LeverFi, a DeFi platform specializing in leveraged spot trading, has revealed an exciting development. The company announced that it will be upgrading its devnet OmniZK to a testnet in the upcoming week to establish a decentralized and scalable infrastructure. LeverFi took to their Twitter account to share the news about this upgrade.
The company is thrilled to announce that the #OmniZK devnet will be transitioning to a testnet next week! This upgrade marks a significant step towards providing a top-tier scalable and decentralized infrastructure to support the growth of #BTC DeFi.
In addition to this, LeverFi published a blog post on Medium to provide further details about the upgrade. The platform has set the upgrade date for the 18th of this month, highlighting it as a major milestone for OmniZK. LeverFi emphasized that this development signifies a leap forward for the company, bringing them closer to offering decentralized and scalable infrastructure.
According to LeverFi, this infrastructure will play a crucial role in supporting the development and expansion of BTC-DeFi. Currently, BTC-DeFi is seen as an underdeveloped sector within the Web3 ecosystem. LeverFi explained that one of the primary reasons for this is the design of the Bitcoin Network, which prioritizes simplicity, offering consistent consensus and predictable execution for Bitcoin transactions. However, this simplicity poses challenges for Bitcoin-based decentralized finance. The OmniZK SDK is instrumental in addressing these challenges by enabling developers to create non-custodial BTC native apps with enhanced functionality and logic, providing more scalability and logic capabilities to the BTC network.
The OmniZK project aims to uphold the core principles of trustlessness, decentralization, and security. LeverFi highlighted that OmniZK offers a decentralized alternative to BTC L2s, which rely on institutional custodians or multi-sigs to safeguard user assets. The platform stated that OmniZK supports a wide range of inter-chain BTC use cases, including local network settlements.
In addition to this, the new project allows for non-custodial liquid staking of Bitcoin, cross-chain BTC DeFi markets, decentralized token bridges, and the management of the Omnichain.
Tags: BTC