Taproot Wizards has raised $30 million to develop an ecosystem of applications based on the OP_CAT Bitcoin improvement proposal (BIP). OP_CAT, initially considered by Bitcoin's founder Satoshi Nakamoto, was designed to introduce smart contract capabilities to Bitcoin akin to those in Ethereum. However, it was removed over concerns of exposing the network to denial-of-service (DoS) attacks. The proposal aims to introduce covenants, which are rules governing transaction functionalities. Co-founder Udi Werthimer describes OP_CAT as essential for achieving 'permissionless programmability' on Bitcoin, enabling opportunities for lending, trading, and smart contracts while maintaining self-custody. Taproot Wizards has previously marketed NFTs dubbed 'Quantum Cats' to create enthusiasm for the OP_CAT initiative and has been working to bring it back into relevance through community support and fundraising initiatives. Standard Crypto led the recent funding round, reflecting growing interest in enhancing Bitcoin's functional capabilities.

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