Web3 Verifiable Settlement Protocol To Bring ‘Internet-Speed’ Payments With New Upgrade

[Ben Graham]

Pi Squared has announced the launch of its Devnet 2.0 to bring “internet-speed payments” to Web3 and advance its goal of 1 million transactions per second (TPS) by 2026.

Pi Squared Unveils New Upgrade

On Wednesday, Pi Squared, a project behind an infinitely scalable network for internet-speed payments, announced the launch of Devnet 2.0, a major upgrade to its Web3 verifiable settlement protocol.

Notably, Pi Squared is building FastSet, an infinitely scalable, decentralized payments network designed to deliver “uncapped throughput, internet speed finality, and real-time verifiability.” The network settles transactions in parallel, which allows it to process more transactions per second than blockchains that rely on total ordering.

In a September blog post, the project noted that TPS has been a key metric to evaluate the capacity, scalability, and efficiency of a credit card payment system. This metric was later adopted for the data transaction rate of cryptocurrencies, but “TPS may be discouraging to use as a metric in Web3 since there is so much heterogeneity and inconsistency around.”

Pi Squared explained that, in the protocol, “TPS refers to the number of claims per second that can be effectively settled. Transactions are a typical example of claims, but FastSet is more than just settling transactions. Any verifiable statement can be settled on FastSet.”

According to the official statement, the Web3 verifiable settlement protocol currently reaches 150,000 transactions per second with sub-100ms finality. Additionally, it targets 1 million TPS by mainnet in 2026, aiming to deliver “instant and trustless payments at a global scale.”

Grigore Roșu, founder and CEO of Pi Squared, affirmed that “the future of payments demands more than what blockchains can deliver.” Therefore, “with theoretically uncapped TPS, sub-100ms finality, and verifiability by design, Pi Squared is ready to power global payments and financial systems at scale.”

A New ‘Playground’ For Web3 Developers

Per the statement, Devnet 2.0’s launch advances the Pi Squared goal to build “a future where payments and all forms of transactions happen instantly, verifiably, and with negligible fees.”

It detailed that the Devnet 2.0 is a “fully accessible playground for developers to experience FastSet in action, providing a richer ecosystem, new apps, improved infrastructure, and comprehensive developer docs designed to make building on FastSet seamless.”

Within the next week, two Decentralized Finance (DeFi) applications, Omniset and OmniSwap, are set to debut on the Devnet 2.0, seeking to “redefine cross-chain asset movement.”

The first one 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 will reportedly be able to “deposit tokens on any chain, mint and use the tokens unrestricted on FastSet, and withdraw them on any other chain, seamlessly, securely, and instantly.”

Meanwhile, the second DeFi application is built on top of OmniSet. It will aggregate decentralized exchanges (DEXs) across networks, discover the best available swap rates, and execute trades using verifiable proofs, to make cross-chain swaps “trustless and lightning fast.”

Roșu concluded that the launch of Devnet 2.0 “represents the latest milestone in our mission to deliver on one of the biggest promises of Web3, enabling p2p payments to move as fast as the internet.”