned to date.

Business Development:

• Nabox Wallet Integration: We are pleased to announce tokens are now supported on Nabox wallet. This integration allows users to easily store and manage their PSL tokens. The Nabox wallet is available both on mobile devices and through web browsers, offering flexibility and convenience for users across different platforms.
• Partnership with LUKSO Network: We are excited to announce our partnership with LUKSO, a Web3 platform focused on the creative economy, digital lifestyles, and social applications. As part of this collaboration, we will support LUKSO’s grants initiative and explore a protocol-level integration to help expand its ecosystem. We look forward to supporting projects within LUKSO by providing dedicated resources and leveraging our robust infrastructure to nurture both emerging and established projects.
• Cross-Chain Assets with Kima: This potential partnership marks a significant step in improving blockchain interoperability, with a focus on enhancing the seamless transfer and management of PSL tokens across networks.
• Polygon Features Pastel Network: We are proud to be featured on Polygon’s Solutions Provider Network. We look forward to collaborating with more projects within the Polygon ecosystem, offering our dedicated support and infrastructure to help grow and scale both emerging and established projects.
• Metaplex Integration: Our integration with Metaplex is advancing well and is in the final stages of negotiation. Metaplex is focused on utilizing Pastel’s Cascade to address their storage challenges with the objective of also onboarding Inference services in the near feature. Existing PRs can be found here.

Community Growth:

In Q3, Pastel saw substantial strides in community engagement. Key highlights include:

• Exclusive Quests: Collaborated with @naboxwallet to launch exclusive quests on the Foundry platform, providing community rewards. We launched the “Chat to Earn” feature on Discord and an exclusive bug bounty program, alongside Season 2 of our Soft Staking Rewards Program with a 5M PSL prize pool.
• Media Engagement: Co-founder Anthony Georgiades appeared in multiple media outlets, discussing Web3 investing and the intersection of AI and elections, expanding Pastel’s visibility and thought leadership.
• Events: The team hosted discussions on the future of NFTs with partners like ReneVerse and participated in prominent industry events such as @SolanaConf and @token2049, followed by a Web3 gaming chat and Heirloom giveaway with @PortalFantasyio.

Looking Ahead:

Pastel Network has a comprehensive pipeline of business development, technical upgrades, and community engagement initiatives planned for the remainder of Q4 and beyond. These efforts will drive the network’s expansion and enhance user experiences across multiple dimensions:

Business Development:

• Layer-1 Partnerships: Pastel is actively working to expand its partnerships with leading Layer-1 networks. Following the successful collaborations with LUKSO and Polygon, the team aims to finalize one more major Layer-1 partnership by the end of 2024. These partnerships will further strengthen Pastel’s position in the market, driving growth and expanding its reach across multiple ecosystems. Our goal is to finalize negotiations and integrate one more additional major Layer-1 network by the end of 2024.
• DeFi Partnerships: Collaborations with DeFi protocols such as Kima and Nerve are a key focus for the coming months. These integrations will open up new transaction pathways and introduce advanced features, including token delegation, archival storage, and AI-driven strategy tools. Pastel is on track to launch integrations with three DeFi platforms by the end of 2024, providing more opportunities for users to engage with the network and benefit from these enhanced services. We are on track to launch with three DeFi platforms by the end of 2024.
• Wallet & PSL Custodial Providers: After successfully integrating PSL tokens into the Nabox Wallet, Pastel is targeting another high-profile wallet provider by year-end. This integration will offer users additional options for secure, multi-chain asset management, further enhancing the network’s usability and accessibility.

Technical Development:

Pastel has several exciting product launches and network upgrades scheduled for the remainder of the year, all aimed at enhancing the functionality and user experience within our ecosystem.

• AI Marketplace Development: We’re also developing an AI marketplace for researchers to share and monetize their AI models. This platform will foster collaboration and innovation, rewarding researchers for their contributions and advancing the field of AI within the community.
• Pastel Portal Enhancements: We are upgrading the Pastel Portal to support Pastel NFTs, allowing users to mint and view their NFTs directly on the network. This streamlined interface will simplify the NFT creation process and offer a central hub for managing digital assets, fostering a vibrant community of creators and collectors.
• Gateway API Management: Through the Pastel Portal, we will introduce API gateway access for Sense, Cascade, and Inference, offering developers the tools to integrate enhanced security, storage, and AI-driven functionalities into their applications. These APIs will empower developers to build innovative solutions and contribute to the growth of the Pastel ecosystem.
• SmartMint Upgrades: A key priority is integrating SmartMint with Pastel Network, Immutable, and Tezos. These integrations will enable seamless interoperability between different blockchains, expanding SmartMint’s capabilities and allowing users to leverage the unique features of each network.

Community Growth:

• Season 2 & 3 — Soft Staking Rewards Program: With a 5M PSL token prize pool, this program has driven active community participation.
• Social Engagement: Our Twitter reached nearly 30K followers, while our Discord surpassed 5K members with +20% engagement.
• Ecosystem Grants Program: We received nine applications for our grants program. After discussions with the applicants, we approved two based on their proposals and requests. The grant program’s rigorous approval process ensures that only projects with a solid foundation and potential to contribute to the ecosystem receive support. Although the number of approved projects is currently low, this reflects our commitment to quality and impact.

Commentary on KuCoin Delisting:

In recent days, KuCoin and Pastel Network have determined to delist PSL. While we understand this may raise concerns within the community, KuCoin has recently engaged in a broad delisting initiative particularly around projects with ties to the U.S., impacting several prominent projects across the industry. PSL’s removal is part of this larger trend.

That said, we are pleased to report that we have had highly productive conversations with several other major exchanges and are actively preparing for new listings in the near future. These discussions reflect our commitment to ensuring PSL remains accessible to our users and aligned with our broader strategy for growth.

Additionally, the Pastel Foundation continues to provide strong support for the PSL token. We will be conducting significant token buybacks in the coming days to increase the foundation’s reserve, and we remain focused on maintaining ample liquidity across exchanges such as Gate.io and MEXC. These actions will help sustain a healthy market for PSL and reinforce our long-term commitment to the network’s success.

We are more motivated than ever to close the year with a bang and make 2024 the most successful year yet for Pastel. Please stay tuned for further updates as we continue building the future together.

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/.

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