WorldOfCrypto

A big moment for subnet tokens and meaningful step forward for institutional participation in Bittensor $TAO

🚨 $TAO BITTENSOR PROPOSAL A few hours ago, there was a live meeting on Discord with Bittensor founder Const and our amazing and committed community. I took notes on the most important points and I’m leaving them below. Here are the key takeaways. Bittensor philosophy; -Const reinforced that the protocol has always “rolled with the punches” and learned from exploits since the very beginning. Every failure helped improve the chain, refine incentives, and move closer to building functional decentralized AI markets. -Const acknowledged Sam’s betrayal, took responsibility, and offered direct apologies to affected holders. (You are not the one to blame. But apology accepted.) Main proposal: Locked Stake (Conviction Mechanism) A new staking dimension is being introduced. Beyond normal stake, time now becomes part of the equation. Stake can be locked for months or even years. This creates a public and cryptographically verifiable conviction metric: locked stake multiplied by remaining lock time. Subnet owners, and any holder, will be able to demonstrate long-term commitment transparently. Objectives of the mechanism; -Prevent rugs and sudden exits that drain liquidity and harm investors -Give Alpha and TAO holders more influence over the direction of subnets -Replace human trust assumptions with mathematical, protocol-level guarantees -Make subnet ownership dynamic and competitive. Today it is immutable. How rollout will work; -First step will be the lock mechanism itself, without hierarchical governance yet -Initial testing will happen in mature subnets like 3, 39, 81 and possibly other large ones -New subnets will have a grace period (immunity) -During governance activation; -Anyone will be able to lock stake and vote on the owner key -The highest conviction wins Benefits for the ecosystem; -Increases investor confidence and helps capital formation -Teams can signal real skin in the game through locked stake -Improves long-term alignment between owners, miners, validators and stakers -Opens the path for stronger governance at subnet level and later at root/chain level Long-term vision; -Bittensor wants to solve real governance problems that no one in Web3 has fully solved yet. Not just degen cycles and pump mechanics. -The Conviction mechanism is seen as a key step toward building a real federation of decentralized and trustworthy AI companies. My thoughts; After the Covenant episode, this feels like the beginning of a full transparency phase. Now it’s time to implement, improve, evolve and keep building. The best builders will come out stronger from this moment. Holders miners validators teams owners Everyone moves forward from here. I hope so. I strongly recommend going directly to the original source on the official Bittensor channel. Don’t be lazy. 😅

⛰️ Ridgeline Update Four new features shipping today: Rerun · add more context to a previous run and rerun it. Useful for updating responses or layering in new requirements mid-task. Stop · kill a current run at any time. If you remember something mid-run, stop it, add context, rerun. No wasted compute. Collapsible chat view · all runs for a single issue now display in a clean chat-like thread. Full history, zero clutter. Commit stats per run · detailed commit data for each run, with diffs opening in a new tab. More control. Less noise. Ship.

@CryptoMichNL Top omhoog opzij of omlaag 👍🏽

Should you sell or should you buy $TAO? One of the biggest questions after the largest stress test on the ecosystem of #Bittensor. - The most important subnet left. Or did the subnet leave or was it just a single bad actor taking millions and leaving the ecosystem? - Price has gone down from $350 to $250. - Government trust has decreased, so second-order impacts has been taking a hit on the ecosystem. Now, I do have a large position of $TAO in my portfolio. The big question: what's the gameplan and how significant is this recent correction? The Events - Covenant AI publicly posts to leave the $TAO ecosystem as they question the governance of TAO. As an additional event, the founder sells 37K TAO on the open markets, causing a big chain reaction of events to happen. --> People reading the announcement from the biggest subnet will actually panic sell their positions. --> Leverage on longs are getting stopped out or squeezed out of the position. --> Causing more negative slumb on this. - Negative response on the ecosystem of $TAO due to unstaked TAO causing a continuation of the downwards trend to happen. 1. Convenant dumped 37K TAO --> price drops. 2. Other stakers see price drop --> they unstake to protect their position. 3. Unstaking goes through their AMM which makes the conversion worse when there's a panic event causing more stakers to unstake their positions. 4. Validators are seeing their stake go away and their consensus power drops. 5. Rewards are decreasing. 6. Lower rewards, higher risk implies decreasing your position --> causing a negative flywheel. - Const came out with a response on the post of Convenant and public statements on the events to clarify everything from the $TAO standpoint. - Teutonic-I launched -> a new version of Templar in which the target is to build a model to hit the 1T Parameter. They are already tested a 1B model. - BIT-0011 proposal -> introducing 'Locked Stake and conviction'. A new mechanism to increase the conviction, crediting your subnet by an alpha score and erasing the risks of having founders of subnets being able to sell their position and therefore harm all the community holders. The mechanism: - You lock your alpha tokens on a subnet for a choisen period. - The lock is self-decided --> the score starts at 100% and the closer you get to expiry, the lower the score will be. - Every 30 days there's a new conviction score. - The staker with the highest conviction score will be the subnet owner. - You can't unstake the locked tokens as long as the conviction exists. A strong proposal and all these events happened within 72 hours of the actual event. Of course, it's not clear whether the proposal will pass in this format, however, discussion and open debate helps assisting on getting a better system to exist. That's the upside of decentralized ecosystems --> a stresstest happens --> renewed model designed --> implemented until next stresstest happens. That's how new technology moves forward. The Price of $TAO The price, in the meantime, has dropped from $350 to $250 and I would say that there are several reasons for this, which I've also outlined in the previous blocks. - The fact that a founder dumps 37K TAO impacts the price of TAO. - This impact triggers trade-based events --> liquidations, stops and such. - The trust is lost for a moment, therefore the event itself will have some tail impacts as some parts of the staked tokens want to get out, or holders don't trust this anymore. This latter is where the markets need to find an equilibrium. The day of the crash, price dropped to $250. The price today is at $253. To be fair, that's not a bad performance for such a big stresstest for the entire ecosystem. What are my scenarios? I've got three main scenarios, and I'll reason on this for a little bit. The main thesis is that we're still at the forefront of the big AI <> Crypto narrative, so it's a bit of shame to see this happening to the protocol. Anyways, this can also provide a big opportunity to be reclaiming price as fast as possible. The recent crash is a 1.5 sigma crash, not outrageous, but still significant. Scenario 1 - V-Shape to $300-340 If price remains flat over the next week and the new proposals are being approved, I think that this event will fly over and the momentum kicks back into the protocol. It can help whether the markets are picking up momentum, as then you could theoretically speak of an opportunity to be accumulating one of the largest protocols within the AI framework of crypto, especially since subnets themselves can reach millions of valuations. Additionally, the valuation of $TAO compared to OpenAI or Anthropic is still massively low, but once one of the subnets gets attention, it's expected to grow quickly. I would give this scenario approx 45%. If BIT-0011 is approved, this can go up to 60%. Scenario 2 - Consolidation between $200-260 The second most likely scenario, if there's no approval of the proposals or if there's no implications of an ecosystem getting better after such a stresstest, or whether the outflow remains significant, you could theoretically expect the price to continue to fall. In that scenario: new interested buyers at these levels (or validators) < outflow of the ecosystem and that's a bad sign. This can last for an X amount of time, but shouldn't be too long to get the momentum back up. On the other hand, building trust is a long process and therefore it might require some time to get that back in the game, hence the likelihood of the consolidation. I would give this scenario ~40% of a likelihood. Scenario 3 - A retest at $180 and continuation of the crash This would only be possible if there's a strong domino-effect taking place under the following assumptions - Multiple subnets are leaving - There's a strong outflow of tokens from the ecosystem - There's no approval of the new protocol proposals I don't think this is likely, so there's a probably 10-15% implication on this. The altcoin portfolio and the position Based on my analysis and the thesis, I don't see a clear reason to be jumping around and to be buying a position, as of yet. I'm already holding a strong position into this one. I'm fully going to be holding to this, but I'll be following the news and the dialogue in the ecosystem. If it does drop further due to macro-economic events, and not due to internal events, for instance to $200-210 and the protocol approves the protocol changes, then I'm willing to be adding funds. Also, I'm not willing to sell, as the asymmetric opportunities are too large. If this is some sort of ETH-after-the-DAO type of moment, then there's no reason to be selling it, as the ecosystem will only become stronger. I'm holding and monitoring.

AWS egress fees aren’t a 'service charge.' They’re a ransom. You paid to put the data in; now they’re charging you to take it out. Hippius is S3-compatible storage with $0 egress. Stop being a tenant and start being an owner. #SN75

Subnet 64 @chutes_ai just confirmed in their latest interview with @JesusMartinez that they have the capability to run 1 trillion parameter models. let's put that into perspective for a second: templar was making waves for running 72b models and rightfully so, that was genuinely impressive. but @chamath, when he brought up templar in a recent interview with Jensen Huang from @nvidia, thought they were running 4b models. not 72b. 4b. and he was still bullish on it. now imagine when he finds out what chutes confirmed they can do.. 1 trillion parameters. on a decentralised subnet. no AWS. no Google Cloud. no centralised infrastructure pulling the strings. just Bittensor doing what it was always supposed to do - incentivising the best compute in the world to show up and compete. Jensen Huang talks about whoever is pushing the frontier of compute. that's the conversation chutes just walked into. this is the kind of milestone that doesn't stay quiet for long. when people outside of crypto start connecting the dots that a bittensor subnet is running inference at a scale that rivals or exceeds what the top AI labs are deploying, the narrative around $TAO changes completely. Chamath gets it wrong on the model size and is still impressed. Jensen sees who's actually moving compute forward. and chutes just put a number on the table that neither of them can ignore. the noise hasn't started yet. but it will.

It’s happening right now. Const just registered a validator on SN3. Forked the Templar repo. Called back the miners. Tegridy is already running subtensors. The subnet only needs stake and validators to run. The old owner controls hyperparameters but not the network itself. Const’s words: “Forget the subnet owner key. All we need is stake to get the subnet going again.” 30 minutes. That’s all it took. Validator registered. Repo forked. Miners showing up. 100% emissions coming back. Let’s train 1 TRILLION🔥

Founder of $TAO @const_reborn just signaled he may take over Subnet 3 (Templar) Said directly in Discord. If this plays out, this could be a major shift for the whole ecosystem.

Btw i should address some of the points in the article which AI slop influencers are now repeating. > I suspended emissions to his subnets I do not have the ability to suspend emissions. What i did do is sell some of my alpha holdings on his three subnets, because they were not running, and were on near 100% burn code. This changed the emission the same way all buys and sells on Bittensor do. I don’t have any privilege beyond what normal TAO holders have. > I deprecated Covenant’s channels and removed moderation rights No, Samuel specifically deprecated his own channels which he did via a pinned comment and also a Twitter post. To be clear, he is talking about a discord channel. > I removed his ability to moderate his community Sam was deleting posts in his channel of genuine, honest criticism. I removed that ability temporarily and then reinstated it later. I did not remove his moderator role. I simply stopped him from deleting posts from others in his channels. > “deprecating infrastructure” Not even sure what this one means. > large visible token sales Not large. Less than 1% of what i had invested in his teams. Visibility is impossible to avoid in my position. I reserve my right to buy and sell tokens which is what underpins the entire system of dTao. Anything else?

We can’t beat Anthropic at their own game. We need to start thinking about training models through completely new systems; ones that out-perform and move faster. Affine (below) is a solution: a lab that’s just a market mechanism framing the problem “you have compute, you have engineers, how do you get SOTA” Think of it like a global incentivized auto research which pays engineers/agents who lower the loss of a model against RL environments. In other-words, it’s an AI lab but you get paid for contributing to the run by taking the current top model and training it further. The beauty is that we let everything else stay mutable: how you copy, how you train, how you work, where you work, your compute procurement and your algorithms. Just push us. Turns out that’s a very hard game to line up especially when you exist in a global permissionless system which includes a lot of people that speak Korean … But we did it, we trained our first model family, together, that out performed our base, first one in history and just the beginning. Come mine with us.

I finally went down the Bittensor rabbit hole. 🐇🕳️ I get why people are hyped. Some are saying $TAO → $3,000 by 2026. Let’s look at a slightly longer horizon: 2028, factoring token inflation. Current: 10.81M TAO → $3.51B market cap 14M TAO circulating: $1K → $14B Network Value $2K → $28B Network Value $4K → $56B Network Value $10K → $140B Network Value $20K → $280B Network Value For perspective, $ETH hit $136.7B in 2018 and it was really only a place to launch ICOs. There wasn't even DeFi as we know it yet, that came in 2020 with Compound and yield farming.

No crypto required to use Hippius. Pay with a credit card via Stripe. Get S3-compatible decentralized storage. Or pay in $TAO if you are a Bittensor builder. Your call. hippius.com/pricing #Bittensor #SN75 #Storage

State of the art on SWE-Bench Pro is now open source. @Zai_org's GLM-5.1. is Live on Chutes. 58.4 on SWE-Bench Pro. Ahead of Claude Opus 4.6 (57.3), GPT-5.4 (57.7), and Gemini 3.1 Pro (54.2). The first open weights model to lead that benchmark outright. It also leads: • CyberGym: 68.7 (best in class) • BrowseComp: 68.0 (best in class) • Terminal-Bench 2.0 with Claude Code: 66.5 • τ³-Bench: 70.6 • HLE with tools: 52.3 • NL2Repo: 42.7 754B params. MIT licensed. Built to hold its edge across hundreds of rounds and thousands of tool calls without plateauing. Running inside a TEE on Chutes. The GPU operators serving the model can't see your prompts or outputs. Confidential compute at the hardware level, on a decentralized GPU network. $0.95 in / $3.15 out per million tokens. Try it now 🔗 chutes.ai/app/chute/b048…

Ich sitze jetzt hier und lese, was Grayscale gerade mit $TAO hat. Die haben ihr AI-Portfolio neu gewichtet. Nicht ein bisschen angepasst. Radikal umgebaut. TAO von 31% auf 43%. Fast die Hälfte des gesamten AI-Baskets steckt jetzt in einem einzigen Token. Lass das sacken. Gleichzeitig wurde überall gekürzt. NEAR von 26% auf 24%. Filecoin von fast 14% auf unter 10%. The Graph auf 4%. Story auf 2,7%. Render leicht hoch auf knapp 16%. Der Rest? Abgebaut. Zugunsten von TAO. Keine Einzelposition — eine komplette Neuausrichtung der AI-These. Grayscale ist das größte institutionelle Crypto-Haus der Welt. Die machen keine FOMO-Käufe. Die sitzen in New York, haben Research-Teams und bewegen Milliarden. Wenn die 43% eines Sektorfonds in einen einzelnen Token packen, ist das eine Aussage. Grayscale sagt damit: Der AI-Crypto-Sektor hat einen Favoriten. Ich hab mir die Daten angeschaut. Das Handelsvolumen hat sich verdreifacht. $598 Mio. in 24 Stunden. Route2FI, CryptoGodJohn, AltcoinSherpa — alle reden über TAO. Die Stimmung auf CT ist klar bullish. Jetzt die Frage, die sich keiner stellt. Was genau kauft Grayscale hier? Bittensor ist kein AI-Token, der Hype verkauft. Es ist ein dezentrales Netzwerk, auf dem KI-Modelle gegeneinander antreten und nach Leistung bezahlt werden. 128 aktive Subnets. Jedes ein eigener Wettbewerb. Sprachmodelle, Bildgenerierung, Datenanalyse. Alles läuft über TAO als Incentive-Layer. Keine zentrale Instanz entscheidet, wer mitmacht. Kein OpenAI. Kein Google. Offener Zugang für jede KI auf der Welt. Jensen Huang von NVIDIA hat vor Wochen öffentlich über Bittensor gesprochen. Der CEO des wertvollsten Unternehmens der Welt redet über einen dezentralen AI-Token. Das war der Moment, in dem ich gemerkt habe: Die Dynamik kippt. Und Grayscale geht noch weiter. Parallel zur Neugewichtung haben sie einen Antrag für einen dedizierten Bittensor Trust eingereicht. Ziel: ETF-Umwandlung. Listing an der NYSE Arca. Vom Altcoin zum institutionellen Produkt. In Monaten. Was mich stört: Die FDV. 7 Milliarden bei 3,2 Milliarden Market Cap. Über die Hälfte des Supplies noch nicht im Markt. Bittensor muss liefern — nicht nur als Narrativ, sondern als Netzwerk. 128 Subnets klingen gut. Die Frage ist, wie viele davon echten wirtschaftlichen Wert erzeugen. 55% unter dem Allzeithoch von $757. Grayscale kauft den Dip. Entweder sie sehen etwas, das der Markt noch nicht sieht — oder der Smart-Money-Stempel allein treibt den Preis. Ich hab TAO geshortet und Gewinn gemacht. Das war ein Trade, keine These. Die These hat sich geändert. Wenn das größte Crypto-Haus der Welt seinen AI-Slot verdoppelt und gleichzeitig einen ETF beantragt, ignoriere ich das nicht. Aber blind folgen? Nein. Die Tokenomics zwingen zur Vorsicht. Was machst du — folgst du Grayscale oder wartest du auf den nächsten Dip? 👇

Most storage networks ask the network "who has this file?" Hippius computes it. Hash(file) + Cluster Map on-chain = exact miner location, locally, in microseconds. No DHT. No discovery hops. Just math. That's Arion. #SN75 $TAO

A subnet I hadn’t heard of last week is now saving us $3k+ per month in recurring costs. Costs we were fully prepared to pay in USD. If more services become subnets, teams will pay for everything in $TAO. No money out. When the rest of the world gets tired of overpaying the centralized dinosaurs they'll switch to Bittensor. Money in. So what happens when inflows exceed miner emissions? No idea. But I plan to be holding as much $TAO as possible when it does.

I am pleased to announce that Stillcore Capital @stillcorecap has invested in @vidaio_ (Bittensor Subnet 85).

The power of holding Bittensor $TAO subnet alpha Here is an example to illustrate the flywheel of $TAO Let's say you 1,000 alpha of @resilabsai which cost around 7 $TAO 7 $TAO at a price of $310 = $2,170 Current alpha price of Resi, subnet 46: .0066 $TAO Let's make some calculated assumptions. > price of resi alpha stays the same for 3 years > price of $TAO remains the same at $310 > APY for holding Resi alpha is 40% for the first 2 years, then 30% in year 3 What is my total value in 3 years? Year 1 (40% APY) 1,060.6 × 1.4 = 1,484.8 alpha In $TAO: 1,484.8 × 0.0066 ≈ 9.80 $TAO In USD: 9.80 × $310 ≈ $3,038 Year 2 (40% APY again) 1,484.8 × 1.4 = 2,078.8 alpha In $TAO: ≈ 13.72 $TAO In USD: ≈ $4,253 Year 3 (30% APY) 2,078.8 × 1.3 = 2,702.4 alpha In $TAO: ≈ 17.83 $TAO In USD: ≈ $5,527 Now what if the price of Resi alpha went up 2x in year 1, 25% in year 2 and 25% in year 3? Additionally, what if the price of $TAO goes up by 4x? Year 1 Alpha: 1,484.8 $TAO value: 1,484.8 × 0.0132 ≈ 19.6 $TAO USD value: 19.6 × $1,240 ≈ $24,304 Year 2 Alpha: 2,078.8 $TAO value: ≈ 34.3 $TAO USD value: ≈ $42,532 Year 3 Alpha: 2,702.4 $TAO value: ≈ 55.7 $TAO USD value: ≈ $69,068 This is the Bittensor flywheel in effect.

Many people think about $TAO as a cryptocurrency token. The more interesting frame is TAO as sticky capital in a productive system. When you stake TAO into a subnet you receive that subnet's alpha token. That alpha token is generating yield from emissions and in the case of subnets like Chutes from external revenue routed back through an auto-staking buyback. To exit you have to sell the alpha token back into the pool, receive TAO, then sell TAO. Two frictions. The longer you stay the more yield accumulates and the higher the psychological and economic cost of leaving. TAO staked into productive subnets is not idle capital. It is capital actively being rewarded to stay. The second dynamic is even more underappreciated. As subnet tokens get listed directly on CEXs, (Chutes is already on MEXC) the average buyer will never need to touch TAO at all. They will buy SN64 the same way they buy any other token. They will have no idea it lives on Bittensor. They will just know the product works and the token has a buyback mechanism. Bittensor becomes invisible infrastructure. That is the highest form of product market fit. When people stop thinking about the rails and just use the application. Nobody thinks about TCP/IP when they open Twitter. They just use Twitter. That is what Bittensor is building toward. The subnets become the brands. TAO becomes the engine nobody sees. $TAO

Two hedge funds are going all in on Bittensor. @stillcorecap wants 1% of the TAO supply. @SiamKidd is 100% allocated. Both are projecting $1 trillion. I sat down with all three of them. Here's everything they told me. Stillcore Capital is @rob_svrn, @markjeffrey, and @Jason. Rob has had 700+ investor conversations since November 2025. He's pitching billionaires and sovereign wealth funds on TAO. Mark Jeffrey wrote a Bitcoin book in 2013. He was in the ETH ICO. He calls TAO "the third great coin." Siam runs DSV. Went all in on ETH at $9. Now 100% Bittensor. His fund was the best performing hedge fund on Earth by October 2025. Rob's pitch to institutions: • Chinese open source models took ~50% US market share • 70-80% of startups pitching A16Z run on Chinese open source • Bittensor subnets do the same disruption for the application layer • 90% as good. 10% of the price. Mark's framework: • Bitcoin monetized stranded energy • Bittensor monetizes stranded talent • Mining made programmable through "contestonomics" • Linux killed Microsoft. Open internet killed AOL. Bitcoin challenged gold. Same pattern. The proof is already here. @tplr_ai did the largest decentralized LLM training run in history. 72 billion parameters. Jensen Huang discussed it on All-In. Anthropic's co-founder said "I didn't think you could do this." @ridges_ai went from 0% to 70% on SWE-500 in six months for $1.5M. Claude Code cost Anthropic billions. But here's where most people screw up. Siam put 100 TAO into the top 25 subnets. Got 47 out. Every subnet bleeds after launch. Even Templar was uninvestable for months. His rules: wait for the bleed out. Wait for the base. Only buy uptrending charts. Rebalance every 3 days. Stillcore does the exact opposite. Hold conviction. Think in years. Invest at product market fit. Help teams operationally. Two completely different strategies. Both printing. The alpha vs route math is wild. Root yield: 3.73% and falling. Subnet APY: 40-90%. Only 48% of TAO is still on root. That number drops every single day. Mark Jeffrey: "You're dumb if you're not staking in subnets at this point." At conservative APY you 3x your alpha holdings in 3 years. Price can stay flat and you still win. TAO market cap today: $3.5 billion. @BarrySilbert: 500x from $2B. Mark Jeffrey: $3,000 by end of 2026 is conservative. Rob: TAO wins in all states of the world. Both funds independently project $1 trillion plus for TAO. Do your own research. Build your own conviction. But the smart money is already here.