OmniZK Devnet Goes Live for Bitcoin Developers!
We are excited to share that the OmniZK Devnet is live today and has started successfully processing transactions for our partner developers on Bitcoin!
The OmniZK Devnet is an internal, private environment that is being used by our early network developer partners to test and operate their applications, and represents the first step towards a testnet which is targeted for release in Q2 2024.
The launch of the Devnet is a significant milestone for OmniZK, which takes us closer to making the Bitcoin network scalable and interoperable, with expressive logic that supports native DeFi applications.
OmniZK achieves this by providing a secure validation protocol that allows decentralized Bitcoin applications to shift complex computations onto any EVM layer, verify event outcomes using zk-proofs, and then conducting the final settlements natively on the Bitcoin network.
Non-Custodial Infrastructure Offers Decentralized Alternative to Centralized, Multi-Sig Bitcoin L2s
OmniZK is modularly designed for developers to construct conditional, non-custodial Discreet Log Contracts (DLCs) on Bitcoin that are secured by event proofs generated by zkOracles.
OmniRelayers are network operators who process transactions for the network and are required to operate in a Trusted Execution Environment, which restricts Omnirelayers to only transmit and sign for verified event outcomes.
Developers using the OmniZK Devnet can now use the OmniZK SDK to build and construct non-custodial Bitcoin native applications, which offers a decentralized alternative compared to centralized Bitcoin L2s that are secured by either multi-sigs or institutional custodian.
A simple and clear benefit of using OmniZK is that security risks are meaningfully isolated. In the event of any vulnerabilities, there is no mass contagion for user assets for applications using OmniZK. In contrast, for centralized L2s, a singular security breach for the centralized asset bridge puts the entire L2 ecosystem at risk of significant losses.
Exciting New Bitcoin Native Applications Launching on OmniZK
Following an overwhelming response from developer teams after releasing the OmniZK protocol design in April, we are pleased to share that we have shortlisted and invested into multiple high potential projects that are building the next generation of scalable DeFi applications on Bitcoin with OmniZK.
In addition to a seed investment, we will support these projects in capital raising, community growth, marketing, exchange listings and more. Together with our partners, we are excited to play our role in expanding the frontiers for the rapidly growing Bitcoin DeFi landscape.
In the coming few weeks, we will be sharing more with our community around the fast growing OmniZK ecosystem. Stay tuned!
LeverFi: Scaling Bitcoin and Global Web3 Ecosystems
Backed by world-class investors, LeverFi is a leading web3 innovation firm that continually reimagines the boundaries of decentralized finance. With its latest roadmap, LeverFi is set to break new ground and create new possibilities for Bitcoin and global web3 ecosystems.
Stay tuned for more updates as we continue to expand to more users globally, and deliver new innovations in decentralized finance by following us on our socials:
- Follow us on Twitter for the latest news: https://twitter.com/leverfi
- Visit the LeverFi website: https://www.leverfi.io
- Track our blog for updates: https://medium.com/leverfi
- Read our product documentation: https://docs.leverfi.io
- Join our fast growing user community: https://t.me/LeverFi
