V440 is presenting some interesting investment opportunities within the #bittensor ecosystem. a couple things I think every subnet investor should understand: dynamics: demand (newly introduced) is a function of price (EMA) and miner burn. smart subnets are reducing miner burn to 0.00. forcing burn to zero (eliminating mooches) is a primary consequence of the upgrade. the demand bar (θ) is a *moving target.* it’s not as simple as “I’m going to buy the top 32 subnets.” it might be 18 or 48 at any given point in time depending on market dynamics; and the "top" subnets are fluid. on that note: as an investor, make sure you define (and practically understand) what “top xx subnets” means. it’s not emissions or price; it’s demand. and demand is constantly changing as a function of 1) price and 2) miner burn. what it means for your investment strategy: understand why emissions are important. as an investor, you care about price (unless you’re “just here for the tech”). higher emissions *might* lead to higher price; but not necessarily (greater emission does not, in isolation, lead to higher price). two high-priority reasons to watch (and perhaps prioritize) emissions: 1) chain buys. higher emissions can lead to more *chain buys* (chain buys are a function of alpha emitted and root prop). older subnets (lower root prop) have lower alpha emission caps. any emissions over the cap lead to chain buys that offset sell pressure. so, the incremental benefit of emissions (in the form of chain buys and thereby increased price) will be higher for a subnet with lower root prop vs higher root prop (ie older subnets will typically benefit more). we are seeing this dynamic play out now with many OG subnets. 2) alpha halving. higher emissions *may* lead to an earlier subnet alpha halving (higher emissions => higher alpha_in, as long as emissions are below the cap; else the excess TAO will be used to buy back existing alpha which will be held by the chain). the race to subnet halving is underway. subnets that hit alpha halving first should experience supply shock sooner, and prices should increase (perhaps dramatically) as a result. I still do not believe most subnet investors fully realize how constructive price action is going to be post- alpha halvings for individual subnets. buckle up. other thoughts: there are new trading strategies emerging post-V440. subnets with highest demand leverage sit right below the bar. you can track the bar, and consistently invest in mid- / small-caps right below it. as they pass the bar (due to higher relative EMA and/or lower relative miner burn) they will experience a dramatic increase in emissions that *may* lead to an increase in price. many people have abandoned small cap subnets in the past week despite high-quality products /outputs / teams. I think this this is a mistake. smaller subnets can quickly regain a position above the bar with an increase in price driven by demand and/or positive business plan updates / adoption / announcements. consensus seems to be these subnets will go to 0.00; I actually think this is where some of the greatest current investment opportunity lies. bottom line: the common consensus, which (at least according to my feed) seems to be “buy the top 32 subnets” is incomplete. 32 is a moving target, and many people don’t even know what “top” means. do your research, and know what you should hold. good luck!! $TAO #bittensor