Safe Foundation has launched Safenet Beta at EthCC in Cannes, opening a new utility for SAFE beyond governance. Token holders can now delegate to genesis validators to help secure the network and earn staking rewards, though those rewards are still pending SafeDAO approval under SEP-55.
Security checks move into the transaction path
Safenet is described as a decentralized transaction security network that applies protocol-level checks before a Safe transaction can be executed. Under the model outlined by Safe, once a transaction is proposed, independent validators assess it against a defined set of security rules. If the transaction passes, validators issue a cryptographic attestation. A Guard installed on the user’s Safe account verifies that attestation onchain, and without a valid attestation the transaction does not proceed.
Safe says the design replaces centralized warning systems and offchain heuristics with onchain-verifiable cryptographic attestations. Users remain in self-custody throughout. If a transaction fails the attestation requirements but the owners still want to move ahead, it can proceed only after explicit additional approval and a delay. The network is built with Byzantine Fault Tolerance; according to the announcement, it can keep producing correct attestations even if up to one-third of validators act dishonestly. All attestations are publicly auditable through the Safenet transaction explorer.
Beta starts with six genesis validators
The beta launches with six genesis validators: Greenfield, Gnosis, Safe Labs, Rockaway, Blockchain Capital, and Core Contributors GmbH. Each validator is required to post a minimum stake of 3.5 million SAFE tokens.
Three elements are live in the beta release: static transaction checks aimed at blocking common attack vectors, a staking interface for SAFE holders to delegate to validators, and a live attestation explorer. The release highlights several transaction patterns it is designed to block, including unauthorized or unexpected delegate calls, the installation of untrusted modules, and attempts to modify or bypass the security settings of a Safe account. Advanced checks, slashing, and fee-based rewards are scheduled for later phases.
SAFE gains a live economic role beyond governance
Safe says Safenet is the first live economic function for SAFE outside governance. Validators stake SAFE to operate the network, while delegators stake SAFE to support the validators securing it. The long-term aim, according to the announcement, is for all value processed through Safe to be protected by Safenet.
Safe, formerly Gnosis Safe, says its protocol has processed more than $1 trillion in cumulative transfers and over $1.4 trillion in total value processed. The Safe Ecosystem Foundation, based in Zug, Switzerland, supports Safe development and ecosystem growth. The release also states that Safenet Beta is being provided on an “as is” and “as available” basis for development and testing only, and notes that withdrawals are not on demand and smart contract risk applies.