Overview

Taproot Wizards has successfully raised $30 million aimed at developing a suite of applications utilizing the OP_CAT Bitcoin improvement proposal (BIP).

Key Details:

• OP_CAT could enable Ethereum-like smart contract features for Bitcoin.
• Taproot Wizards aims to innovate by attempting to “meme OP_CAT back into existence.”

Background

The feature was originally part of Bitcoin’s code by its pseudonymous creator Satoshi Nakamoto but was removed due to potential risks including denial-of-service attacks.

Many developers are apprehensive about reintroducing it. Should it return, it could offer new functionalities through “covenants”, which dictate transaction operations.

One year back, Taproot Wizards launched Quantum Cats, a non-fungible token (NFT) collection to rally support for OP_CAT.

Statements

Udi Werthimer, describing OP_CAT as “the missing piece”, envisions it facilitating “permissionless programmability” for Bitcoin, allowing for lending, trading, and smart contracts while maintaining self-custody.

The funding came mainly from Standard Crypto.