比特币的 OP_CAT 升级：迈向 DeFi 整合的一步

可扩展性是比特币的一个大问题。其有限的交易吞吐量和高峰期间的高额费用阻碍了其与针对 DeFi 优化的区块链竞争的能力。

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.

比特币有限的可扩展性一直是其在 DeFi 中广泛采用的主要障碍。尽管引入了闪电网络等第 2 层解决方案，提高了支付的交易吞吐量，但比特币仍然缺乏对复杂智能合约的原生支持，而这些智能合约无法支持各种以太坊式 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，最近一项名为 OP_CAT 升级的发展可能会改变这种动态，并为比特币和 DeFi 之间的更深层次整合铺平道路。

What Is the OP_CAT Upgrade?

什么是 OP_CAT 升级？

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 升级在比特币脚本语言中引入了新的操作码 OP_CAT。该操作码可以在比特币区块链上创建契约、汇总和欺诈证明。它本质上扩展了比特币的交易能力，而不改变其核心共识规则。

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.

添加契约将允许各方定义交易有效必须满足的特定条件。例如，比特币持有者可以制定一项契约，防止其比特币被用于赌博或其他高风险活动。

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，汇总可以将数千笔交易批量处理为单个链上交易，从而提高可扩展性并降低费用。最后，欺诈证明将提供一种在第 2 层网络上争议和逆转欺诈交易的机制。

Potential Impact on Bitcoin DeFi

对比特币 DeFi 的潜在影响

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 升级有可能从根本上重塑比特币与 DeFi 的关系。正如 StarkWare 首席执行官 Eli Ben-Sasson 所解释的那样，OP_CAT 操作码代表着使比特币更加可编程的一步，为汇总、欺诈证明和契约等功能奠定了基础。

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

这些改进将解决比特币的可扩展性问题，同时保持其无与伦比的安全性，为基于比特币的 DeFi 协议开辟新的机会。

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.

举例来说，以太坊在实施 Layer 2 解决方案后经历了 DeFi 活动的爆炸式增长，使其 TVL 达到了数百亿美元。比特币可能会遵循类似的轨迹，特别是当其区块链获得支持更复杂的应用程序的能力时。

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，闪电网络等第 2 层解决方案也将从升级中受益。通过增强比特币的交易能力，OP_CAT 可以提高可扩展性并降低成本，鼓励更多用户参与比特币 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.

随着采用率的增长，这可能会提高比特币的 TVL，并使比特币持有者能够通过借贷和质押等 DeFi 服务赚取被动收入。对于机构投资者来说，参与比特币 DeFi 的能力还可以增加加密货币作为双重用途资产的吸引力。

Challenges and Next Steps

挑战和后续步骤

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.

虽然 OP_CAT 升级提供了令人兴奋的可能性，但也并非没有挑战。实施升级需要比特币社区内部达成广泛共识，这个群体在区块链代码的更改方面是出了名的谨慎。

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.

这种保守主义源于维护比特币去中心化和安全性的愿望，这两个品质使其区别于其他区块链。此外，升级不会立即使比特币成为 DeFi 领域以太坊的直接竞争对手。

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.

以太坊拥有完善的开发者社区和多年的成功背后的创新。其生态系统根深蒂固，有数百个 DeFi 项目提供各种服务。

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.

比特币还将面临来自 Solana、Cardano 和 Avalanche 等其他区块链的竞争，这些区块链是专门为 DeFi 设计的。这些平台结合了高交易吞吐量、低费用和灵活的编程能力来吸引开发人员和用户。

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

即使是被吹捧为以太坊 NFT 和代币化领域竞争对手的比特币 Ordinals 也难以获得广泛的关注。

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.

考虑到这些动态，比特币最现实的前进道路可能在于开拓一个利基市场，而不是试图直接与以太坊竞争。例如，比特币可以专注于现实世界资产（RWA）的代币化，或者将自己定位为混合平台的安全和流动性基础层，将比特币的优势与以太坊的灵活性结合起来。

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 升级代表了比特币发展的重要一步，有可能将其从简单的价值存储转变为 DeFi 的活跃参与者。虽然它不太可能很快取代以太坊或其他以 DeFi 为中心的区块链，但 OP-CAT 可以为比特币提供扩展其用例和吸引新参与者进入其生态系统所需的工具。

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，随着 DeFi 领域的不断发展，比特币与其整合可能有助于创建一个更加多样化和有弹性的金融体系。通过利用其安全性、流动性和品牌知名度，比特币可以补充其他区块链，为协作和创新创造新的机会。

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 升级的全面影响只有在实际场景中实施和测试后才会清楚。然而，有一点是肯定的：OP_CAT 有潜力让比特币更接近 DeFi 革命，巩固其不仅作为价值储存手段的角色，而且还是去中心化金融未来的重要参与者。

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

本文仅供参考，不应被视为交易或投资建议。本文中的任何内容均不应被视为财务、法律或税务建议