- Safe today announced its vision for Safenet, a blockchain transaction processor network.
- Taking inspiration from VisaNet, the payment network powering Visa, Safenet aims to create a decentralized transaction processing network that provides a more unified transaction experience across various blockchain ecosystems.
The Safe Ecosystem Foundation, known for its work in account abstraction, has introduced Safenet—a decentralized transaction processor network aimed at addressing critical bottlenecks in the scaling of DeFi. With this ambitious project, Safe aims to pave the way for the $100 trillion global economy to migrate 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 have bolstered blockchain adoption, they’ve also introduced complexities. Isolated ecosystems, multiple wallets, and bridging requirements hinder user experience and liquidity flow.
Safe, which has already established itself as a leading provider of smart account infrastructure, sees Safenet as a game-changer. Leveraging features like multisignature capabilities, private key recovery, and email login for self-custody wallets, Safe intends to enable instant cross-chain transactions with execution guarantees, effectively eliminating the hurdles posed by fragmented liquidity and cumbersome processes.
“Safenet is not yet another Layer 2; it’s a transaction processing network that redefines blockchain interaction,” said Lukas Schor, co-founder at Safe. “Our vision is to address liquidity fragmentation and create a seamless, secure, and lightning-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 hinges on Safenet Processors, which ensure execution guarantees ranging from robust security to rapid transaction speeds.
These processors are supported by the Safenet Liquidity Network, which taps into 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, enabling users to transact across different blockchain networks without requiring multiple accounts or technical know-how.
The Next Phase for Onchain Economic Activity
With nearly 10% of Ethereum’s transfer volume already running through Safe accounts, the platform is uniquely positioned to catalyze onchain economic activity. Safenet aims to expand this impact by enabling smooth cross-chain interactions, thus positioning itself as a critical infrastructure layer for DeFi’s next phase of growth.
Safenet is expected to be launched in Q1 2025.
Read Also: Safe and Base Collaborate to Boost Smart Account Adoption on Ethereum
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