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Singapore, Singapore, April 4th, 2024, Chainwire
LeverFi, a leading web3 innovation team, has launched OmniZK, a secure validation protocol for Bitcoin that enables developers to create complex, interoperable DeFi applications by shifting complex logic onto EVM networks and relay verified outcomes with zkOracles. The protocol’s modular design allows non-custodial, decentralized contracts to be settled natively on the Bitcoin network in a secure.
LeverFi is proud to announce the launch of OmniZK, a groundbreaking secure validation protocol for Bitcoin that expands the possibilities for DeFi and omnichain interactions. By allowing developers to shift complex computations onto EVM layers and relay verified event outcomes back to the Bitcoin network, OmniZK enables the creation of programmable, interoperable native applications on Bitcoin that are scalable and capable of handling complex scenarios.
Enabling Bitcoin DeFi and complex logic for Bitcoin
Bitcoin Script’s Turing-incomplete nature has long been a barrier to the development of complex applications on the Bitcoin network, making the development of decentralized finance (DeFi) applications on Bitcoin especially challenging.
OmniZK solves this issue by providing a modular framework for constructing conditional, non-custodial Discreet Log Contracts (DLCs) secured by event proofs generated by zkOracles. OmniRelayers, running in a Trusted Execution Environment, are restricted to only transmitting and signing for verified event outcomes, thereby producing robust security for contract settlement within the Bitcoin network.
With the OmniZK SDK, developers can easily build and deploy DLC applications that utilize verified event data from any EVM network for contract settlement finality on Bitcoin. This empowers various interchain Bitcoin use cases, including non-custodial BTC liquid staking, cross-chain Bitcoin DeFi markets, decentralized asset bridges, and omnichain liquidity management.
“OmniZK is a significant step forward for Bitcoin DeFi and interoperability,” said Charissa K, Head of Developer Relations at LeverFi. “By enabling secure, non-custodial contracts that settle natively on the Bitcoin network and providing an alternative to centralized bridges, we’re unlocking a new era of possibilities for Bitcoin developers and users alike.”
Applications built using OmniZK are independent of yet complementary to Bitcoin L2s, as they interact with and communicate with L2s, but with final settlements done natively on Bitcoin, outside of the L2s.
An example can be an application that issues a chain-agnostic wrapped BTC asset that can be freely minted, burned or transferred, without having the underlying BTC being custodied on a L2 multi-sig bridge.
This places OmniZK at an interesting nexus of the rapidly growing Bitcoin ecosystem and offer alternatives to developers and users who wish to build and settle within the native Bitcoin layer.
LEVER Staking Program and Benefits
The LeverFi ecosystem, which includes the OmniZK protocol, are powered by LEVER, its ecosystem token which is easily accessible on leading global exchanges including Binance, Bybit, Bithumb, Gate and more.
OmniRelayers who wish to participate in the security, functioning and governance of the OmniZK network are required to stake LEVER to join as operators to earn staking rewards and contract gas fees. There will also be a delegation program for users to stake with validators and enjoy the benefits of LEVER staking.
In addition to the above, LEVER confers a wide range of benefits including gated access to its LeverPro launchpad for high potential Bitcoin DeFi projects and reduced fees on its EVM-based non-custodial swap platform.
LeverFi invites developers and validators to explore the potential of OmniZK and start building the next generation of Bitcoin DeFi applications.
About LeverFi
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.
For more information, users can learn more about LeverFi here: https://leverfi.io
Developers and validators looking to explore OmniZK may register interest by contacting our Head of Developer Relations at this email: validator@leverfi.io
ContactsZRteam@leverfi.ioLawrenceLeverFiteam@leverfi.io
This article was originally published on Chainwire
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