LeverFi Rolls Out OmniZK Protocol To Enhance Bitcoin's Scalability and Interoperability

Published: April 04, 2024 at 1:15 pm Updated: April 04, 2024 at 1:15 pm

Edited and fact-checked:
April 04, 2024 at 1:15 pm

In Brief

LeverFi unveiled a secure validation protocol OmniZK designed to expand scalability, logic construction, and interoperability for Bitcoin.

Decentralized finance (DeFi) infrastructure network LeverFi (LEVER) unveiled the OmniZK Protocol, a secure validation protocol designed to expand scalability, logic construction, and interoperability for Bitcoin (BTC).

The OmniZK protocol adopts a modular design, providing developers with the flexibility to create conditional, non-custodial Discreet Log Contracts (DLCs) on the Bitcoin network that are secured by event proofs generated by zkOracles, enhancing security and reliability.

OmniZK supports a wide range of interchain Bitcoin applications, spanning various use cases such as omnichain liquidity management, decentralized asset bridges, cross-chain Bitcoin DeFi markets, and non-custodial BTC liquid staking.

Furthermore, applications built using OmniZK can operate independently from, yet harmoniously with, Bitcoin Layer 2 solutions as they engage and exchange information with Layer 2 networks, but final settlements occur external to these networks.

LeverFi To Bolster BTC and BRC-20 Ecosystem, Unveils Ambitious Roadmap for 2024

LeverFi operates as a DeFi infrastructure and innovation network that provides unique solutions within the DeFi sector. LeverFi currently oversees OmniZK, a launchpad for BRC-20 projects known as LeverPro, and the LeverTrade trading platform.

In outlining its roadmap for 2024, LeverFi is focused on developing the BTC and BRC-20 ecosystem. This includes the launch of the BRC-20 LVR token for trading and the introduction of a Layer 2 protocol powered by zero-knowledge technology, designed for token launches and on-chain DeFi activities. These initiatives are among several upgrades and releases planned for the year ahead.

Last year, Web3 investment firm DWF Labs invested $2 million in the platform, subject to a lock-in and release period spanning two years. Additionally, LeverFi has secured an additional $2 million in over-the-counter (OTC) commitments.

Recently, LeverFi has partnered with Elfin Games, a project incubated by Binance. This collaboration aims to introduce GameFi experiences and token utilities within the BTC and BRC-20 ecosystem. LeverFi users will have the opportunity to utilize LEVER tokens for acquiring land within the Elfin Metaverse, offering enhanced engagement and utility options within the gaming space.

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About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

Alisa Davidson