LeverFi, a DeFi platform specializing in leveraged spot trading, has made an exciting announcement. They have revealed that they will be upgrading their devnet OmniZK to a testnet in the upcoming week. This upgrade is aimed at providing a decentralized and scalable infrastructure for their users. LeverFi took to their social media account to share this news with their followers.
“We are thrilled to announce that the #OmniZK devnet will soon be transitioning to a testnet in the following week! This upgrade brings us one step closer to offering a top-tier scalable and decentralized infrastructure to support the growth of #BTC DeFi.”
In addition to this, LeverFi also shared a blog post on Medium detailing the upgrade. The platform has set the upgrade for the 18th of this month, marking a significant milestone for OmniZK. LeverFi emphasized that this development signifies a leap forward in their progress towards offering decentralized and scalable infrastructure.
The new infrastructure is expected to boost the development and expansion of BTC-DeFi. Currently, BTC-DeFi is considered a relatively underdeveloped sector within the Web3 ecosystem. LeverFi attributes this to the design of the Bitcoin Network, which prioritizes simplicity, leading to challenges in executing Bitcoin-based decentralized finance projects.
The OmniZK SDK plays a vital role in addressing these challenges, enabling developers to create non-custodial BTC native apps with enhanced functionality and logic. This, in turn, provides greater logic and scalability capabilities to the BTC network.
The project focuses on key principles such as trustlessness, decentralization, and security, offering a decentralized alternative to BTC L2s that rely on institutional custodians or multi-sigs for asset protection. LeverFi highlighted that OmniZK supports a wide range of inter-chain BTC use cases, including local network settlements and non-custodial liquid staking of Bitcoin.
Furthermore, the project facilitates cross-chain BTC DeFi markets, decentralized token bridges, and management of the Omnichain. LeverFi’s initiative aims to revolutionize the BTC-DeFi landscape and pave the way for a more robust and secure decentralized financial ecosystem.