LeverFi(LEVER) OmniZK Devnet

The OmniZK Devnet is live today & has started successfully processing transactions for our partner developers on Bitcoin! A significant milestone towards making Bitcoin scalable, interoperable, with expressive logic.

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 an open public 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.

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