比特幣的 OP_CAT 升級：邁向 DeFi 整合的一步

可擴展性是比特幣的一個大問題。其有限的交易吞吐量和高峰期間的高額費用阻礙了其與針對 DeFi 優化的區塊鏈競爭的能力。

Bitcoin’s limited scalability has been a major obstacle to its widespread adoption in DeFi. Despite the introduction of Layer 2 solutions like the Lightning Network, which have improved transaction throughput for payments, Bitcoin still lacks the native support for complex smart contracts that would enable the full range of Ethereum-style dApps.

比特幣有限的可擴展性一直是其在 DeFi 中廣泛採用的主要障礙。儘管引入了閃電網路等第 2 層解決方案，提高了支付的交易吞吐量，但比特幣仍然缺乏對複雜智能合約的原生支持，而這些智能合約無法支持各種以太坊式 dApp。

However, a recent development known as the OP_CAT upgrade could potentially change this dynamic and pave the way for a deeper integration between Bitcoin and DeFi.

然而，最近一項名為 OP_CAT 升級的發展可能會改變這種動態，並為比特幣和 DeFi 之間的更深層整合鋪平道路。

What Is the OP_CAT Upgrade?

什麼是 OP_CAT 升級？

The OP_CAT upgrade introduces a new opcode, OP_CAT, into the Bitcoin Script language. This opcode enables the creation of covenants, rollups, and fraud proofs on the Bitcoin blockchain. It essentially expands Bitcoin’s transaction capabilities without altering its core consensus rules.

OP_CAT 升級在比特幣腳本語言中引入了新的操作碼 OP_CAT。該操作碼可以在比特幣區塊鏈上創建契約、匯總和欺詐證明。它本質上擴展了比特幣的交易能力，而不改變其核心共識規則。

The addition of covenants would allow parties to define specific conditions that must be met for a transaction to be valid. For example, a Bitcoin holder could create a covenant that prevents their coins from being used for gambling or other high-risk activities.

新增契約將允許各方定義交易有效必須滿足的特定條件。例如，比特幣持有者可以製定一項契約，防止其比特幣被用於賭博或其他高風險活動。

Rollups, on the other hand, would enable the batching of thousands of transactions into a single on-chain transaction, improving scalability and reducing fees. Finally, fraud proofs would provide a mechanism for disputing and reversing fraudulent transactions on Layer 2 networks.

另一方面，匯總可以將數千筆交易批量處理為單一鏈上交易，從而提高可擴展性並降低費用。最後，詐欺證明將提供一種在第 2 層網路上爭議和逆轉詐欺交易的機制。

Potential Impact on Bitcoin DeFi

對比特幣 DeFi 的潛在影響

The OP_CAT upgrade has the potential to fundamentally reshape Bitcoin’s relationship with DeFi. As Eli Ben-Sasson, CEO of StarkWare, explains, the OP_CAT opcode represents a step toward making Bitcoin more programmable, setting the stage for features like rollups, fraud proofs, and covenants.

OP_CAT 升級有可能從根本上重塑比特幣與 DeFi 的關係。正如 StarkWare 執行長 Eli Ben-Sasson 所解釋的那樣，OP_CAT 操作碼代表著使比特幣更加可編程的一步，為匯總、欺詐證明和契約等功能奠定了基礎。

These improvements would address Bitcoin’s scalability issues while maintaining its unparalleled security, opening up new opportunities for Bitcoin-based DeFi protocols.

這些改進將解決比特幣的可擴展性問題，同時保持其無與倫比的安全性，為基於比特幣的 DeFi 協議開闢新的機會。

To illustrate, Ethereum experienced an explosion of DeFi activity following the implementation of Layer 2 solutions, which pushed its TVL into the tens of billions of dollars. Bitcoin could follow a similar trajectory, especially as its blockchain gains the ability to support more sophisticated applications.

舉例來說，以太坊在實施 Layer 2 解決方案後經歷了 DeFi 活動的爆炸性增長，使其 TVL 達到了數百億美元。比特幣可能會遵循類似的軌跡，特別是當其區塊鏈獲得支援更複雜的應用程式的能力時。

Furthermore, Layer 2 solutions like the Lightning Network would also benefit from the upgrade. By enhancing Bitcoin’s transaction capabilities, OP_CAT could improve scalability and reduce costs, encouraging more users to engage with Bitcoin DeFi platforms.

此外，閃電網路等第 2 層解決方案也將從升級中受益。透過增強比特幣的交易能力，OP_CAT 可以提高可擴展性並降低成本，鼓勵更多用戶參與比特幣 DeFi 平台。

As adoption grows, this could boost Bitcoin’s TVL and enable Bitcoin holders to earn passive income through DeFi services like lending and staking. For institutional investors, the ability to participate in Bitcoin DeFi could also increase the cryptocurrency’s appeal as a dual-purpose asset.

隨著採用率的成長，這可能會提高比特幣的 TVL，並使比特幣持有者能夠透過借貸和質押等 DeFi 服務賺取被動收入。對於機構投資者來說，參與比特幣 DeFi 的能力還可以增加加密貨幣作為雙重用途資產的吸引力。

Challenges and Next Steps

挑戰和後續步驟

While the OP_CAT upgrade offers exciting possibilities, it isn’t without challenges. Implementing the upgrade would require broad consensus within the Bitcoin community, a group that is notoriously cautious when it comes to changes in the blockchain’s code.

雖然 OP_CAT 升級提供了令人興奮的可能性，但並非沒有挑戰。實施升級需要比特幣社群內部達成廣泛共識，這個群體在區塊鏈程式碼的變更方面是出了名的謹慎。

This conservatism stems from a desire to preserve Bitcoin’s decentralization and security, two qualities that set it apart from other blockchains. Additionally, the upgrade would not immediately make Bitcoin a direct competitor to Ethereum in the DeFi space.

這種保守主義源自於維護比特幣去中心化和安全性的願望，這兩個特質使其有別於其他區塊鏈。此外，升級不會立即使比特幣成為 DeFi 領域以太坊的直接競爭對手。

Ethereum has a well-established developer community and years of innovation behind its success. Its ecosystem is deeply entrenched, with hundreds of DeFi projects offering a variety of services.

以太坊擁有完善的開發者社群和多年的成功背後的創新。其生態系統根深蒂固，有數百個 DeFi 專案提供各種服務。

Bitcoin would also face competition from other blockchains like Solana, Cardano, and Avalanche, which have been specifically designed with DeFi in mind. These platforms combine high transaction throughput, low fees, and flexible programming capabilities to attract developers and users.

比特幣還將面臨來自 Solana、Cardano 和 Avalanche 等其他區塊鏈的競爭，這些區塊鏈是專門為 DeFi 設計的。這些平台結合了高交易吞吐量、低費用和靈活的程式設計能力來吸引開發人員和用戶。

Even Bitcoin Ordinals, which were touted as a competitor to Ethereum’s NFT and tokenization sector, have struggled to gain widespread traction.

即使是被吹捧為以太坊 NFT 和代幣化領域競爭對手的比特幣 Ordinals 也難以獲得廣泛的關注。

Given these dynamics, Bitcoin’s most realistic path forward may lie in carving out a niche rather than attempting to rival Ethereum directly. For instance, Bitcoin could focus on tokenizing real-world assets (RWAs) or positioning itself as a secure and liquid base layer for hybrid platforms that combine Bitcoin’s strengths with Ethereum’s flexibility.

考慮到這些動態，比特幣最現實的前進道路可能在於開拓利基市場，而不是試圖直接與以太坊競爭。例如，比特幣可以專注於現實世界資產（RWA）的代幣化，或將自己定位為混合平台的安全和流動性基礎層，將比特幣的優勢與以太坊的靈活性結合起來。

The OP_CAT upgrade represents a significant step in Bitcoin’s evolution, offering the potential to transform it from a simple store of value into an active player in DeFi. While it’s unlikely to dethrone Ethereum or other DeFi-centric blockchains anytime soon, OP-CAT could provide Bitcoin with the tools it needs to expand its use cases and attract new participants to its ecosystem.

OP_CAT 升級代表了比特幣發展的重要一步，有可能將其從簡單的價值儲存轉變為 DeFi 的活躍參與者。雖然它不太可能很快取代以太坊或其他以 DeFi 為中心的區塊鏈，但 OP-CAT 可以為比特幣提供擴展其用例並吸引新參與者進入其生態系統所需的工具。

Moreover, as the DeFi space continues to grow, Bitcoin’s integration with it could help create a more diverse and resilient financial system. By leveraging its security, liquidity, and brand recognition, Bitcoin could complement other blockchains, creating new opportunities for collaboration and innovation.

此外，隨著 DeFi 領域的不斷發展，比特幣與其整合可能有助於創建一個更加多樣化和有彈性的金融體系。透過利用其安全性、流動性和品牌知名度，比特幣可以補充其他區塊鏈，為協作和創新創造新的機會。

The full impact of the OP_CAT upgrade won’t be clear until it is implemented and tested in real-world scenarios. However, one thing is certain: OP_CAT has the potential to bring Bitcoin closer to the DeFi revolution, cementing its role not only as a store of value but also as a vital player in the decentralized future of finance.

OP_CAT 升級的全面影響只有在實際場景中實施和測試後才會清楚。然而，有一點是肯定的：OP_CAT 有潛力讓比特幣更接近 DeFi 革命，鞏固其不僅作為價值儲存手段的角色，而且還是去中心化金融未來的重要參與者。

This article is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice

本文僅供參考，不應被視為交易或投資建議。本文中的任何內容均不應被解釋為財務、法律或稅務建議