- Safe today announced its vision for Safenet, a blockchain transaction processor network.
- Taking inspiration from VisaNet, the payment network that powers Visa, Safenet aims to create a decentralized transaction processing network that provides a more unified transaction experience across different blockchain ecosystems.
The Safe Ecosystem Foundation, known for its work on account abstraction, has introduced Safenet—a decentralized transaction processor network that aims to address critical DeFi scaling bottlenecks. With this ambitious project, Safe aims to enable the $100 trillion global economy to move onchain.
Safenet promises Seamless Blockchain Transactions
Safenet promises to solve a pressing issue in DeFi: liquidity fragmentation. As Layer 2 solutions from companies like Coinbase, Sony, and Uniswap fueled blockchain adoption, they also introduced complexities. Isolated ecosystems, multiple wallets, and bridging requirements hinder user experience and liquidity flow.
Safe, which has become a leading provider of smart account infrastructure, sees Safenet as a game-changer. Using features such as multisignature capabilities, private key recovery, and email login for self-custody wallets, Safe aims to enable instant cross-chain transactions with execution guarantees, effectively removing the constraints caused by fragmented liquidity and complex processes.
“Safenet is not yet another Layer 2; it is a transaction processing network that redefines blockchain interaction,” said Lukas Schor, co-founder at Safe. “Our vision is to address the fragmentation of liquidity and create a seamless, secure, and super-fast experience for every blockchain interaction.”
Inspired by Visa, Built for DeFi
Drawing inspiration from VisaNet, the global payment network that powers Visa’s vast financial ecosystem, Safenet is designed as a decentralized counterpart for the blockchain space.
Its architecture relies on the Safenet Processor, which ensures implementation guarantees from robust security to fast transaction speeds.
These processors are supported by the Safenet Liquidity Network, which uses decentralized finance (DeFi) primitives such as decentralized exchanges (DEXs), lending markets, and other liquidity pools.
This approach allows Safenet to function as a unifying layer, allowing users to transact across different blockchain networks without requiring multiple accounts or technical knowledge.
The Next Stage for Onchain Economic Activity
With nearly 10% of Ethereum’s transfer volume already running through the Safe account, the platform is uniquely positioned to enable onchain economic activity. Safenet aims to expand this impact by enabling smooth cross-chain interactions, thus positioning itself as a critical infrastructure layer for the next phase of DeFi growth.
Safenet is expected to launch in Q1 2025.
Also read: Safe and Base Collaborate to Boost Smart Account Adoption on Ethereum
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