Q2 2024: A Journey of Ambition and Achievement
Pastel Network achieved significant development milestones by rolling out new decentralized AI & LLM services and also enhanced its user engagement through the introduction of a new community hub. This initiative has enabled members to better connect and actively promote Pastel globally. On the business development front, our team forged key partnerships and cultivated relationships with emerging projects, broadening our ecosystem.
Our robust, well-structured foundation allows us to navigate the complexities of the crypto and blockchain landscapes with confidence. This foundation is a testament to our progress and sets the stage for further integration and collaborative achievements.
We are poised to maintain this momentum throughout the year, with the aim of making 2024 the most successful year in Pastel’s history.
Quarterly Highlights:
Technical Developments:
- Matisse Mainnet 2.2: This update introduces significant improvements to network stability, performance, and ecosystem functionalities. Most notably, this update introduces Pastel’s Inference protocol.
- Inference Protocol: Inference unlocks powerful AI-driven functionalities across localized LLMs for content generation and dynamic analysis. Innovative services like AI-powered content verification, hosting ML models, customizable AI smart-contracts, and an LLM model marketplace show case the wide range of AI capabilities.
- Pastel Portal Beta Launch: The team is excited to introduce the Pastel Portal — a comprehensive platform that enables direct interactions with all things Pastel, allowing users to manage their wallets, store files on Cascade, use the Inference AI chatbot, and more!
Business Development:
- Ecosystem Expansion: We are actively engaged with various projects across AI solutions, wallet features, Layer-1 networks, and creator-oriented products to diversify and enrich our ecosystem.
- 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.
- Partnership with LUKSO Network: Discussions with LUKSO — a Web3 platform designed for the creative economy, digital lifestyles, and social applications — are progressing towards a multi-phase integration including both Cascade and Sense. We expect to officially announce the partnership in the coming weeks!
- Engagements with a Prominent Layer-1 Blockchain: We are in advanced discussions to enhance a well-known Layer-1 blockchain by providing comprehensive infrastructure support. This includes an archival storage solution, inter-chain capabilities for bridging assets and data, and a smart-contract oracle to facilitate native AI hosting.
- Multi-chain Wallet Partnerships: The team is nearing the completion of an integration with a multi-chain wallet provider, which will enable the use of PSL and other Pastel service on mobile devices for the first time!
- Staking Provider Partnerships: In Q3, we will be announcing 2 marquee Staking services. This will provide users with the opportunity to easily delegate PSL without running a full-node while also offering Staking-As-A-Service tools for non-technical users that want to manage their own SuperNodes.
- Exchange Listing: Pastel has entered into an agreement with a large Asian-based centralized exchange. This marks a significant step towards increasing the accessibility and visibility of Pastel globally. We foresee the listing going live in mid-Q3.
Pastel Stats:
- Surpassed 700,000 blocks on Mainnet
- Over 1M lines of code have been contributed across 43 unique repositories
- Processed over 1.4M transactions (+50% YOY growth)
- Reached over 58K accounts (+700% YOY growth) created on Pastel
- 4,498 Cascade requests (~220% YOY growth) and 2,069 Sense requests (~190% YOY growth) have been registered on the Pastel Network
- Over 2.5TB of data has been stored on the Pastel Network
- The Pastel Staking APR is ~41% with 630,000,000 PSL staked (representing ~5% of Supply)
- 126 unique SuperNodes are supporting the Pastel Network globally
- A total of 36.8M PSL has been burned to date
Community-Growth:
- Pastel Foundry Launch: The launch introduced a hub for quests and challenges, highlighted by the quick sell-out of our 1,000-NFT collection, which offers exclusive benefits.
- Season 1 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.
Looking Ahead: BD, Tech, and Community
Pastel Network has demonstrated significant advancement in the first half of the year. This has been achieved through the establishment of vital partnerships and engaging in meaningful dialogues with key stakeholders (Ecosystem Partners, Community Members, and Investors) across a broad spectrum of crypto and blockchain ecosystems. These efforts have culminated in the establishment of a robust and dynamic network that is responsive to the needs and challenges of the industry.
Business Development
We have multiple engagements with Layer-1 networks ongoing. These partnerships are crucial for growth and will enhance Pastel’s ability to unlock network effects across ecosystems. By aligning with industry leaders, Pastel’s reach, capability, and influence in the market will be strengthened, enabling better services for users and stakeholders, and driving the mission forward. We are targeting negotiation and integration of 3 of these major L1s by the end of 2024.
Additionally, the team is focused on integrations with several DeFi protocols to offer Pastel community members more opportunities to engage with Pastel services and the network as a whole. Partnering with these DeFi protocols will introduce new transaction avenues on the network, enhancing Pastel’s usability and functionality. These partnerships will diversify the range of services offered and solidify Pastel’s position in the digital finance sector — from delegation to archival storage of historical transactional data and ultimately AI integrations. These services will enhance DeFi platforms by providing additional functionality for the broader ecosystem, enabling users to backtest trading strategies, perform trend analysis, develop new strategies, and more. We’re on track to go live with 3 DeFi platforms in the 2H of 2024.
Lastly, Pastel is actively pursuing partnerships with tier 1 multi-chain wallets and staking providers within the ecosystem. These top-tier providers are recognized leaders in the industry, known for their robust security measures, user-friendly interfaces, and extensive user bases. By aligning with these industry-leading providers, Pastel aims to offer seamless and secure wallet solutions that support multiple blockchain networks, enhancing the user experience and ensuring the safe storage and management of digital assets. We foresee the launch of 2 new wallet providers in Q3.
Technical Development
Pastel has a number of product launches and network upgrades planned for the rest of the year, aimed at enhancing our ecosystem’s functionality and user experience.
SmartMint Upgrades: A key focus will be on supporting the Pastel Network, Immutable, and Tezos for SmartMint. These integrations will enable seamless interactions and interoperability across different blockchain networks, expanding the capabilities of SmartMint and allowing users to leverage the unique features of each network.
Pastel Portal Enhancements: We are enhancing the Pastel Portal to support Pastel NFTs, enabling users to mint and view their collected NFTs directly on the network. This user-friendly interface will streamline the NFT creation process and provide a centralized location for managing digital assets, fostering a vibrant and active community of creators and collectors.
Gateway API Management: Through the Pastel Portal, we are introducing gateway API access and management to Sense, Cascade, and Inference for our developers and builders. These APIs will provide the necessary tools and resources to integrate advanced functionalities into their applications, such as enhanced security, storage, and AI-driven insights. By offering these APIs, we aim to empower developers to build innovative solutions and contribute to the growth of the Pastel ecosystem.
AI Marketplace Development: Lastly, we are looking to build out an AI marketplace for AI researchers to share their AI models and be rewarded for their contributions. This marketplace will serve as a platform for collaboration and knowledge exchange, enabling researchers to monetize their work and gain recognition within the community. By fostering an environment of innovation and collaboration, we aim to drive advancements in AI and support the development of cutting-edge technologies.
These technical developments are designed to enhance the functionality, interoperability, and user experience of the Pastel Network, solidifying our position as a leader in the digital finance and blockchain space. Through these initiatives, we are committed to delivering high-quality products and services that meet the evolving needs of our users and stakeholders.
Community
As we move into Q3 and Q4, Pastel is gearing up for an exciting period filled with engaging activities and strategic initiatives. The team will be hosting a series of Twitter Spaces and Discord AMAs, focusing on themes like ecosystem partnerships, Web3 trends, and NFT storage solutions. Expect insightful discussions scheduled twice a month. Regular airdrops and joint campaigns with future ecosystem partners will kick off mid-July, enhancing community participation and reach. The team is also planning on launching special event airdrops and staking contests to boost community engagement through the end of the year.
Pastel will continue to prioritize community growth through its unique engagement initiative, Pastel Foundry. Pastel will also be adding many habitual community events and new. fun ways to earn PSL rewards through promoting Pastel. As the community and user base expand, these metrics will enhance Pastel’s capacity to secure more partnerships with various participants in the space.
April Recap
Technical Development
Preparation of Matisse Mainnet 2.2: The team has concentrated all development efforts on launching the Matisse Mainnet.
Business Development
Cascade Integration with Joystick Labs: This partnership between Pastel Network and Joystick Labs marked a significant step towards the mainstream adoption of blockchain technology in the streaming industry. By offering viewers the ability to create, own, and trade NFTs of their favorite moments, Pastel is empowering them to engage more deeply with the content they love.
Community
In April, the Pastel Network saw remarkable growth and engagement across its community platforms. The soft launch of the Pastel Foundry marked a significant milestone, providing a new hub for quests, challenges, and events that have energized the community. The introduction of the Pastel Foundry NFT Collective added an exciting layer, with exclusive NFT badges unlocking a range of special benefits and perks.
Community members enthusiastically participated in the FORGE Pre-Season Staking Challenge, leveraging the new Soft Staking Rewards Program to earn substantial rewards by staking their PSL tokens. This challenge, which ran throughout May, offered participants a unique opportunity to boost their earnings without token lock-ups.
The Pastel Discord and Twitter communities continued to grow, reflecting a vibrant and expanding ecosystem. Members actively engaged in various events, including AMAs, quizzes, and contests, fostering a lively and collaborative atmosphere.
May Recap
Technical Development
Matisse Mainnet 2.2: Introducing extensive updates aimed at enhancing network stability, refining performance, and expanding the functionalities within the ecosystem. This update is particularly notable for its focus on improving the infrastructure for AI and LLM applications across the Web3 space.
Inference Protocol: Inference unlocks powerful AI-driven functionalities across localized LLMs for content generation and dynamic analysis. Innovative services like AI-powered content verification, hosting ML models, customizable AI smart-contracts, and an LLM model marketplace show case the wide range of AI capabilities.
Business Development
Pastel is making significant strides in establishing key partnerships and integrations. The team is in productive discussions with leading NFT platforms within a major Layer-1 network. Additionally, the team is in the final stages of discussions for a multi-chain wallet integration, expected to be unveiled in Q3, which will enhance Pastel’s interoperability and user experience.
Community
In May, Pastel Network experienced notable growth and dynamic engagement within its community. The official launch of the Pastel Foundry stood out as a pivotal moment, offering a vibrant hub for quests, challenges, and events. The minting and swift sell-out of the 1,000-NFT Pastel Foundry collection was truly exciting and showed the enthusiasm of the Pastel community.
Community members eagerly participated in the Foundry’s activities, diving into quests, daily spins, and soft staking events to earn rewards. The introduction of the Pastel Foundry NFT Collective further enhanced the community experience, recognizing dedicated members and offering unique benefits.
Pastel also made headlines. Pastel’s founder caught up with @MikeIsaac from the New York Times to share insights on the future of AI, discussing the importance of open-source models for democratization. This aligns with our mission of powering decentralized AI and LLM services across Web3 via our Inference Protocol.
June Recap
Technical Development
Pastel Portal: The team is excited to announce the launch of the Pastel Portal, currently in its beta stage. This comprehensive platform features a web wallet, an API gateway for accessing Sense, Cascade, and Inference, API key management, and more. Stay tuned as we continue to enhance and expand the capabilities of the Pastel Portal!
Business Development
The team is excited to announce that they are in the final stages of discussions with two leading staking providers, with a dual integration set to be announced in Q3 to enhance network security and offer new staking opportunities. Additionally, early-stage discussions are underway for a potential exchange listing, aiming to increase the platform’s accessibility and visibility.
Community
In June, Pastel witnessed remarkable growth and dynamic engagement within its community. The launch of Season 1 of the Pastel Network Soft Staking Rewards Program was a significant highlight, offering a vibrant opportunity for community members to earn rewards. With an initial prize pool of 5 million PSL tokens, this program incentivized active participation and commitment.
Community members eagerly joined the FORGE Season 1 Staking Challenge, with the staking period running from June 21st to July 14th. Participants had the chance to boost their rewards by adding more PSL tokens to their staking amount, with rewards distributed based on the proportion of staked tokens relative to the total staked amount.
Additionally, the Pastel Network x KuCoin Zealy Challenge added an exciting dimension to community engagement. Members participated in specially tailored quests, such as creating KuCoin accounts, making deposits, withdrawals, and trades, to earn substantial PSL airdrops. This initiative fostered a sense of competition and collaboration, further energizing the community.
Pastel also made headlines. Our founder caught up with @Galaxisxyz on a X Space, discussing the past and future of NFTs.
