Singapore, Singapore, April 4th, 2024
In a recent development, LeverFi has released OmniZK, a secure validation protocol for Bitcoin that allows developers to create advanced DeFi applications by shifting complex processes onto EVM networks. This protocol facilitates interoperability by using zkOracles to relay validated outcomes. The design of the protocol enables non-custodial decentralized contracts to settle securely on the Bitcoin network.
LeverFi is excited to announce the launch of OmniZK, a cutting-edge secure validation protocol for Bitcoin, expanding the capabilities of DeFi and omnichain interactions. This protocol enables developers to transfer complex computations to EVM layers and relay verified event outcomes back to the Bitcoin network, paving the way for the development of scalable and versatile applications on Bitcoin.
Facilitating Bitcoin DeFi and sophisticated Bitcoin logic
The limited computational capabilities of Bitcoin Script have historically hindered the development of complex applications, particularly in the DeFi sector. OmniZK overcomes this challenge by offering a modular framework for constructing non-custodial Discreet Log Contracts (DLCs) that rely on event proofs generated by zkOracles. The protocol ensures that OmniRelayers, operating within a Trusted Execution Environment, transmit and sign only verified event outcomes, ensuring secure contract settlement on the Bitcoin network.
By leveraging the OmniZK SDK, developers can easily create DLC applications using verified event data from any EVM network to settle contracts definitively on Bitcoin. This opens up a range of interchain Bitcoin use cases such as non-custodial BTC liquid staking, cross-chain Bitcoin DeFi markets, decentralized asset bridges, and omnichain liquidity management.
According to Charissa K, Head of Developer Relations at LeverFi, “OmniZK represents a significant advancement in Bitcoin DeFi and interoperability. By providing secure, non-custodial contracts that natively settle on the Bitcoin network and offering an alternative to centralized bridges, we are opening up new possibilities for developers and users in the Bitcoin ecosystem.”
Applications developed using OmniZK are independent of Bitcoin L2s but can interact and communicate with them. However, the final settlements occur natively on Bitcoin, separate from L2 networks.
LEVER Staking Program and Benefits
The LeverFi ecosystem, including the OmniZK protocol, is supported by LEVER, its native ecosystem token, available on major global exchanges like Binance, Bybit, Bithumb, Gate, and others.
Operators of OmniRelayers interested in contributing to the security, functioning, and governance of the OmniZK network will need to stake LEVER to participate and earn staking rewards and contract gas fees. Additionally, there will be a delegation program allowing users to stake with validators and enjoy the benefits of LEVER staking.
On top of these benefits, LEVER offers various advantages including priority access to the LeverPro launchpad for promising Bitcoin DeFi projects and reduced fees on its EVM-based non-custodial swap platform.
LeverFi encourages developers and validators to explore the potential of OmniZK and embark on building the next generation of Bitcoin DeFi applications.
About LeverFi
LeverFi, supported by prominent investors, is a leading web3 innovation company dedicated to pushing the boundaries of decentralized finance. With its upcoming projects, LeverFi aims to introduce new opportunities for the Bitcoin and global web3 ecosystems.
For further inquiries, users can find more information about LeverFi at leverfi.io.
Developers and validators interested in exploring OmniZK may express their interest by contacting the Head of Developer Relations at validator@leverfi.io.
For additional information, contact the LeverFi team at team@leverfi.io.
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