The post Safenet is Safe’s bid for an ‘onchain VisaNet’ appeared on BitcoinEthereumNews.com.

New cross-chain solutions are tackling persistent challenges presented by Ethereum’s rollup-centric roadmap. Safe’s Safenet, planned for release in 2025, aims to operate as a transaction processor network atop existing blockchains, offering execution guarantees for cross-chain transactions. Safenet’s design — announced today — introduces a set of capabilities targeting longstanding issues in DeFi, such as speed, security and liquidity fragmentation. It reimagines transaction processing by unbundling execution and settlement, akin to VisaNet’s architecture. At its core, Safenet aims to dramatically improve transaction efficiency, processing transactions in under one second thanks to an intents-based solver network. This level of performance would bring cross-chain operations closer to real-time usability, allowing users to move assets or execute transactions between different blockchains almost instantaneously. Read more from our opinion section: Want cheaper and safer interoperability? Drop traditional bridges Whether transferring tokens or interacting with dapps, delays in moving across chains have traditionally hindered such activity, leading to a siloed user experience. “Safenet addresses DeFi’s biggest challenges: fragmentation, latency and complexity,” Lukas Schor, co-founder of Safe, said. By leveraging Safenet Processors, users gain access to instant liquidity and secure, composable transactions that span onchain and offchain 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 actively oversee processor activity, and can flag any malicious behavior. This oversight, combined with user-set transaction rules, creates a defense-in-depth security layer that reduces exposure to common threats. On the chain abstraction front, Safenet’s ability to unify balances across chains represents a major step forward in usability. Instead of requiring users to manage separate wallets or bridge assets manually, Safenet plans to present a single, consolidated view of their holdings. Current Safe wallets…

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Filed under: News - @ December 3, 2024 6:22 pm