Web3 ownership layer Safe announced that it has introduced Safenet, a transaction processor network designed to enhance the scalability of decentralized finance (DeFi) and transition the $100 trillion global economy to blockchain systems. Safenet addresses liquidity fragmentation and facilitates secure, instantaneous cross-chain transactions.
It unifies Layer 1 networks, Layer 2 networks, and off-chain systems, including Visa and centralized exchanges (CEXs) such as Binance. It provides a seamless experience by enabling instant cross-chain transactions with execution guarantees.
The system achieves its speed and security by separating the processes of execution and settlement. This is accomplished through two key components: Safenet Processors and the Liquidity Network. Safenet Processors issue resource locks within users’ Safe accounts and optimistically execute transaction intents. These processors are supported by the Safenet Liquidity Network, which supplies the liquidity needed for transactions. The liquidity network aggregates resources from existing DeFi tools like decentralized exchanges (DEXs), lending markets, and other sources.
Safenet is built to support an ecosystem of diverse, application-specific processors. These processors may offer specialized transaction guarantees, facilitate connections to new networks, or extend services to off-chain platforms. They aim to combine the convenience and functionality of custodial services with the autonomy of self-custody. The Safenet Processor Network is expected to lay the foundation for innovations in on-chain transactions, including off-exchange settlements, loans, subscription services, and more.
It offers impressive capabilities, including execution guarantees within 500 milliseconds, even for cross-chain transactions. It provides scalability by unifying asset balances across Ethereum, Layer 1 and Layer 2 networks, and off-chain channels. Additionally, it prioritizes security with user-defined policies and proactive measures against risks like address poisoning.
SAY GM TO SAFENET
We are here to move the world's GDP onchain.
https://t.co/WkBM6O26hN pic.twitter.com/8duPs9Gb62
— Safe (@safe) December 3, 2024
Safe Prepares For Safenet’s First Version Release In 2025, With Further Upgrades Planned
The first alpha version of Safenet is expected to launch in Q1 2025, offering basic functionality for generating cross-chain accounts. Initially, the platform will support a limited selection of assets and transaction limits as the liquidity network is gradually built out.
Future updates and developments for Safenet will require approval from SafeDAO, with the planned milestones as follows: In Q2 2025, Safenet will become compatible with applications that have integrated the Safe Apps SDK. Additionally, the SAFE validator network will aim to become decentralized, further enhancing the security of Safenet.
Safe is a leader in modular smart account infrastructure, enabling developers to create a wide range of applications and wallets. By establishing universal and open contract standards for the custody of digital assets, data, and identity, Safe is making digital ownership of accounts accessible to a broad audience.
Safe, which already supports over 30 million accounts and manages more than $100 billion in total value locked (TVL), plans to roll out Safenet to its entire ecosystem, encompassing over 200 applications and Safe{Wallet}. Furthermore, Safenet is expected to foster a dynamic economy of processors, delivering new value to users and enhancing their transaction experiences.
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