Trying to add some value while learning out loud. I like Utility. Building @WeAreSubConnect
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If you're thinking about building a subnet on Bittensor, feel free to reach out.
Always happy to chat.
$TAO
It's been almost a month since we launched our first subnet incubation: Endure, $TAO subnet 30.
The response has been great and it confirmed something we've believed for a while:
There are a lot of talented builders looking at Bittensor.
Incubation is something we definitely want to do more of.
We've already had several promising conversations for the next subnet, but we're always interested in meeting exceptional teams.
That said, we're focused on quality over quantity.
We're not looking for teams that simply want to launch a subnet.
We're looking for teams with:
🔸 a clear incentive mechanism design
🔸 a clear path to revenue
🔸 a product that genuinely benefits from being built on Bittensor
🔸 a subnet design that strengthens the broader Bittensor ecosystem
We'd rather help build a handful of great subnets than dozens of average ones.
If that sounds like you, our DMs are always open.
RVCrypto retweeted
Forge is getting close to launch!
One of the biggest challenges within $TAO has always been capital efficiency.
Subnet owners and Alpha holders often have significant capital tied up in their positions, with limited options to access liquidity without selling.
Forge will change that.
Soon, you'll be able to use your Alpha as collateral to borrow $TAO while maintaining exposure to your subnet positions.
The video below walks you through the entire process in four simple steps.
We're excited to help bring this new financial infrastructure to the $TAO ecosystem.
Four steps from Alpha to $TAO, without selling your Alpha.
Watch the video below to learn how a loan works, from the moment you supply your Alpha to the moment you withdraw it again.
⚠ Borrowing carries risk, including liquidation. Our docs cover it: docs.forge.endure.network
Every now and then, you come across an article you just can't stop reading. This was one of those for me.
I know I'm biased because I'm so deeply involved in the $TAO ecosystem, but I found myself agreeing with so many points made in this article by Stillcore Capital.
One part in particular stood out to me, together with the image below.
How Bittensor makes intelligence.
I've been talking for quite some time about how Bittensor is much more than just an AI project. It's an ecosystem of competing markets producing digital commodities, and this image does an excellent job of showing how those markets fit together.
You have subnets providing the raw commodities like compute, storage and data. Other subnets use those resources for pretraining and post-training models, while inference subnets make those models available to the end users.
And the beautiful thing is that every single part of this supply chain is its own competitive market, incentivized to produce the best possible output at the lowest possible cost.
But what makes this even more interesting is how these markets are strengthening each other.
A subnet improving its compute offering makes training cheaper for other subnets, which in turn improves the models being served by inference subnets. Better, faster and cheaper inference attracts more customers, creating additional demand for the commodities further down the supply chain.
This is where I believe the real power of Bittensor lies.
Not in one subnet becoming the next big AI company, but in an entire ecosystem of specialized markets that can build on each other's output and become increasingly competitive as a whole.
And unlike a traditional AI company, where all these decisions are made internally, Bittensor uses open competition and incentives to coordinate.
Now add the economic relationship between Alpha tokens and TAO, where every subnet operates within an economy connected through TAO, and you start to understand why I believe the whole ecosystem is much more interesting than the sum of its individual parts.
The more useful commodities the network produces, the more possibilities emerge for other subnets to build on top of them.
And the more external demand these combined products attract, the greater the opportunity for real economic value to flow back into the ecosystem.
This is what I've been referring to when I say Bittensor is growing from the inside out.
We're still very early in seeing how all these different markets will work together, but the foundations are becoming increasingly visible.
Excellent article by Stillcore Capital, and I highly recommend reading the entire thing.
i believe the first true ASI will be a market, not a model, and that market is bittensor & its subnets
openai and anthropic are heading to $2.5tn+ between them. bittensor:native is worth about $2.5bn
1000x valuation mismatch between the frontier of centralized and decentralized ai
the world will wake up soon..
RVCrypto retweeted
the most important chart for Bittensor imo
10.9% of TAO issuance is now being offset by demand generated through economic activity across the network
Goal is 100%, and we're moving in the right direction
Forge, the Bittensor lending platform, will launch in mid-November.
This is something I've been waiting for, and I'm pretty excited about it.
The $TAO ecosystem has a lot of unused liquidity, and I think Forge will solve a big part of this problem.
Excited!
RVCrypto retweeted
Bittensor bittensor:native ecosystem is on fire. Revenue run rate is growing 40% month over month
$35M → $50M → $70M.
Another month, another 40% MoM increase in annualized revenue across the Bittensor ecosystem.
When we published the first SubConnect Bittensor Revenue Index, we estimated that revenue-generating subnets were collectively doing around $35M in annualized revenue.
A month later, that number had grown to approximately $50M.
Today, we're estimating $70M in annualized revenue.
That's a 100% increase in just two months.
Of course, annualized revenue is a snapshot, and the real challenge is sustaining that growth while improving margins and reducing dependence on emissions, but the direction is clear.
Bittensor is growing from the inside out.
And our expectation of $100M+ in annualized revenue by the end of 2026 is getting closer.
We'll continue tracking the numbers every month through the SubConnect Bittensor Revenue Index.
Run the revenue numbers again and I'm really impressed by the $TAO ecosystem.
I expected $100M by EOY to be a very difficult target but I can really see it happening and even being crushed.
Exciting times.
Price will catchup in due time.
$35M → $50M → $70M.
Another month, another 40% MoM increase in annualized revenue across the Bittensor ecosystem.
When we published the first SubConnect Bittensor Revenue Index, we estimated that revenue-generating subnets were collectively doing around $35M in annualized revenue.
A month later, that number had grown to approximately $50M.
Today, we're estimating $70M in annualized revenue.
That's a 100% increase in just two months.
Of course, annualized revenue is a snapshot, and the real challenge is sustaining that growth while improving margins and reducing dependence on emissions, but the direction is clear.
Bittensor is growing from the inside out.
And our expectation of $100M+ in annualized revenue by the end of 2026 is getting closer.
We'll continue tracking the numbers every month through the SubConnect Bittensor Revenue Index.
RVCrypto retweeted
A major milestone for Forge and Endure, $TAO SN30.
Building the financial infrastructure for Bittensor takes time, careful preparation and the right partners.
We're proud of what the team has accomplished behind the scenes and grateful to @taodotcom for their support throughout the process.
With the audits completed and the necessary improvements implemented, Forge is now preparing for its mainnet launch.
Close to unlocking capital efficiency across the Bittensor ecosystem.
Exciting times ahead!
Mainnet update:
We have been working towards mainnet for quite some time, and we want to be transparent about what was happening behind the scenes.
Getting this right was always more important than getting it done fast. Forge is built to handle real capital, and that requires a strong foundation that has been fully reviewed and secured.
We worked closely with @taodotcom throughout this process. While Forge was being audited, tao.com conducted a broader audit on their wstAlpha wrappers and the underlying BittensorEVM stack, providing solid ground to build DeFi in the Bittensor ecosystem.
The audits flagged specific items, all of which were addressed before moving forward.
None of this would have been possible without the excellent work of the tao.com team. We’re glad to have them as partners.
Now, Forge is ready to start the countdown to mainnet.
Interesting, very interesting.
Strategy has acquired 811 $BTC and repurchased $208M of $STRC. As of 11/1/26, we hold 849,327 BTC and $4.9B of USD Assets. $MSTR strategy.com/press/strategy-…
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I think one of the most overlooked things about $TAO right now is the market capitalization of its subnets.
The entire subnet ecosystem has a combined market cap of roughly $1.2B.
Thats just crazy.
We're talking about an ecosystem with subnets building products across many other industries with some of these subnets already generating meaningful real world revenue, while others are just getting started.
And the entire ecosystem is currently valued at roughly $1.2B.
The competition will constantly push the quality of the ecosystem higher, while the successful subnets have the potential to grow into substantial businesses.
Now combine that with revenue driven Alpha buybacks and burns, where part of the economic value created by these businesses flows back into their tokens and, through the liquidity pools, into the broader TAO economy.
I believe we're still massively underestimating what a handful of breakout subnets could mean for the entire ecosystem.
And looking at these valuations, I can't help but think we're still incredibly early.
$TAO is growing from the inside out.
I'm running the revenue nummers again on all the revenue generating $TAO subnets and the numbers are even better then I expected.
We'll do another monthly ecosystem revenue update on the @WeAreSubConnect page early next week.
Will keep you posted.
Bear markets are for positioning yourself in the right projects that keep building and creating real value.
Fundamentals can keep improving throughout a bear market, but it's often not until the bull market returns that prices start reflecting that progress.
$TAO is the prime example of this.