Taproot Wizards co-founders launch Bitcoin native token protocol CATNIP.

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