Trying to add some value while learning out loud. I like Utility. Building @WeAreSubConnect
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Joined July 2019
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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.
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-…
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.
Every $TAO subnet I've checked in with since we published the Bittensor Revenue Index at SubConnect has grown its revenue over the past two months.
The Bittensor bull case is taking shape right in front of our eyes, yet the entire market seems focused on short term PA.
Bittensor growing from the inside out, driven by real world revenue flowing back into the ecosystem, is what will allow $TAO to break out of the broader crypto cycle.
Today, we're releasing the first SubConnect Bittensor Revenue Index.
Over the past months, we've been researching one of the most important, yet surprisingly difficult questions to answer within Bittensor:
Which $TAO subnets are actually generating revenue? How much and are they doing revenue generated Alpha buys?
The results show an ecosystem that is further into commercialization than many realize.
Bittensor's first chapter was about proving decentralized competition could produce valuable intelligence. The next chapter is about turning that intelligence into products customers are willing to pay for. And as more of that external revenue flows back into Alpha, the economics of the network begin to change with it.
From emissions to revenue, the transition has begun.
↓ The SubConnect Bittensor Revenue Index: Volume I
RVCrypto retweeted
Why Engy, $TAO SN53, is winning right now.
Demand for inference is growing hard + add a 30% discount with no loss of quality and it makes sense to change providers.
No wonder revenue and tokens spend are moving up and to the right hard.
One of the things I've learned over the years is to constantly second guess my investments.
And I've been doing that a lot with $TAO over the past couple of years.
Yet, every single time, I come to the same conclusion:
This is exactly where I want to allocate my capital.
Because I believe $TAO is by far the most asymmetric investment opportunity I know of, and the investment thesis is only getting stronger over time.
A buyback of $445K and a total burn of over $2M.
This is awesome well done Targon.
And remember this is just one $TAO subnet, we're only just getting started!
We have just repurchased and burned 1,772 TAO (~$445K) of SN4 alpha using organic revenues generated via Targon.com
We have also burned an additional 6,678 TAO (~$1.7M) worth of SN4 alpha, which also represents revenue generated via Targon
