diff --git a/README.md b/README.md
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--- a/README.md
+++ b/README.md
@@ -1,162 +1,49 @@
-# Local Development Environment
+# Localnet
 
-Important Notice: The new architecture (V2) is currently in active development.
-While the high-level interface presented in this document is expected to remain
-stable, some aspects of the architecture may change.
+Localnet is a local development environment that simplifies the development of
+universal apps.
 
-## Introduction
+Localnet:
 
-The new architecture aims to streamline the developer experience for building
-Universal Apps. Developers will primarily interact with two contracts:
-GatewayZEVM and GatewayEVM.
+- Starts an [Anvil](https://book.getfoundry.sh/anvil/) local testnet node
+- Deploys [protocol
+  contracts](https://github.com/zeta-chain/protocol-contracts/tree/main/v2) on
+  the local testnet node. Both EVM gateway and ZetaChain gateway are deployed
+  and running on the same local blockchain
+- Simulates the real-world testnet environment of ZetaChain by observing events
+  and relaying the contract calls between EVM gateway and ZetaChain gateway
 
-- `GatewayEVM`: Deployed on each connected chain to interact with ZetaChain.
-- `GatewayZEVM`: Deployed on ZetaChain to interact with connected chains.
-
-V2 contracts source code is currently located in
-[prototypes](/contracts/prototypes/)
-
-## Contract Interfaces
-
-The interface of the gateway contracts is centered around the deposit, withdraw,
-and call terminology:
-
-- Deposit: Transfer of assets from a connected chain to ZetaChain.
-- Withdraw: Transfer of assets from ZetaChain to a connected chain.
-- Call: Smart contract call involved in cross-chain transactions.
-
-In consequence, the interface is as follow:
-
-- `GatewayEVM`: `deposit`, `depositAndCall`, and `call`
-- `GatewayZEVM`: `withdraw`, `withdrawAndCall`, and `call`
-
-The motivation behind this interface is intuitiveness and simplicity. We support
-different asset types by using function overloading.
-
-### `GatewayEVM`
-
-- Deposit of native tokens to addresses on ZetaChain:
-
-```solidity
-function deposit(address receiver) payable
-```
-
-- Deposit of ERC-20 tokens to addresses on ZetaChain:
-
-```solidity
-function deposit(address receiver, uint256 amount, address asset)
-```
-
-- Deposit of native tokens and smart contract call on ZetaChain:
-
-```solidity
-function depositAndCall(address receiver, bytes calldata payload) payable
-```
-
-- Deposit of ERC-20 tokens and smart contract call on ZetaChain:
-
-```solidity
-depositAndCall(address receiver, uint256 amount, address asset, bytes calldata payload)
-```
-
-- Simple Universal App contract call:
-
-```solidity
-function call(address receiver, bytes calldata payload)
-```
-
-### `GatewayZEVM`
-
-- Withdraw of ZRC-20 tokens to its native connected chain:
-
-```solidity
-function withdraw(bytes memory receiver, uint256 amount, address zrc20)
-```
-
-- Withdraw of ZRC-20 tokens and smart contract call on connected chain:
-
-```solidity
-function withdrawAndCall(bytes memory receiver, uint256 amount, address zrc20, bytes calldata message)
-```
-
-- Simple call to a contract on a connected chain:
-
-```solidity
-function call(bytes memory receiver, bytes calldata message) external
-```
-
-## Experimenting with the New Architecture
-
-To experiment with the new architecture, you can deploy a local network using
-Hardhat and test the gateways using the following commands:
-
-Clone the repository
-
-```
-git clone https://github.com/zeta-chain/protocol-contracts.git
-cd protocol-contracts
-```
-
-Start the local environment network Note: `--hide="NODE"` is used to prevent
-verbose logging
+Install dependencies:
 
 ```
 yarn
-yarn localnet --hide="NODE"
 ```
 
-The `localnet` command launches two processes:
-
-- A local Ethereum network (using Hardhat) with the two gateway contracts
-  deployed
-- A background worker that relay messages between the two gateway contracts. It
-  simulates the cross-chain message relaying that would normally happen between
-  live networks with the
-  [observers/signers](https://www.zetachain.com/docs/developers/architecture/observers/)
-  mechanism. This allows to simulate a cross-chain environment on a single local
-  chain.
-
-Running the command will deploy the two gateway contracts:
+Start localnet:
 
 ```
-[WORKER] GatewayEVM: 0xe7f1725E7734CE288F8367e1Bb143E90bb3F0512
-[WORKER] GatewayZEVM: 0x0165878A594ca255338adfa4d48449f69242Eb8F
+yarn hardhat localnet
 ```
 
-The developers can develop application using these addresses, the messages will
-automatically be relayed by the worker.
-
-The local environment uses Hardhat localnet. Therefore, the default Hardhat
-localnet accounts can be used to interact with the network.
-
 ```
-Account #0: 0xf39Fd6e51aad88F6F4ce6aB8827279cffFb92266 (10000 ETH)
-Private Key: 0xac0974bec39a17e36ba4a6b4d238ff944bacb478cbed5efcae784d7bf4f2ff80
+EVM Contract Addresses
+======================
 
-Account #1: 0x70997970C51812dc3A010C7d01b50e0d17dc79C8 (10000 ETH)
-Private Key: 0x59c6995e998f97a5a0044966f0945389dc9e86dae88c7a8412f4603b6b78690d
+Gateway EVM: 0x9fE46736679d2D9a65F0992F2272dE9f3c7fa6e0
+ZETA:        0x5FbDB2315678afecb367f032d93F642f64180aa3
 
-Account #2: 0x3C44CdDdB6a900fa2b585dd299e03d12FA4293BC (10000 ETH)
-Private Key: 0x5de4111afa1a4b94908f83103eb1f1706367c2e68ca870fc3fb9a804cdab365a
-```
 
-### Examples
+ZetaChain Contract Addresses
+============================
 
-The example contracts demonstrate how the V2 interface can be leveraged to build
-Universal Apps.
-
-- [TestZContract](/contracts/prototypes/zevm/TestZContract.sol): ZetaChain
-  contract (Universal App) that can be called from a connected chains
-- [SenderZEVM](/contracts/prototypes/zevm/SenderZEVM.sol): ZetaChain contract
-  calling a smart contract on a connected chains
-- [ReceiverEVM](/contracts/prototypes/evm/ReceiverEVM.sol): contract on
-  connected chain that can be called from ZetaChain
+Gateway ZetaChain: 0x610178dA211FEF7D417bC0e6FeD39F05609AD788
+ZETA:              0xa513E6E4b8f2a923D98304ec87F64353C4D5C853
+ZRC-20 ETH:        0x9fd96203f7b22bCF72d9DCb40ff98302376cE09c
+```
 
-The following commands can be used to test interactions between these contracts:
+You can also start localnet with custom Anvil parameters and using a different
+port:
 
 ```
-npx hardhat zevm-call --network localhost
-npx hardhat zevm-withdraw-and-call --network localhost
-npx hardhat evm-call --network localhost
-npx hardhat evm-deposit-and-call --network localhost
+yarn hardhat localnet --anvil "--block-time 1" --port 2000
 ```