Taproot Wizards co-founders launch Bitcoin native token protocol CATNIP

ChainCatcher news, Udi Wertheimer, the advocate of OPCAT and co-founder of Taproot Wizards, announced the upcoming launch of a new Bitcoin-native token protocol called CATNIP, based on OPCAT recursive contracts.

CATNIP allows the market to execute partial fill orders, enabling users to purchase the desired amount of tokens without needing to pre-split UTXOs. It allows for bidding, where users can specify that they want to buy a certain amount of CATNIP at a specific BTC price, and then let one or more sellers complete the transaction. As a result, the protocol will even allow for on-chain L1 AMM and liquidity pools. Due to Bitcoin's slow blocks and other issues related to transaction relay strategies, Udi believes that L1 AMM will not provide a good experience, but CATNIP will also allow for fast and secure off-chain AMM (for example, using CatVM).

It is reported that CATNIP is under development and testing, and the team will launch the protocol when OP_CAT goes live on the Bitcoin mainnet.