LeverFi, a decentralized finance (DeFi) platform specializing in leveraged spot trading, has made a groundbreaking announcement. The company revealed plans to upgrade its OmniZK devnet to a testnet in the upcoming week, aiming to establish a decentralized and scalable infrastructure. LeverFi took to its X account to share this exciting news about the upgrade.
“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 leading decentralized infrastructure to support the expansion of #BTC DeFi.” This was stated in a tweet by LeverFi on June 6, 2024.
LeverFi Unveils Testnet Upgrade for OmniZK
Furthermore, the company released a blog post on Medium to offer detailed insights into the upgrade. The platform has set the upgrade for the 18th of this month as a crucial milestone for OmniZK. LeverFi emphasized that this advancement signifies progress for the firm, bringing it closer to delivering decentralized and scalable infrastructure.
The platform highlighted that the infrastructure will play a pivotal role in fostering the growth of BTC-DeFi. Currently, BTC-DeFi remains an underdeveloped sector in the Web3 ecosystem, primarily due to the design of the Bitcoin Network, which prioritizes simplicity for consistent consensus and predictable execution of Bitcoin transactions. However, executing Bitcoin-based decentralized finance poses significant challenges, which the OmniZK SDK aims to address by enabling developers to build non-custodial BTC native apps with enhanced functionality and logic, enhancing the scalability and logic capabilities of the BTC network.
The New Project Enhances Trustlessness, Decentralization, and Security
Importantly, the project maintains its focus on key principles such as trustlessness, decentralization, and security, positioning OmniZK as a decentralized alternative to BTC L2s, which rely on institutional custodians or multi-signature arrangements to protect user assets.
LeverFi emphasized that OmniZK supports a wide range of inter-chain BTC use cases, including local network settlements. Highlighting the features of the new project, the company stressed its ability to facilitate non-custodial liquid staking of Bitcoin, enable cross-chain BTC DeFi markets, establish decentralized token bridges, and manage the Omnichain.
Tags: BTC
