Gas prices soared, the rate exceeded 600 sats/vb, and the FB OTC price rose rapidly. Is CAT Protocol a replica of the inscription craze, or a new opportunity for fractal Bitcoin? Or is it just a short-lived burst? The current market heat is rapidly heating up, and FOMO sentiment is spreading, but don't rush to enter the market. This article will quickly analyze the core content of CAT Protocol for you in three minutes, so that you can have a clear understanding of this emerging protocol.
What is the currently popular CAT Protocol?
According to the official introduction of ProtocolCAT, CAT Protocol is a new UTXO-based Bitcoin token protocol launched by them, named Covenant Attested Token (CAT). The protocol is verified by miners and manages the minting and transfer of tokens through smart contracts. It has the following features:
No Indexer Required: The rule set of CAT tokens is guaranteed by Bitcoin consensus. All data and logic reside on the chain. There is no need to rely on any off-chain third party (such as an indexer) for operation, which perfectly inherits the security of Bitcoin's proof of work.
Modular design: CAT tokens can be used in conjunction with other smart contracts to help build more complex decentralized applications (such as AMM, lending, staking, etc.), providing the Bitcoin ecosystem with powerful scalability and diverse application scenarios.
Programmable minting: Smart contracts are responsible for enforcing the minting rules of tokens. Any over-minting transactions that do not comply with the rules will be directly rejected by the network to ensure the security and stability of the system.
Cross-chain interoperability: The CAT protocol supports trustless cross-chain asset bridging, allowing applications to run on multiple blockchains, breaking down blockchain silos and achieving broader ecological interconnection.
SPV compatibility: CAT tokens support simplified payment verification (SPV), and light clients can independently verify the authenticity of tokens without relying on a central server, improving user experience and security.
In addition, the CAT protocol supports both fungible tokens (CAT20 standard) and non-fungible tokens (CAT721 standard), of which CAT721 has not yet been launched.
CAT protocols emerge
However, there is more than one CAT Protocol in the market. According to the information sorted out so far, there are already three related protocols. Each of them has many followers. The high popularity of ProtocolCAT may be due to its early start. It is difficult to judge how long the popularity will last. This article sorts out the existing information for a brief introduction. If there are any errors or omissions, please feel free to discuss. (The subheading below is the Twitter name of the project)
ProtocolCAT
The protocol was released at around 3 am on September 11, with 21 million CATs. It currently supports CLI minting. It is the only CAT Protocol that can be minted. There are traces of Chinese development in the code, and the project owner has not yet tracked down the specific information of the team members anonymously.
bc1plainview
bc1plainview claims to be the creator of the CAT20 protocol. He released CAT20 in August, and at the same time released the BRC20 protocol with the OP_CAT function. The project is from the opnet team, and the protocol will be activated at block 21,000, and is expected to be launched in about 2 days. He also pointed out that the current ProtocolCAT's so-called indexer-free is a huge scam, because they still need to run the indexer to view the token balance.
rot13maxi
CATNIP was proposed by Udi Wertheimer, co-founder of Taproot Wizards. It is also a secondary token protocol based on OP_CAT. CATNIP allows the market to place partial orders and bid. Users do not need to split UTXO in advance, but only need to buy the required number of tokens. In addition, the protocol will also allow on-chain L1 AMM and liquidity pools. There is no CATNIP token at present. CATNIP will only be available after OP_CAT is launched on the Bitcoin mainnet.
It is still in the early stages, so please exercise caution before participating.
Participation Guide
Cost Rate
At present, many bloggers have summarized code tutorials, but rarely mention the cost. You can check the cost on Mempool and OKX. At 300 sats/vb in the morning, about 0.005 FB was issued; at the current rate of 870 sats/vb, about 0.013 FB, and the FB OTC price has also reached 20 U, while previously FB was available for about 6.6 U.
CAT Protocol One-click Script Casting Tutorial
The Cat20 protocol @ProtocolCAT was released on Fractal Bitcoin early this morning. It is a new protocol on the Fractal Network. Based on the new OP_CAT technology, developers can develop based on OP_CAT to implement some simple smart contract functions.
Here is a one-click script tutorial for the Linux system mint.
mint Prerequisites: $FB, a Linux server (2 cores CPU 4GB memory)
Official documentation https://github.com/CATProtocol/cat-token-box/blob/main/packages/tracker/README.md#prerequisite
Tutorial starts:
A one-click script is used here to simplify your setup. The code is written by Twitter user @ouyoung11, welcome to follow.
The code is completely open source and the source code can be checked on GitHub. There are no background vulnerabilities or dangerous code.
① After logging in to the server, execute the following command to install the script:
cd ~ && wget -O /root/cat20-oooooyoung.sh https://github.com/nopapername/shell-oooooyoung/releases/download/cat20-oooooyoung/cat20-oooooyoung.sh && chmod +x cat20-oooooyoung.sh
② Enter the following code to enter the prompt interface of one-click script building (enter the number execution steps in sequence, and run the following command after each step to enter the script interface again).
bash ~/cat20-oooooyoung.sh
One-click script
PS: If the pink interface in Figure 2 appears during the installation, just press Enter to continue.
Enter Skip
③ After the environment and fractal nodes are installed, synchronization has started automatically. Enter `bash ~/cat20-oooooyoung.sh` again to enter the script interface, and then enter 4 to view the node synchronization log
PS: Continue to the next step after confirming that it is consistent with the latest block height of the Fractal Network https://explorer.unisat.io/fractal-mainnet/block
Synchronize Node
④ Enter `bash ~/cat20-oooooyoung.sh` again to enter the script interface, enter 2 to create a new fractal network btc wallet, save the mnemonic and address, and then transfer a little $FB to the address as gas to participate in minting cat20 tokens
Create a wallet address
⑤ Enter `bash ~/cat20-oooooyoung.sh` again to enter the script interface, and enter 3 to perform a circular mint of $CAT tokens. Because there are too many people calling, the mint may fail and cause a retry. Just hang up.
PS: The default gas fee is set to 30. If you want to set a higher gas fee, the command for a single mint is as follows (the number of --fee-rate 1000 is the current gas fee):
sudo yarn cli mint -i 45ee725c2c5993b3e4d308842d87e973bf1951f5f7a804b21e4dd964ecd12d6b_0 5 --fee-rate 1000
No gas
Mint Success
⑥ If you import the created wallet mnemonics into the unisat wallet, the address will not match due to formatting issues, so you don’t need to import it. Just enter the newly generated wallet address in the block browser to view the FB balance and the marked assets. https://explorer.unisat.io/fractal-mainnet/address/bc1p9k67fd8jr4hnxd6k9lgh02g3dfeht2f5wdkyppya2cterlqakfdqy3ksdd
Check your wallet balance
