According to Odaily, LeverFi, a blockchain-based leverage trading protocol, has announced the successful raising of $10 million for the OmniZK Developer Fund. The fund was raised from leading institutions, market makers, and private investors ahead of the Q2 launch of the OmniZK testnet. The fund is intended to support developers using OmniZK to build BTCFi.
OmniZK will allow developers to build and deploy scalable, interoperable DLC applications that settle natively on the Bitcoin network. In comparison to centralized Bitcoin L2 protected by multi-signatures or institutional custodians, OmniZK represents a decentralized alternative.
The OmniZK Developer Fund is specifically focused on the BTCFi project, aiming to provide seed-stage investments of between $100,000 and $500,000 to high-quality development teams building native Bitcoin financial applications. The investments will be made in multiple tranches based on milestones. Currently, the OmniZK Developer Fund has made four investments into the BTCFi project and is prepared to support more projects.