Gas is rising, sats/vb is as high as 600, and FB OTC price is rising. Is CAT Protocol a new opportunity to copy the Bitcoin inscription and fractal craze, or just a temporary boom?
The current market excitement is quickly burning out, and the Fomo mentality is spreading very quickly. Don't rush to jump on board, this article will take you through a quick look at CAT Protocol in three minutes.
What is the popular CAT protocol today?
According to the official introduction from the project, CAT Protocol is a new Bitcoin Token protocol based on the UTXO model, called Covenant Attested Token (CAT). This protocol is verified by Miners and uses smart contracts to manage the issuance and transfer of Token. It has the following features:
- No Indexer Needed : The Token 's ruleset is secured by Bitcoin consensus. Its data and logic reside on- chain and does not rely on any third party (like an Indexer) to function. It inherits Bitcoin's native proof-of-work security.
- Modularity : CAT Token can be used in other smart contracts to build more complex decentralized applications (like AMMs, lending, Staking, etc.). It provides a powerful and versatile building block to extend the reach of Bitcoin.
- Programmatic Issuance : Token Issuance rules are enforced by smart contracts. Over-issuance transactions will be immediately rejected by the network.
- Cross- chain interoperability : CAT Protocol enables trustless asset bridging between different blockchains, and applications can run on multiple blockchains.
- SPV Compatible : CAT Token supports simple payment verification (SPV). Light clients can verify the authenticity of the Token themselves without trusting a central server.
The CAT protocol supports both fungible Token (known as the CAT20 standard) and non-fungible Token (known as the CAT721 standard). CAT721 is not yet available.
The CAT Protocol is Emerging
However, there is more than one CAT Protocol in the market. According to current information, there are already three protocols involved. Each protocol has a large Watcher. The popularity of ProtocolCAT may come from its early start. It is difficult to judge how long this popularity will last. This article summarizes the existing information for a brief introduction. If there are any errors or omissions, please feel free to discuss. (The title below is the project's Twitter name)
CAT Protocol
The protocol was released around 3am on September 11th, with 21 million CATs. It currently supports issuance via CLI. It is the only mineable CAT protocol. There are traces of Chinese development in the source code, and the project owner has not yet disclosed specific information about the team members.
bc1plainview
bc1plainview claims to be the creator of the CAT20 protocol. He released CAT20 in August and simultaneously released the BRC20 protocol with the OP_CAT function. This project comes from the opnet team, and the protocol will be activated at block 21,000, which is expected to launch in about 2 days. He also pointed out that the so-called indexer-free ProtocolCAT is currently a big scam, as they still need to run an indexer to XEM the Token balance.
rot13maxi
CATNIP was proposed by Udi Wertheimer, co-founder of Taproot Wizards. It is also a secondary Token protocol based on OP_CAT. CATNIP allows the market to place partial orders and auctions. Users do not need to Chia UTXO in advance, but only need to buy the required number of Token . In addition, this protocol will also allow L1 AMM and on- chain Liquidity Pool . There is no CATNIP Token yet. CATNIP will only be available after OP_CAT is deployed on the Bitcoin Primary Network .
It is currently in its early stages, so please exercise caution before joining.
How to join
Cost ratio
Currently, many bloggers have compiled code tutorials, but few people mention the cost. You can check the cost on Mempool and OKX. In the morning at 300 sats/vb, about 0.005 FB was issued; at the current level of 870 sats/vb, about 0.013 FB, and the OTC FB price has also reached $20, while previously FB was available for about $6.6.
Casting instructions
DIY casting requires some computer knowledge. Here are the basic steps and configuration.
1. Configure the context and install three dependencies. Including: git, Node.js, Docker. Download the CAT Protocol source code.
2. Run the Docker container. You need to run a Fractal full node on the host machine and run a local indexer.
3. Install and build CLI.
4. Create wallet and deploy minting.
For specific code, please refer to: ETH
