Chainfeeds Introduction:
Bioniq co-founder Bob Bodily is opposed to enabling native tokens on Bitcoin through OP_CAT, arguing that a better option would be to conduct fast and low-cost DeFi transactions on L2.
Source:
https://x.com/BobBodily/status/1833716113399808212
Article author:
Bob Bodily
Viewpoint:
Bob Bodily: Too Slow: Token transactions should be as fast as the speed of light, not as slow as Bitcoin. CAT can be used to implement a trustless (or minimal trust) bridge, and then fast and cheap token transactions can be made on L2. While these CAT token protocols may work well on Fractal or other chains, this is not Bitcoin! This is a separate chain with a separate proof of work mechanism and a separate token. Since it is a brand new chain, it is better to compare Fractal to Solana... Therefore, I am not excited about CAT token protocols. These CAT token protocols may eventually run on Bitcoin (via OP_CAT), but I don’t think it is a good way to use tokens on Bitcoin. It is too slow, too inefficient, too restrictive, and too expensive. It is better to do DeFi transactions directly on Bitcoin L2 with no or minimal trust. Too Inefficient: Maintaining token state in CAT Caboose (i.e. UTXO containing smart contract data) is an interesting idea from a technical perspective, but it is not a good idea from a practical perspective. Who wants to maintain state on Bitcoin L1 with CAT Caboose? Too Restrictive: Writing smart contracts with CAT and recursive contracts is cumbersome. Despite Rijndael (and others) attempts with Purrfect Vault, CATNIP, and CatVM, building programmable applications on Bitcoin L1 is still very limited. Why not just do it on L2? Too Expensive: Maintaining state, full uncompressed data, and recursive contracts on Bitcoin L1, plus all transactions on L1, means transaction costs are very high. Not only do we need CAT, we also need scalability and programmability on L2. There are already multiple implementations of CAT tokens: CATNIP by the Taproot Wizard team, and Cat Protocol (CAT-20). None of these currently work on Bitcoin. But they can work on other CAT-enabled chains (such as Fractal, etc.). 【Original text in English】
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