Safe unveils the Safenet processor network.
Fluid proposes a rebrand.
EF ESP announces Q3 allocations.
Arbitrum One hits $20 billion in TVL.
Safe unveiled Safenet, a transaction processor network designed to address the challenges of liquidity fragmentation and enhance cross-chain transaction capabilities. Targeting the ambitious goal of managing the world’s GDP onchain, Safenet can function on top of various blockchains, including Ethereum, alt-L1s, L2s, and even offchain networks such as Visa and Binance. The network will feature fast execution, unified asset balances, offchain channels, and customizable security policies. The alpha version of Safenet is slated for release in the first quarter of 2025. Safenet plans to launch across the entire Safe ecosystem, encompassing over 200 apps and the Safe{Wallet}, in the second half of 2025. Safe is the leading smart wallet provider, with more than 30 million accounts securing over $100 billion in assets.
Fluid, a DEX developed by InstaDapp, released a proposal aiming for a rebrand and strategic enhancements to accelerate growth in the new DeFi protocol. The proposal includes a buyback program that could use up to 100% of the protocol's revenue for buybacks. It sets a goal of achieving a $10 billion market size by late 2025 and plans to establish protocol-owned liquidity on the DEX. Since its mainnet launch in October 2024, Fluid has rapidly grown to a $1 billion market size. The Fluid DEX introduces innovative features such as Smart Debt and Smart Collateral, which allow users to convert their debt into trading liquidity by using it as collateral in AMM pools. The proposal is now open for community discussion.
The EF Ecosystem Support Program released an allocation update of projects that received funding in Q3 2024. A total of $12.8 million was allocated to 75 different projects. The grant categories include community education, cryptography, developer tooling, consensus layer, execution layer, and protocol support. Grant recipients include client teams, account abstraction teams, and Ethereum Protocol Fellowship. The EF Ecosystem Support Program (ESP) runs several initiatives focused on providing both financial and non-financial support to teams. Users building projects that enhance Ethereum can visit esp.ethereum.foundation to view funding opportunities.
For the first time, Aritrum One hit $20 billion in TVL. The milestone coincides with a recent rise in the price of ARB, alongside the overall market. ARB makes up nearly a quarter of the TVL given the token’s market cap of $4.3 billion. Arbitrum is not only the largest L2 by TVL, but it also holds the most bridged ETH among L2s. Base has risen as a competing rollup, which is now the second-largest rollup by TVL with over $12 billion in assets on the network. The overall TVL across all L2s has reached an ATH of $54.65 billion.
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