Taproot Wizards Announces the Launch of Bitcoin Native Token Protocol CATNIP
OP_CAT advocate Udi Wertheimer, co-founder of Taproot Wizards, said on his social platform that the user experience of BRC-20 and Runes has disappointed most crypto enthusiasts. The Bitcoin consensus (bitcoin nodes and miners) do not recognize their existence. Udi said that the new Bitcoin native token protocol CATNIP based on OP_CAT recursive contract can solve the above problems.
According to the presentation, CATNIP allows the market to make partially filled orders. Users do not need to split UTXO in advance, but just buy the required number of tokens. It allows bidding, where 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. Due to Bitcoin's slow blocks and other issues related to transaction relay strategies, Udi believes that L1AMM will not bring a good experience, but CATNIP will also allow fast and secure off-chain AMM (for example, using CatVM).
It is reported that CATNIP is under development and is being tested, and the team will launch the protocol when OP_CAT go live on the Bitcoin mainnet.