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BitcoinLeverFi Unveils Upgrade for OmniZK Testnet

LeverFi Unveils Upgrade for OmniZK Testnet

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LeverFi, a leading DeFi platform specializing in leveraged spot trading, has made an exciting announcement. The company revealed that it will be upgrading the devnet OmniZK to a testnet in the upcoming week in order to provide a decentralized and scalable infrastructure. This news was shared on LeverFi’s official X account.

“We are thrilled to announce the upcoming upgrade of #OmniZK devnet to testnet next week! This upgrade marks a significant step towards delivering a cutting-edge scalable, decentralized infrastructure to support the growth of #BTC DeFi.”

In addition to this, LeverFi also released a blog post on Medium detailing the upgrade. The platform has set the upgrade date for the 18th of this month, emphasizing that this milestone is a major achievement for OmniZK. LeverFi highlighted that this development signifies a significant advancement for the company, bringing it closer to offering a decentralized and scalable infrastructure.

According to LeverFi, the new infrastructure will play a crucial role in supporting the development and expansion of BTC-DeFi, which currently occupies a relatively underdeveloped sector within the Web3 ecosystem. LeverFi pointed out that the design of the Bitcoin Network, focusing on simplicity, has been a major hurdle for Bitcoin-based decentralized finance.

The OmniZK SDK is expected to address this challenge by enabling developers to create non-custodial BTC native apps that can scale in functionality and logic, providing greater logic and scalability to the BTC network.

The project aims to uphold key principles such as trustlessness, decentralization, and security, offering a decentralized alternative to BTC L2s that rely on institutional custodians or multi-sigs to safeguard user assets. LeverFi stated that OmniZK will support a wide range of inter-chain BTC use cases, including local network settlements.

Some of the key features of the project include non-custodial liquid staking of Bitcoin, cross-chain BTC DeFi markets, decentralized token bridges, and management of the Omnichain.

Overall, LeverFi’s upgrade of the OmniZK devnet to testnet signifies a significant step towards providing a robust and scalable infrastructure to support the growth of BTC DeFi.

Tags: BTC

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