OmniZK’s launch to help in DeFi applications

Shruti Govil
Shruti Govil April 20, 2024
Updated 2024/04/20 at 6:10 PM

OmniZK, a safe validation system for Bitcoin, was introduced by LeverFi, a top web3 innovation team. It lets developers build intricate, interoperable DeFi apps by moving complicated functionality onto EVM networks and using zkOracles to relay verified results. Native, decentralized contracts can be settled securely on the Bitcoin network thanks to the protocol’s modular nature.

Expanding the possibilities for DeFi and omnichain interactions, LeverFi is pleased to announce the release of OmniZK, a revolutionary secure validation mechanism for Bitcoin. Moving difficult computations to EVM layers and sending verifiable event results back to the Bitcoin network allows developers to create scalable, interoperable, programmable native applications on Bitcoin that can handle complex scenarios. This is made possible with OmniZK.

Enabling Bitcoin DeFi and complicated logic for Bitcoin 

The Turing-incomplete nature of Bitcoin Script has long hindered the creation of complex applications on the network, leading to particular difficulties in the development of decentralized finance (DeFi) apps on Bitcoin.

By offering a modular framework for creating conditional, non-custodial Discreet Log Contracts (DLCs) protected by zkOracles-generated event proofs, OmniZK addresses this problem. Strong security for contract settlement within the Bitcoin network is produced by limiting OmniRelayers operating in a Trusted Execution Environment to only sending and signing for confirmed event outcomes.

Developers may quickly create and implement DLC apps that use verified event data from any EVM network for Bitcoin contract settlement finality by using the OmniZK SDK.

This facilitates a number of interchain Bitcoin use cases, such as omnichain liquidity management, cross-chain Bitcoin DeFi markets, non-custodial BTC liquid staking, and decentralized asset bridges.

While they interact and communicate with L2s, applications developed using OmniZK are independent of and complementary to Bitcoin L2s, as final settlements are completed natively on Bitcoin, outside of the L2s.

One such application would be one that creates a wrapped Bitcoin asset that is chain-agnostic and can be freely mined, burned, or transferred without requiring the underlying Bitcoin to be held in custody on an L2 multi-sig bridge.

As a result, OmniZK is positioned at an intriguing intersection of the quickly expanding Bitcoin ecosystem, providing options for consumers and developers who want to create and stay within the native Bitcoin layer.

Advantages of the LEVER Staking Program

The ecosystem token of LeverFi, LEVER, powers the OmniZK protocol and is widely available on major international exchanges such as Binance, Bybit, Bithumb, Gate, and others.

In order to receive staking incentives and contract gas fees, OmniRelayers must stake LEVER in order to become operators and take part in the security, operation, and governance of the OmniZK network. In order for users to stake alongside validators and benefit from LEVER staking, there will also be a delegation program.

Aside from the aforementioned, LEVER offers a plethora of advantages, such as discounted fees on its EVM-based non-custodial swap platform and restricted access to its LeverPro launchpad for Bitcoin DeFi projects with significant potential.

Building the next wave of Bitcoin DeFi applications, LeverFi welcomes developers and validators to investigate the possibilities of OmniZK.


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