In a bid to further expand the versatility of Bitcoin, and secure its validation protocol, LeverFi has launched OmniZk. The protocol announced the development in a blog post today. In the announcement, LeverFi said OmniZK will help expand Bitcoin scalability, logic construction, and interoperability.
Don’t forget that Bitcoin, despite being the biggest crypto by market cap, has some limitations that have impacted its mainstream adoption. According to LeverFi, Bitcoin lacks the expressive logic required to support complex computations, event handling and state updates.
LeverFi believes these limitations have made it difficult to develop native DeFi on Bitcoin. The Web3 protocol likened the situation to someone who is used to excel sheets daily becoming subjected to pen and paper.
OmniZK to address Bitcoin limitations – LeverFi
Meanwhile, OmniZk seeks to bridge the gap by providing secure validation for the Bitcoin network. This solution will support developers to shift complex computations into any EVM layer. In addition, the project will provide an avenue to relay the final event results back to the Bitcoin network to conduct native settlement.
Similarly, OmniZK will also allow developers to build conditional, non- custodial Discreet Log Contacts (DLCs) on Bitcoin. These DLCs are protected by event proofs generated by zkOracles. OmniRelayers are built in a Trusted Execution Environment, which restrict it to transmit and sign only verified event outcomes.
Furthermore, it will empower developers in building and deploying interoperable DLC- applications that use verified and event data from EVM network for contact settlement finality on Bitcoin. It also supports a plethora of interchain Bitcoin use cases. Some of these are; Non-custodial BTC liquid staking, Cross-chain Bitcoin DeFi marketsl Decentralized assets bridges and Omnichain liquidity management.
Meanwhile, LeverFi recently partnered with Flash Protocol to develop Bitcoin asset issuance and DeFi ecosystem. Worth noting that Flash protocol is powered by Lightning release of Taproot Assets. It allows users to issue Taproot assets and NFTs on Bitcoin, while enjoying smooth, congestion free mainnet.
Read More: