Guardians have been reporting issues connecting to Destiny's servers. I personally haven't noticed a problem on PlayStation 4, but Bungie has acknowledged the issue on Twitter, confirming "Error Code: Caterpillar".
We are aware of players encountering caterpillar errors and are currently investigating. Please stand by.
— Bungie Help (@BungieHelp) November 27, 2015
A quick look through Bungie's help website reveals the error "Caterpillar" means the following:
If you are seeing this message, you are having trouble connecting to or maintaining a connection to Destiny matchmaking servers. If this is the first time you’ve received this error, please try again and resume what you were doing before the error occurred. This error can also be hit if you log out of your account while Destiny is running. If you encounter the issue a second time, please exit Destiny and relaunch the game.If you are hitting this error repeatedly, or it is preventing you from playing it may be necessary to make sure your network isn’t blocking your ability to connect. Depending on your home networking gear, you may need to set up some port forwarding or adjust your NAT type to have a better experience. More information on this subject can be found in our Network Troubleshooting Guide.During investigation, Bungie has seen users hitting these errors in geographic clusters in different places at different times. For example, we recently detected 25% packet loss from the UK at the same time a number of users located there saw errors. These Internet conditions usually pass quickly, and the errors often go away on their own when this happens.If you have performed all of the troubleshooting steps called out above and are still hitting these errors, you may not be able to resolve this issue by changing your home network configuration. Bungie is carefully monitoring CATTLE and CATERPILLAR issues preventing players from having a quality Destiny experience, and we are working very hard to investigate and address these issues.
It's worth noting that Guardians on PlayStation were experiencing issues with Destiny, but that was a result of PSN suffering temporary network outages. Those issues have since been resolved, but perhaps this is some sort of lingering effect. Whatever the cause, we'll be sure to keep you updated.