I'm involved in the development and support of Paseo Network, representing Portico Labs. During my previous years at Parity, I had the opportunity to be closely involved with, and in some cases maintain, several of the existing testnets.

The builders' community has expressed the need for a more stable testnet that closely mirrors Polkadot, and this is precisely what Paseo aims to provide. We envision Paseo as a testnet for all types of builders to test their specific use cases, including parachains, XCM integrations, wallets, APIs, smart contracts, etc.

Currently, the team is focused on thoroughly documenting all decisions from internal discussions and gathering feedback from different actors in the ecosystem. Since December, the team has begun implementing these decisions, such as launching the network with an initial set of validators.

All the details can be tracked on the Paseo GitHub organization page:
https://github.com/paseo-network

As Rococo is being deprecated, it is extremely urgent for the ecosystem to fund Paseo. Additionally, the team is AAA and capable of delivering.