LeverFi, a decentralized finance (DeFi) platform specializing in leveraged spot trading, has made an exciting announcement. The company revealed its plans to upgrade the devnet OmniZK to a testnet in the upcoming week. This upgrade aims to provide a decentralized and scalable infrastructure to support the growth of BTC DeFi. LeverFi shared this news on their official X account, expressing their enthusiasm for the upcoming developments.
“We are thrilled to announce that the #OmniZK devnet will be transitioning to a testnet next week! This upgrade marks a significant step forward in delivering a leading decentralized infrastructure to bolster the expansion of #BTC DeFi.” LeverFi Tweeted on June 6, 2024.
In addition to this, LeverFi published a blog post on Medium detailing the upcoming upgrade, scheduled for the 18th of the month. The company emphasized that this upgrade signifies a major milestone for OmniZK and represents a significant advancement for LeverFi as a whole. This move brings LeverFi closer to its goal of offering a decentralized and scalable infrastructure to its users.
The new infrastructure is expected to support the development and expansion of BTC DeFi, which currently occupies a relatively underdeveloped position in the Web3 ecosystem. LeverFi explained that one of the primary reasons for this is the design of the Bitcoin Network, which prioritizes simplicity, consistency, and predictability in transactions. However, this simplicity poses challenges for Bitcoin-based DeFi projects. LeverFi highlighted the importance of the OmniZK SDK in addressing these challenges, allowing developers to create non-custodial BTC native apps with enhanced functionality and logic, thereby improving the scalability and capabilities of the BTC network.
The OmniZK project emphasizes trustlessness, decentralization, and security, distinguishing itself from BTC Layer 2 solutions that rely on institutional custodians or multi-sigs to safeguard user assets. LeverFi noted that OmniZK supports a wide range of inter-chain BTC use cases, including local network settlements, non-custodial liquid staking of Bitcoin, cross-chain BTC DeFi markets, decentralized token bridges, and Omnichain management.
Tags: BTC
