Rono τAO | UnStop-Labs retweetledi
@SynthdataCo is imo one of the $TAO subnets that has shown the best progress toward real client adoption and profitability, if we trust the numbers shared in their last update.
These numbers might position SN50 as the best subnet in terms of revenue / valuation ratio. Quick comparison with other subnets that communicate on revenues :
- @SynthdataCo : $840,000 ARR for $11.65M MC → ratio = 0.072 (~$70K MRR)
- SN64 @chutes_ai : $5,700,000 ARR for $111.57M MC → ratio = 0.051 (based on last 90 days revenue annualized)
- SN93 @Bitcast_network : $487,200 ARR for $14M MC → ratio = 0.034 (based on last month revenue annualized)
Ofc this ratio alone isn’t enough, there are many other factors to consider :
- Chutes and Bitcast are already doing buybacks
- They have transparent dashboards for revenues + buybacks
- FDV
- Chutes and Bitcast communicate better and clearer imo
- Investor confidence (future growth, scaling, etc.)
- Track record / trust (Chutes has shown consistent revenues and buybacks, it's the current and solid leader)
- Burns
- Teams
As stated before, I took a position on Synth around current prices (full transparency).
Even if they still have a lot to improve, especially on communication and transparency (which matters a lot in this ecosystem), I think SN50 is undervalued at this level.
They’ve managed to generate solid revenue very quickly after launch, which shows a strong early dynamic. Wouldn’t be surprised to see them announce they have doubled their current MRR by end of Q2 if this trend continues.
Revenue trend looks positive, TAM is large, founder has experience… let’s see how it plays out.
Main thing now : execution + improving weak points. That could make a big difference imo.
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