LeverFi, a decentralized finance (DeFi) platform specializing in leveraged spot trading, has made an exciting announcement. The company revealed plans to upgrade the OmniZK devnet to testnet within the next week, aiming to provide a decentralized and scalable infrastructure. LeverFi shared this news on their official social media account X.
“We are thrilled to announce that the #OmniZK devnet will be transitioning to testnet next week! This upgrade marks a significant step towards offering a cutting-edge scalable and decentralized infrastructure to support the growth of #BTC DeFi. $lever @binance,” LeverFi tweeted on June 6, 2024.
LeverFi Introduces Testnet Upgrade for OmniZK
In addition to the social media announcement, LeverFi also published a detailed blog post on Medium to provide more information about the upgrade. The company has set the upgrade date for the 18th of this month, emphasizing that this milestone is a major achievement for OmniZK. LeverFi believes that this development will propel the company forward in terms of technological advancement, bringing them closer to their goal of providing decentralized and scalable infrastructure.
According to LeverFi, the upgraded infrastructure will support the development and expansion of BTC-DeFi, a sector that is currently considered underdeveloped within the Web3 ecosystem. The platform attributes this underdevelopment to the design of the Bitcoin Network, which prioritizes simplicity, consistency, and predictability in transactions. While this design is beneficial for Bitcoin transfers, it poses challenges for Bitcoin-based decentralized finance projects.
The OmniZK SDK plays a crucial role in addressing these challenges by enabling developers to create non-custodial BTC native applications with enhanced functionality and logic. LeverFi believes that this approach will bring more versatility and scalability to the BTC network, without compromising on key principles such as trustlessness, decentralization, and security.
OmniZK’s decentralized nature distinguishes it from BTC Layer-2 solutions, which often rely on institutional custodians or multi-signature schemes to safeguard user assets. LeverFi highlighted that OmniZK supports a wide range of inter-chain BTC applications, including local network settlements, non-custodial Bitcoin liquid staking, cross-chain BTC DeFi markets, decentralized token bridges, and Omnichain management.
Tags: BTC
