LeverFi, a leading DeFi platform specializing in leveraged spot trading, has announced a groundbreaking development. The company revealed that it will be upgrading its devnet OmniZK to a testnet in the upcoming week, marking a significant step towards establishing a decentralized and scalable infrastructure. LeverFi took to its social media account to share the news of this upgrade.
“We are thrilled to announce that the #OmniZK devnet will be transitioning to a testnet next week! This upgrade brings us closer to providing a cutting-edge, decentralized infrastructure to support the growth of #BTC DeFi.”
In addition to this announcement, LeverFi also released a detailed blog post on Medium with all the relevant information regarding the upgrade. The platform has set the date for the upgrade on the 18th of this month, emphasizing that this is a major milestone for OmniZK. LeverFi stated that this development signifies a significant step forward for the company, bringing it closer to offering a decentralized and scalable infrastructure.
The platform highlighted that the new infrastructure will play a crucial role in supporting the development and expansion of BTC-DeFi. Currently, BTC-DeFi is considered an underdeveloped area within the Web3 ecosystem. LeverFi explained that one of the main reasons for this is the design of the Bitcoin Network, which prioritizes simplicity, offering reliable consensus and predictable execution for Bitcoin transactions. However, implementing Bitcoin-based decentralized finance solutions has proven to be challenging. The OmniZK SDK is expected to address this challenge by enabling developers to create non-custodial BTC native apps with enhanced functionality and logic, providing more scalability to the BTC network.
The new project aims to uphold key principles such as trustlessness, decentralization, and security. OmniZK is positioned as a decentralized alternative to BTC layer-2 solutions, which often rely on institutional custodians or multi-signature wallets to secure user assets. LeverFi emphasized that OmniZK will support a wide range of inter-chain BTC use cases, including local network settlements.
With the introduction of the new project, LeverFi stated that users will have the ability to engage in non-custodial liquid staking of Bitcoin, access cross-chain BTC DeFi markets, create decentralized token bridges, and manage the Omnichain effectively. This upgrade is expected to revolutionize the BTC DeFi landscape, offering users innovative solutions while maintaining the core values of trustlessness, decentralization, and security.
