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LeverFi, a DeFi entity that facilitates leveraged spot trading, has announced a unique development. As per the platform, it is upgrading the devnet OmniZK to testnet in the next week to deliver a decentralized and scalable infrastructure. The company took to its X account to reveal the news of this upgrade.
We are excited to share that the #OmniZK devnet is upgrading to testnet in the coming week!
— LeverFi (@LeverFi) June 6, 2024
This testnet upgrade brings us closer to delivering a leading scalable, decentralized infrastructure to support the growth of #BTC DeFi.https://t.co/nC5QyeOUu9$lever @binance
LeverFi Unveils MoniZK’s Testnet Upgrade
Apart from that, the company published a blog post on Medium to provide the relevant details. The platform has reportedly scheduled the respective upgrade for the 18th of this month. It also mentioned that the respective endeavor operates as a huge landmark for OmniZK. LeverFi added that this development pushes the firm forward in the case of advancement. Hence, it nears offering decentralized and scalable infrastructure.
According to the platform, the respective infrastructure would reportedly back the development and growth of BTC-DeFi. At present BTC-DeFi consistently occupies the place of a considerably under-developed region in the Web3 ecosystem. As the platform asserted, a prominent cause of this deals with the design of the Bitcoin Network. As per reports, it pays substantial attention to simplicity.
This offers consistent consensus and predictable execution for Bitcoin transfers. Even then, Bitcoin-based decentralized finance turns out to be very challenging in terms of execution. The OmniZK SDK reportedly plays a crucial role in this respect. It permits the developers to construct and develop non-custodial BTC native apps to scale in functionality and logic. In this way, it delivers more logic and scalability capabilities to the BTC network.
The New Project’s Provides the Trustlessness, Decentralization, and Security
In this respect, it does not compromise on the chief tenets including trustlessness, decentralization, and security. Interestingly, OmniZK reportedly presents a decentralized substitute in comparison with BTC L2s. These layer-2 protocols reportedly utilize institutional custodians or multi-sigs to protect consumer assets. LeverFi asserted that OmniZK strengthens a broad series of inter-chain BTC use cases.
These use cases take into account local network settlements. While disclosing the features of the new project, the firm claimed that the project enables non-custodial liquid staking of Bitcoin. It also pointed out that the project permits the cross-chain BTC DeFi markets. Additionally, it also develops decentralized token bridges. Moreover, the platform also allows the management of the Omnichain.