Safenet Unveiled: Transaction Processor Network Aims to Bring $100 Trillion Global Economy Onchain

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Dec 04, 2024, 09:00 ET

Safe is on a mission to simplify cross-chain interactions, drive onchain activity, and accelerate mainstream adoption

ZUG, Switzerland, Dec. 4, 2024 /PRNewswire/ -- The Safe Ecosystem Foundation, steward of the community behind Safe (formerly Gnosis Safe), announces the launch of Safenet, a transaction processor network designed to overcome major barriers in scaling decentralized finance (DeFi) and move the $100 trillion global economy onchain.

With nearly 10% of Ethereum's transfer volume already flowing through Safe accounts, there is incredible potential to bring more economic activity onchain. Among the challenges facing the decentralized finance (DeFi) industry is liquidity fragmentation. While recent Layer 2 networks from companies like Coinbase, Sony, and Uniswap have boosted blockchain adoption by enhancing scalability and reducing transaction costs, they also introduce challenges, such as fragmented liquidity across isolated ecosystems and complex user experiences that require multiple wallets and bridging solutions.

Safe, which has pioneered the adoption of smart account infrastructure to features like multisig, private key recovery, and email login for self-custody wallets, is in a prime position to address liquidity fragmentation at the account level. Safenet will enable instant cross-chain transactions with execution guarantees, allowing anyone to use their onchain assets anywhere, instantly and securely.

Taking inspiration from VisaNet, the payment network powering Visa, Safenet aims to create a decentralized transaction processing network that enables a more unified transaction experience across various blockchain ecosystems. Safenet will be powered by Safenet Processors, which provide execution guarantees ranging from security checks to execution speed. Under the hood, the Safenet Liquidity Network will enable anyone to contribute to Safenet 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.

Lukas Schor, co-founder at Safe said: "Safenet is not yet another Layer 2; it's a transaction processing network that redefines blockchain interaction. Safenet's unique architecture allows users to engage with any network or Layer 2 through a single account, a game-changer for DeFi. 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."

SOURCE Safe