Yuma

Crypto AI tokens are on a tear: TAO is up 50% on the week, tracked closely by Render (+36%), Venice (+15%), Virtuals (+16%), Near (+11%) among others Here's the latest crypto AI & robotics roundup to get you up to speed: ▪️ @tplr_ai finishes its 72B parameter model training run (largest decentralized LLM run to date), closing the gap on frontier labs and proving open source decentralized models have a place in the market ▪️ @GEODNET launches its "GEO-SWARM" on Kickstarter; a fully autonomous drone-in-a-box security system that deploys, patrols, docks, and recharges on its own ▪️ @RoboNetHQ goes live as an "agentic Operating System" for trading. Deploy using natural language, backtest it across perps and prediction markets. Powered by @AlloraNetwork predictive intelligence ▪️ @tether expanded into robotics via $200M investment in Blackrock Neurotech (brain-computer interfaces, majority stake) and funding for Italy's Generative Bionics. @paoloardoino reveals that his AI team will release a "true breakthrough" this week ▪️ @YumaGroup publish their State of Bittensor Volume 2 report: the graph mapping TAO price to Bitcoin price post halving stuck with me; Will TAO run the AI Bitcoin playbook? ▪️ @Vericore_S70 (Subnet 70) goes live on TAO; the team is building the internet’s verification layer on Bittensor ▪️ Last week we saw Ethereum + Virtual's ERC-8183 go live, this week @XLayerOfficial adopts it for its agentic commerce standard ▪️ @NousResearch Hermes agent usage spikes as 48 hours remain for its hackathon; seeing people swap out OpenClaw for Hermes as their side kick ▪️ @virtuals_io ACP is facilitating more agent commerce through x402 than any other endpoint today, could this be the start of rising interest for onchain agentic commerce? ▪️ @rendernetwork announces RenderCon 2026 which brings together some of the most important voices at the intersection of AI, rendering, and production infrastructure ▪️ @heurist_ai releases its Skill Marketplace; 50+ verified crypto and finance skills for any AI agent ▪️ @Pumpfun reveals Automated Buybacks for Tokenized Agents as part of its integration of AI into its tooling ▪️ @moonpay Agents are now live in Ledger If I've missed any pertinent news, let me know and I'll append below Subscribe to my FREE newsletter (link in bio) for a deeper update on the week's developments + follow @KhalaResearch for more formal reporting on crypto AI and robotics; x402 report dropping this week Disclosure: I am partnered with some of the protocols included in this roundup. Nothing in this post constitutes financial advice, or a recommendation to buy, sell or hold any asset. Do your own research

Episode 10 of the Carrot and the Stick is live from TAO.com! Watch Garrett @Carrot_____1 and special guest Paul Swaim @Swamination from @YumaGroup discuss the state of Bittensor 🔊

27% of $TAO 's market cap now sits in subnet tokens. One year ago, that number was ZERO. If you're still treating Bittensor like a simple L1 hold, you're missing the entire infrastructure shift happening underneath. Here's what institutional players already know 👇 ◆ Subnets are processing utility > @webuildscore (SN 44) is processing vision AI for enterprise clients faster and cheaper than AWS > @ridges_ai (SN 62) has achieved parity with Claude Code on software engineering benchmarks > Real-world performance is hitting the tipping point where subnets are maturing into foundational infrastructure for a new class of AI companies and beginning to rival or outperform centralized, closed-source models ◆ The value capture dynamic has fundamentally shifted > $TAO historically captured 100% of Bittensor's network value > Now subnet tokens represent a massive and growing share, hitting a record 27% of total TAO market cap within a year of introduction → The aggregate market cap of subnet tokens has been accelerating ◆ The halving reversed major metrics > Following TAO's first halving on Dec 15, 2025, the Total Subnets Price (TSP) reversed its downward trend > TSP measures cumulative subnet value denominated in TAO, and it climbed to 1.18 by mid-Feb 2026 → What's driving this? Automated chain buys funded directly from TAO emissions. The mechanism is working exactly as designed. ◆ Subnet tokens offer asymmetric yield opportunities > Instead of just paying miners to secure the network, Bittensor's emissions go directly to those building intelligence > Moving TAO into subnet tokens allows participants to earn significantly higher staking rewards, often hitting 100%+ APYs ◆ Institutional products are already outperforming TAO > @YumaGroup launched the Yuma Composite Index (YCX), a market-cap-weighted benchmark similar to the NASDAQ Composite, to track this growing market > Accompanying funds like the Composite Fund have provided a way to absorb high subnet token staking rewards while smoothing volatility Result? They've notably outperformed TAO's price action since launch → Institutions are positioning while retail is still wrapping their minds around Bittensor subnets ◆ The investment thesis is clear Participating in Bittensor isn't just about holding $TAO anymore. The 'to-do' is understanding which subnets are capturing value, how emissions flow through the ecosystem, and where yield opportunities compound fastest. Subnet tokens are becoming the equity layer of decentralized AI infrastructure. And if you're still thinking this is some niche corner of crypto, remember: the subnet token market cap went from 0% to 27% of TAO in one year. The infrastructure shift is happening now, and positioning early matters.

$TAO is up 82% in the last 30 days. Bittensor subnets are up 105% over the same period on a market-cap weighted basis. Year to date, the Yuma Composite Fund - which provides exposure to more than 100 subnets - is up 55% on a USD basis, versus 28% for $TAO alone. More info: hubs.ly/Q046VFm80