LeverFi, an on-chain leveraged trading protocol, announced that it has successfully raised $10 million in OmniZK developer funds from leading institutions, market makers, and private investors to support developers building BTCFi using OmniZK, ahead of the launch of the OmniZK testnet in Q2.
OmniZK will allow developers to build and deploy scalable, interoperable DLC applications that are settled natively on the Bitcoin network. OmniZK represents a decentralized alternative to centralized Bitcoin L2, which is secured by multi-signatures or institutional custodians. The OmniZK Developer Fund is specifically focused on the BTCFi project, with the goal of providing seed-stage investments of $100,000 to $500,000 (in multiple installments based on milestones) to high-quality development teams developing native Bitcoin financial applications. Currently, the OmniZK Developer Fund has made four investments in the BTCFi project and is ready to support more projects.