LeverFi, a prominent DeFi platform known for leveraged spot trading, has made a groundbreaking announcement. The company revealed its plans to upgrade the devnet OmniZK to a testnet in the upcoming week to introduce a decentralized and scalable infrastructure. LeverFi took to its social media account to share this exciting news.
“We are thrilled to announce that the #OmniZK devnet will be transitioning to a testnet in the following week! This upgrade marks a significant step towards providing a cutting-edge scalable, decentralized infrastructure to support the expansion of #BTC DeFi.”
In addition, LeverFi released a blog post on Medium detailing the upgrade, which is scheduled for the 18th of this month. The company emphasized that this upgrade represents a major milestone for OmniZK, propelling the firm towards progress and innovation in the realm of decentralized finance.
The platform is set to provide infrastructure that will facilitate the development and advancement of BTC-DeFi, an area that is currently considered underdeveloped within the Web3 ecosystem. LeverFi highlighted that the design of the Bitcoin Network, which prioritizes simplicity, has posed challenges for Bitcoin-based DeFi projects.
To address these challenges, LeverFi mentioned the pivotal role of the OmniZK SDK in enabling developers to create non-custodial Bitcoin native applications that enhance functionality and scalability within the BTC network. This innovative approach promises to offer increased logic and scalability capabilities to the BTC network.
The OmniZK project aims to uphold key principles such as trustlessness, decentralization, and security while providing a decentralized alternative to BTC L2s, which often rely on institutional custodians or multi-signature protocols for asset protection. LeverFi emphasized that OmniZK supports a wide range of inter-chain BTC use cases, including local network settlements.
Moreover, the new project introduces features such as non-custodial liquid staking of Bitcoin, cross-chain BTC DeFi markets, decentralized token bridges, and management of the Omnichain. LeverFi’s efforts are poised to revolutionize the BTC DeFi landscape and pave the way for a more secure and efficient decentralized financial ecosystem.
Tags: BTC.