Ethereum’s roadmap, which is based on rollups, presents a number of challenges that require new cross-chain solutions.
Safe’s Safenet aims to release by 2025 as a blockchain-based transaction processor that offers execution guarantees on cross-chain transfers.
Safenet’s design — announced today — introduces a set of capabilities targeting longstanding issues in DeFi, such as speed, security and liquidity fragmentation. The new architecture reimagines the transaction process by decoupling settlement and execution, similar to VisaNet.
Safenet’s core goal is to improve the efficiency of transactions by processing them in less than one second, thanks to its intents-based network. The level of performance will bring the cross-chain operation closer to being real-time, and allow users to execute transactions or move assets between blockchains in an instant.
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The user’s experience is often hampered by delays when moving from one chain to another.
“Safenet addresses DeFi’s biggest challenges: fragmentation, latency and complexity,” Lukas Schor said.
Safenet Processors give users instant access to liquidity as well secure transactions across onchain and other networks.
The network is secured by user-defined policies and a decentralized validator network — staking the SAFE token — and the system is geared towards providing robust protection against risks like address poisoning and other vulnerabilities.
Validators can monitor the activity of processors and report any suspicious behavior. The combination of this monitoring and user-defined transaction rules creates a security layer with layered defenses that minimizes the risk from common threats.
Safenet’s ability unify the balances of chains is a significant step forward for usability. Safenet will present users with a single view of all their assets, rather than requiring them to manually manage multiple wallets and bridge assets.
Safe wallets currently secure 112 billion dollars in assets. Of that, 75 percent is Ethereum. Safenet is a new abstraction that allows for the switching of multiple networks. The same Ethereum address can be used across several chains.
Safe also expects to close the gap between the onchain and the offchain ecosystems, by giving users the ability to use the same asset balance to engage with central exchanges and payments systems. This allows users to manage their assets more easily while also expanding the options for how they can interact with them.
Safe’s accounts process about 5% (of the total volume processed) of Ethereum mainnet, says Richard Meissner.
“The remaining volume is a mix of asset transfers, treasury management, DAO governance actions and complex DeFi operations like liquidity provisioning,” Meissner spoke to Blockworks.
Safe’s wallet is different from other wallets because it focuses on smart accounts.
“By advancing smart accounts, we offer features not possible with traditional EOA accounts like multisig, private key recovery [and] automation,” Meissner stated.
Safe bets that businesses will move to blockchain more often if they have these features.
Safenet’s integration with ERC7579 is key to its functionality. The standard specifies interfaces, behaviors and interoperability for modules smart accounts. “modules.”
Safenet’s adoption of ERC-7579 can help to unbundle transaction execution from settlement in a similar way as VisaNet works for traditional finance.
Safe and Rhinestone developed Safe7579 Adapter to enable Safe Accounts to conform with ERC-7579.
Interoperability is dependent on such standards. Safe accounts can include modules like spending limits, account-based role access, and recovery.
Safenet’s alpha version is scheduled for Q1 2025. At first, it will support cross-chain transactions and basic liquid functions. Safenet’s third-party processing and Safe Apps SDK compatibility will be introduced by the middle of 2025. New use cases like off-exchange clearing and subscription services are possible.
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