Subnet118

@bbreoo @SiamKidd It was us! Sorry for the confusion. 118 is a joint venture between @TrustedStake and @Investing88ai.

@SiamKidd x.com/Subnet118/stat… Confused.

Revenue Search 65: SN88 Investing. Discovering asymmetric upside in AI start ups. x.com/i/broadcasts/1…

Huge updates to the TrustedStake platform for portfolio builders, managers, and subnet investors. We just rolled out major upgrades across both the Index Manager Portal and the Strategies experience. Main changes: • Advanced API tooling for index managers, as requested by many managers across the ecosystem, with complete control over index management through an easy to use API • API key generation with custom permissions and expirations • Complete strategy management through API • Create, update, pause, delete, and rebalance strategies externally • View delegates, activity, performance, and operation history • Built in docs, cURL testing, and ready to use Curl, Python, and Node snippets • Massive UI and UX overhaul to the Strategies page, making strategy selection much simpler • Cleaner historical performance views for all core and community strategies • Better search, sorting, categorization, and relevant performance metrics all in one place • Clear separation between personal portfolio creation and the Index Manager Portal • Dedicated workflows for managers launching public or private subnet strategies • Better support for community strategies, private funds, and monetized manager products Advanced API tooling can now be found in the Index Manager Portal -> Settings -> API Keys Base agent templates are coming soon for the API! Give your agent the API to launch, manage, and monetize custom subnet strategies directly through TrustedStake This was one of the biggest product updates we’ve shipped to date and came directly from manager feedback across the ecosystem. Whether you're building a private alpha strategy, public index product, quant fund, utilizing agents or simply customizing your own subnet portfolio, the platform is now significantly more powerful and easier to use, with all of our infrastructure built in to fit your needs. Get started today: app.trustedstake.ai

What Is an Incentivized Market Maker on HODL Exchange? HODL Exchange is an escrow-based orderbook for alpha tokens, where users place buy and sell orders and other participants fill them. If someone posts a sell order, another participant can buy that alpha with TAO. If someone posts a buy order, another participant can fill it by selling that alpha. Anyone can fill orders on HODL Exchange, but an Incentivized Market Maker (IMM) is a Subnet 118 miner who earns SN118 Alpha for doing so. The name sounds more technical than it is. Market Maker means someone who fills trades. Incentivized means they are rewarded for filling them. So in simple terms, an IMM is a miner who helps keep the exchange active by filling orders. How to become an IMM 1) Register as a miner on Subnet 118 You can do this through btcli or through Polkadot.js using the burnedRegister extrinsic. 2) Hold inventory Keep TAO and/or the alpha tokens you want to make markets in. - To fill a sell order, you need TAO - To fill a buy order, you need the alpha token 3) Check HODL Exchange for open orders A simple way to make the job easier is to sort markets by order count. That helps you quickly spot which markets have the most orders to fill. 4) Fill orders When an order makes sense for you, take the other side and fill it. 5) Earn SN118 Alpha That is what IMMs are rewarded for: helping keep the exchange active and improving fill times. The job is simple: help get orders filled and earn SN118 Alpha in return.

To bootstrap the HODL Exchange, all emissions are now allocated to IMMs – Incentivized Market Makers. Come check it out. Eliminate slippage, post some buy/sell orders, and pick up a few bargains along the way! hodl.subnet118.com

.@Subnet118 HODL Exchange (SN118) shipped a comprehensive UI overhaul. 24h/7D volume displays, expandable subnet market views, individual market pages, split order books, improved order flow. Bringing the trading UX closer to what users expect from established platforms. 🔗 x.com/Subnet118/stat…

We just pushed a major HODL Exchange UI update. Main changes: • New default exchange page showing 24h and 7D volume along with total orders filled • Expandable subnet market view with exchange history directly below • Individual subnet market pages • Clean split order view for better visibility into each alpha’s order book • New hotkey selection under the order dialog • Improved order flow, plus bug fixes The goal was to make the exchange feel more structured, easier to navigate, and more intuitive for users. Still plenty to improve, but this is a strong step forward for the exchange. See it for yourself! hodl.subnet118.com

Important Update: This is an announcement we’re saddened to have to make. Our hearts go out to everyone affected. Now that the dust has settled, we’ve removed all Covenant subnets from the core TrustedStake indices and Sharia Indices, except S-SOS for obvious reasons. This was executed slowly after the bounce to avoid selling into the pico bottom during the high volatility. All users have already been rebalanced. Covenant Index users were moved to root last night, and broader reallocations have been rolling out since midnight EST.

A Revenue Search has been scheduled with @dsvfund, on Wednesday April 22, at 11:30am Eastern. Save the date! The subnet 118 team is thrilled to chat with hosts @SiamKidd and @MarkCreaser. Revenue will be a main topic. x.com/Subnet118/stat…

@USB_HI Hey👋OpEx is dynamic. But at the start, we will likely use all revenue for alpha buybacks to help build momentum.

@Subnet118 Hello, what percentage of the revenue generated will you use for buybacks?

The SN118 Revenue Path The HODL Exchange has the ability to generate 6+ TAO per day in trading fees. Here’s how: The dTAO market is averaging around 200k TAO in daily volume and growing quickly. If HODL captures a modest 10% of that volume, and users save a conservative 0.1% on average through lower slippage and no MEV, the exchange could generate about 6 TAO in daily revenue. HODL routes trades off-pool, and the fee is just a fraction of what the same trade would have cost in pool slippage. Under this model, users can save significantly on trading costs, while the exchange generates fees that go toward SN118 alpha buybacks. This revenue estimate only accounts for public orders. Private orders could generate additional fees while enabling even more user savings. We're still early, but the path is there.

🔐How TrustedStake's Proprietary MEV Shielding Protects Your Alpha Most stakers don't realize how much value is silently extracted from them through MEV (Maximal Extractable Value) and just how much work we put into providing optimal execution in our rebalancer and trading engine platform wide. Today we're highlighting our Proprietary MEV Shielding. Here's what we built, and what it means for you.🧵👇

As requested by the community, we’ve pushed a new landing page update for HODL Exchange. The goal was to make the site clearer and more intuitive, specifically around what HODL is, why it exists, how the exchange works, why it can be more efficient than pool trading, and how Subnet 118 and IMMs fit into the overall model. HODL Exchange is a secondary market for Bittensor alpha tokens, allowing users to trade off-pool through escrow-based orders rather than relying solely on AMM pools, with no slippage or price impact. Check it out! Site: subnet118.com

In light of recent developments, we are moving toward an emission burn in some form on SN118, whether explicit on-chain or implicit through a designated UID. This is not a decision we make lightly. It's in conflict with the principles we hold strongly. But at the end of the day, the subnet has to survive first as a business. We'll find the best balance in the near-term. Looking into the long-term, emission burn will be lifted. We are well on our way to realize our vision of making the subnet a major stabilizing force in the ecosystem. The subnet will become profitable and self-sustaining when the HODL Exchange fully matures. Stay tuned for further updates.

OTC deals have been completed with a couple of investors in the ecosystem. All TAO is being methodically DCA’d straight back into the SN118 pool as we speak. Others may take OTC off the table. We recycle it back into the subnet to strengthen liquidity and support growth so we can keep building. We will continue developing a true secondary market for alpha with orders that fill 💎

Thinking about becoming an IMM on the HODL Exchange? Here’s a simple guide: An Incentivized Market Maker (IMM) is a Subnet 118 miner who is incentivized to fill buy and sell orders on the HODL Exchange, an order book exchange for alpha tokens. Users place orders to buy or sell alpha. IMMs act as the counterparties that fill those orders and earn SN118 Alpha for doing so. Normal users can fill orders too. The difference is that IMMs are specifically incentivized to do it consistently, which helps improve fill times and makes the HODL Exchange a viable alternative to trading solely through the pools. So how do you become an IMM? 1. Register as a miner on SN118 You need to participate as a Subnet 118 miner in order to earn IMM rewards. 2. Hold inventory Keep TAO and/or alpha available so you can fill orders when they appear. 3. Watch the exchange Monitor the HODL Exchange for buy and sell orders that make sense for you to fill. 4. Act as the counterparty If someone wants to buy alpha, you can sell it to them. If someone wants to sell alpha, you can buy it from them. 5. Stay active and keep filling The goal is to fill orders consistently, improve fill times, and help make the HODL Exchange a true secondary market for alpha tokens. That’s the role in plain English: watch orders fill orders earn SN118 Alpha If you already understand why off pool alpha trading matters, becoming an IMM is the next step: help make that market work efficiently. HODL Exchange hodl.subnet118.com

Couldn’t agree more. Similar to SN88, SN118 is one of the few subnets that does NOT burn miner emissions. We’re here to build and win alongside our miners, and using emissions for incentivized market making is how you get to a real exchange with depth, volume, and consistent fills. Our goal is simple: be a cheaper, more efficient alternative to the pools while protecting TaoFlows. We’re here for one thing, Bittensor’s long term success.

We’ve been getting a lot of questions about what SN118 is, what the HODL Exchange is trying to do, and why it matters. The easiest way to understand it is this: Right now, most alpha token trading happens within the pools. The issue is that every pool trade comes with price impact and slippage. Price impact means the trade itself directly pushes the alpha price up or down. Slippage means the trade ends up costing more than expected when buying, or returning less than expected when selling. The HODL Exchange is meant to address this by creating a secondary market for alpha tokens with orders that fill. Users can place buy and sell orders on the exchange, rather than having to trade solely through the pools. This means that trades on the HODL Exchange do not directly move the pool price, and users sidestep the slippage costs and MEV risks that normally come with trading in the pool. SN118 miners are known as Incentivized Market Makers (IMMs). They are the counterparties that are incentivized to fill those orders, and they earn SN118 Alpha for doing so. So, in short: SN118 is building an exchange to trade alpha tokens outside the pools, with cheaper trading costs and no direct impact on the pool price or TaoFlows. Become a miner today: hodl.subnet118.com

The first iteration of IMM is now live! Starting today, 25% of Subnet 118 mining emissions are allocated to Incentivized Market Making. This is the first step toward turning the HODL Exchange’s alpha order book into a real liquidity engine where orders actually fill. Miners: IMM is live. Head to the HODL Exchange and start filling orders. hodl.subnet118.com For context, here’s what we shared earlier this week in the post below👇 Happy market making.

As promised. The first iteration of the Incentivized Market Maker (IMM) scoring mechanism is coming this week to the HODL Exchange. Last week we shipped Private Orders. This week we begin rolling out the first phase of IMM. IMM turns the exchange into a live liquidity engine. Market makers earn emissions by filling real flow. Volume becomes the driver. Phase 1 goes live this week with FillVolume scoring. From there, we iterate and expand as data comes in. Full breakdown of what’s coming over the next month: github.com/mobiusfund/etf… This is the transition from passive staking to active markets, protecting TaoFlows and enabling alpha order books that actually fill. 85% slippage savings with no MEV risk. Volume is the unlock. Get ready!