Taproot Wizards co-launches Bitcoin native token protocol CATNIP
On September 11, Udi Wertheimer, an advocate of OP_CAT and co-founder of Taproot Wizards, said on his social platform that the user experience of BRC-20 and Runes disappointed most crypto enthusiasts. Bitcoin consensus (Bitcoin nodes and miners) does not recognize their existence. Udi said that CATNIP, a new Bitcoin native token protocol based on OP_CAT recursive contract, can solve the above problems.
According to reports, CATNIP allows the market to make partial transaction orders, and users do not need to split UTXO in advance, just buy the required number of tokens. It allows bidding, and users can say they want to buy a certain amount of CATNIP at a certain BTC price, and then let one or more sellers complete the transaction. As a result, the protocol will even allow on-chain L1 AMM and liquidity pools. Udi believes that L1 AMM will not bring a good experience due to Bitcoin's slow blocks and other issues related to transaction relay strategies, but CATNIP will also allow fast and secure off-chain AMMs (for example, using CatVM).
It is reported that CATNIP is under development and is being tested. When OP_CAT is launched on the Bitcoin mainnet, the team will launch the protocol.
