LeverFi, a decentralized finance (DeFi) platform specializing in leveraged spot trading, has made a significant announcement. The company revealed plans to upgrade the devnet OmniZK to a testnet in the upcoming week in order to provide a decentralized and scalable infrastructure. LeverFi shared this exciting news on its X account, showcasing the progress of this upgrade.
In a recent Medium blog post, LeverFi unveiled more details about the forthcoming upgrade of OmniZK to a testnet, scheduled for the 18th of this month. This development is seen as a major milestone for OmniZK and a significant step forward for LeverFi in advancing its infrastructure towards decentralization and scalability.
The upgraded infrastructure is expected to support the growth and development of BTC-DeFi, a sector that is currently considered underdeveloped within the Web3 ecosystem. LeverFi highlighted the challenges faced by Bitcoin-based decentralized finance due to the design of the Bitcoin Network, which prioritizes simplicity, consistent consensus, and predictable execution for Bitcoin transactions.
To address these challenges, LeverFi emphasized the role of the OmniZK SDK in enabling developers to create non-custodial Bitcoin native applications with enhanced functionality and logic. This approach aims to enhance the logic and scalability capabilities of the BTC network while maintaining key principles such as trustlessness, decentralization, and security.
OmniZK is positioned as a decentralized alternative to BTC Layer-2 solutions that often rely on institutional custodians or multi-signature solutions to safeguard user assets. LeverFi highlighted the diverse range of inter-chain BTC use cases supported by OmniZK, including local network settlements, non-custodial liquid staking of Bitcoin, cross-chain BTC DeFi markets, decentralized token bridges, and management of the Omnichain.
Overall, LeverFi’s upgrade of OmniZK to a testnet represents a significant advancement in the realm of decentralized finance, paving the way for innovative solutions and enhanced scalability within the BTC-DeFi space.
