Pi Squared announced the launch of Devnet 2.0 to bring “internet speed payments” to Web3 and advance its goal of 1 million transactions per second (TPS) by 2026.
Related books
Pi Squared announces new upgrades
On Wednesday, Pi Squared, the project behind the infinitely scalable network for internet speed payments, announced the release of Devnet 2.0, a major upgrade to its Web3 verifiable payments protocol.
Specifically, Pi Squared is building FastSet, an infinitely scalable decentralized payments network designed to provide “uncapped throughput, internet-speed finality, and real-time verifiability.” Because the network settles transactions in parallel, it can process more transactions per second than blockchains that rely on summation order.
In a September blog post, the project noted that TPS has become an important metric for evaluating the capacity, scalability, and efficiency of credit card payment systems. Although this metric was later adopted for cryptocurrency data transaction rates, “too much heterogeneity and consistency may discourage the use of TPS as a metric for Web3.”
Pi Squared explained in its protocol, “TPS refers to the number of claims per second that can be effectively settled. Transactions are the classic example of a claim, but FastSet does more than just settle transactions. Any verifiable statement can be settled with FastSet.”
According to an official statement, the Web3 verifiable payment protocol currently reaches 150,000 transactions per second with sub-100ms finality. Additionally, it aims to reach 1 million TPS on its mainnet in 2026, and aims to enable “instant and trustless payments on a global scale.”
Grigore Rořu, founder and CEO of Pi Squared, asserted that “the future of payments will require more than blockchain can provide.” Therefore, “With its theoretically uncapped TPS, sub-100ms finality, and verifiability by design, Pi Squared is poised to power global payments and financial systems.”
A new “playground” for Web3 developers
The launch of Devnet 2.0 advances Pi Squared’s goal of building “a future where payments and all forms of transactions are instantaneously verifiable and with nominal fees,” according to a statement.
It details that Devnet 2.0 is a “fully accessible playground for developers to experience how FastSet works, offering a richer ecosystem, new apps, improved infrastructure, and comprehensive developer documentation designed to make building on FastSet seamless.”
Within the next week, two decentralized finance (DeFi) applications, Omniset and OmniSwap, are set to debut on Devnet 2.0, aiming to “redefine cross-chain asset movement.”
The first acts as a universal liquidity and settlement layer, connecting fragmented liquidity across blockchains into a single verifiable layer, rather than relying on traditional bridges.
As a result, users can reportedly “deposit their tokens on any chain, mint and spend unlimited tokens on FastSet, and withdraw them seamlessly, securely, and instantly on other chains.”
Related books
Meanwhile, the second DeFi application is built on top of OmniSet. We make cross-chain swaps “trustless and super-fast” by aggregating decentralized exchanges (DEXs) across the network, discovering the best swap rates available, and executing trades with verifiable evidence.
Rořu concluded that the launch of Devnet 2.0 “represents the latest milestone in our mission to deliver on one of the greatest promises of Web3: making P2P payments as fast as the Internet.”
Featured image from Unsplash.com, chart from TradingView.com
