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Bittensor and $TAO Let me explain the tokenomics of the asset I believe is the most asymmetrically designed in crypto history. Doing it with math. There will only ever be 21 million $TAO. Same hard cap as Bitcoin. Same halving schedule. Bitcoin proved scarcity works. But with an economic design Bitcoin could never have because Bitcoin has no demand engine built into its protocol $TAO does. Supply side, pure numbers: Right now, 10.76 million $TAO in circulation (51.26% of total supply). First halving already complete (Dec 2025). Block reward dropped from 1 $TAO to 0.5 $TAO per block. One block every 12 seconds = max 7,200 blocks/day = max 3,600 $TAO emitted per day. That’s it. Hard-coded. No votes, no foundation overrides. Next halving: Dec 2029 (0.25 $TAO/block). Then 2033 (0.125). Then 2037 (0.0625). Same asymptotic curve as Bitcoin decades to reach 21M. But here’s where everything diverges. Bitcoin’s new supply goes to miners who sell it to pay electricity bills. Constant structural sell pressure. Price only moves when external demand outruns that selling. $TAO’s new supply goes straight into subnet pools, and those pools create a built-in demand engine. Every block, the 0.5 $TAO is distributed across active subnets via Taoflow (net staking inflows). Subnets that attract more sustained $TAO staking get more emissions. Subnets bleeding $TAO (more unstaking than staking) get zero. The system self-corrects in real time. Capital flows to value. Value creates more emission. More emission attracts more capital. Now the alpha layer, this is where the design gets brilliant. Every subnet (100+ live) has its own alpha token + its own constant-product AMM pool (TAO on one side, alpha on the other). No external LPs. No Uniswap. The protocol IS the market. When you stake $TAO, you swap into the pool and receive alpha. Unstake, alpha and get $TAO back. Alpha price = TAO in pool ÷ alpha in pool. Every block up to 2 alpha emitted per subnet: 1 alpha_in = injected into the pool (maintains price stability) 1 alpha_out = split 18% owner / 41% miners(determined by Yuma Consensus)/ 41% validators & stakers This means: The ONLY way to earn emissions is to hold alpha. The ONLY way to get alpha is to stake $TAO. When you stake $TAO it becomes liquidity backing the alpha. Compounding mechanism most people still haven’t processed: 68.26% of all circulating $TAO is currently staked/delegated (7.35M locked in pools + validator stakes). Only 31.74% (3.4M) is free-floating on the open market. At current prices that’s roughly $795M liquid $TAO supporting a $2.52B market cap. But demand is accelerating from every direction: • Every new subnet creates another TAO-backed AMM pool • Every alpha is backed by $TAO liquidity • Every miner/validator/staker holding alpha locks more $TAO • Every agent consuming subnet commodities pays in $TAO • Every revenue-generating subnet (Chutes, Targon, Lium already $20M+ combined ARR) creates organic buy pressure • Institutional wrappers (Grayscale GTAO, Yuma funds, etc.) add more demand on the tiny float Halving math that should make you pause: Current: 0.5 $TAO/block 1.31M/year 2029 halving: 0.65M/year 2033: 0.325M/year Supply decelerates exponentially. Demand accelerates faster. Unlike Bitcoin (new supply faces constant miner selling + passive demand), $TAO emissions flow straight into 100+ subnet pools. Every alpha is backed by $TAO. Every agent pays in $TAO. Extra tightening: - Subnet registrations burn $TAO - Monthly renewals burn $TAO - Transaction fees burned - Alpha burns by subnet Taoflow uses EMA smoothing only sustained staking wins. Spikes get nothing. Full picture: - 68% supply already staked - 100+ pools absorbing $TAO - Revenue subnets creating real demand $TAO is the reserve currency of a permissionless intelligence economy: Bitcoin-level scarcity + built-in structural demand. Math is public. Verify it. $TAO DYOR

"Gonna make Bittensor proud" getting ready for our upcoming announcement. It’s going to be fire, and more importantly, it will make Bittensor proud