Safe, formerly known as Gnosis Safe, has unveiled Safenet, a transaction processor network designed to enable users to manage assets across multiple blockchains.
The goal is to enable instant cross-chain transactions with execution guarantees, catering to users who require quick and secure asset transfers across various networks.
Safenet is not a blockchain itself but a meta protocol that serves as a connective layer, interfacing with any blockchain through a single user account.
As such, the project wants to address key challenges in DeFi, such as liquidity fragmentation and the complexities of managing cross-chain transactions.
“SafeNet isn’t a Layer 2 or Layer 1—think of it like the VisaNet of blockchains, a transaction processor network that connects existing networks,” a project spokesperson told The Block.
Under the hood, Safenet’s liquidity network will enable anyone to contribute to the protocol by providing the required liquidity for the Safenet “processors” to service users. This liquidity network builds on existing DeFi primitives like DEXs, lending markets and other liquidity sources. These processors, akin to nodes, ensure security and speed in transactions.
“Our vision is to address liquidity fragmentation and create a seamless, secure and lightning-fast experience for every blockchain interaction. Safenet’s ultimate mission is to move the world’s GDP onchain,” said Lukas Schor, co-founder at Safe.
Safe continues to be a leader in smart account infrastructure within the Ethereum ecosystem, offering solutions like multi-signature accounts, private key recovery and simplified dapp development through its Core software stack.
The SafeDAO governs a platform that secures nearly $85 billion in assets, offering tools for managing cryptocurrencies across Ethereum-based apps. In 2022, Safe raised $100 million in a token sale round led by 1kx.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.