Bitcoin's OP_CAT Upgrade Could Make It a Serious Competitor to Ethereum in DeFi Activity
The Bitcoin network may soon compete with Ethereum in terms of decentralized finance (DeFi) activity, thanks to the reintroduction of a long-dormant code called "OP_CAT" that was originally created by Satoshi Nakamoto but removed in 2010 due to security concerns. A proposal to reintroduce the code via a soft fork to the Bitcoin network was introduced in October 2023, which will bring new upgrades to the network and expand its smart contract-like functionalities. While some believe that the current structure of sidechains is sufficient for scaling Bitcoin, others see OP_CAT as crucial for achieving genuine scalability and a trustless environment for Bitcoin DeFi. Labrys founder Lachlan Feeney argues that OP_CAT is essential for the long-term survival of the Bitcoin network, as it must have a thriving L2 ecosystem to sustain itself based on transaction fees.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
What is altcoin season and why can these 5 coins grow 5x?
Polymarket platform is now unavailable for users in France
Sui Foundation Partners with Asset Manager Franklin Templeton
Cardano Jumps 215% After Major Breakout and Sets Sights on Higher Targets