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TAO Daily

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29 août à 15h35

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https://taodaily.io/the-first-bittensor-unicorn-could-arrive-within-six-months/

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<p class="wp-block-paragraph">No subnet has yet crossed the billion-dollar market cap threshold, with the current leader sitting around one hundred million.</p> <p class="wp-block-paragraph">Mark Jeffrey of <a href="https://taodaily.io/stillcore-capital-drops-state-of-subnets-july-2026-report-calls-current-market-the-calm-before-the-storm/">Stillcore Capital</a>, one of the largest funds inside the ecosystem, believes the first breakthrough will arrive within six months.</p> <p class="wp-block-paragraph">The prediction rests on <a href="https://taodaily.io/bittensor-v440-restructures-emissions-to-favor-demand-over-inactivity/">V440</a> reversing the chain&#8217;s structural drag on subnet tokens across every emission cycle. 10 to 15 subnets are now close enough that it is seen as the march <em>toward billion-dollar valuations underway</em>.</p> <h2 class="wp-block-heading">What V440 Reversed at the Chain Level</h2> <p class="wp-block-paragraph">The update flipped how the protocol interacts with subnet holders across every emission block.</p> <p class="wp-block-paragraph">1. <strong>Before V440, the chain sold subnet tokens every block to fund root APY yield:</strong> The network was effectively betting against everyone holding subnet tokens across their entire portfolio.</p> <p class="wp-block-paragraph">2. <strong>Mark Jeffrey compares it to the Federal Reserve printing money to short the stock market:</strong> Constant sell pressure from the protocol layer suppressed valuations well below what fundamentals justified.</p> <p class="wp-block-paragraph">3. <strong>V440 removed the mechanism and reversed the flow direction entirely:</strong> The chain now delegates capital toward top-performing subnets rather than draining them to pay passive stakers.</p> <p class="wp-block-paragraph">4. <strong>Root stakers must actively pick winners now rather than collect passive yield.</strong> Anyone still wanting returns has to demonstrate skill in identifying which subnets deserve emission support.</p> <p class="wp-block-paragraph">Removing the chain-level tax alone should lift valuations meaningfully as the market absorbs the reversed dynamic.</p> <h2 class="wp-block-heading">The Subnets Worth Watching Right Now</h2> <p class="wp-block-paragraph">Some subnets are named as producing meaningful results or approaching breakthrough valuation.</p> <p class="wp-block-paragraph">1. <a href="https://taodaily.io/engy-responds-to-centralization-criticism-with-buyback-and-burn-and-permissionless-tee-mining/"><strong>Engy (SN53)</strong></a> <strong>delivers Fable-equivalent inference at one-sixth the cost.</strong> Open-source models like Kimmi K3, DeepSeek Flash, and GLM 5.3 running on 5090s with cheap power.</p> <p class="wp-block-paragraph">2. <a href="https://taodaily.io/theoriq-needed-compute-targon-sn4-had-it/"><strong>Targon (SN4)</strong></a> <strong>delivers private inference for enterprises with continuous buybacks:</strong> Revenue conversion strong enough to fund ongoing burns of the subnet token supply.</p> <p class="wp-block-paragraph">3. <a href="https://taodaily.io/how-chutes-sn64-spent-the-week-making-expensive-gpus-feel-awkward/"><strong>Chutes (SN64)</strong></a> <strong>competes with OpenRouter at 40% lower pricing:</strong> The interface received A+ ratings from Stillcore, part of roughly 10 subnets now shipping polished consumer products.</p> <p class="wp-block-paragraph">4. <a href="https://taodaily.io/nvidias-hugging-face-deal-raises-hardware-neutrality-questions-hippius-hub-is-an-alternative/"><strong>Hippius (SN75)</strong></a> <strong>delivers S3-compatible storage at one-hundredth the cost of competitors:.</strong> Now expanding into virtual machines with automated backup while other subnets migrate over.</p> <p class="wp-block-paragraph">5. <a href="https://taodaily.io/minos-adds-chromosomes-16-and-17-taking-sn107-to-seven-live-targets/"><strong>Minos (SN107)</strong></a> <strong>co-authored a paper with OpenAI on biotech mutation detection:</strong> Presentation scheduled for October at a major conference, currently valued around $21 million.</p> <p class="wp-block-paragraph">About 20 subnets currently produce meaningful results across the network, with 10 to 15 sitting ready for the breakthrough moment.</p> <h2 class="wp-block-heading">Every Subnet Is a Mini-Bitcoin With Its Own Task</h2> <p class="wp-block-paragraph">The core insight underneath this thesis mirrors what Bittensor is at the mechanism level.</p> <figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="576" src="https://taodaily.io/wp-content/uploads/2026/08/image-193-1024x576.png" alt="" class="wp-image-24286" style="aspect-ratio:1.7777777777777777;width:624px;height:auto" srcset="https://taodaily.io/wp-content/uploads/2026/08/image-193-1024x576.png 1024w, https://taodaily.io/wp-content/uploads/2026/08/image-193-300x169.png 300w, https://taodaily.io/wp-content/uploads/2026/08/image-193-678x381.png 678w, https://taodaily.io/wp-content/uploads/2026/08/image-193-768x432.png 768w, https://taodaily.io/wp-content/uploads/2026/08/image-193.png 1672w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Subnets Acting Like a Mini-Bitcoin Architecture </figcaption></figure> <p class="wp-block-paragraph">1. <strong>Bitcoin&#8217;s mining side was the true innovation nobody noticed at scale:</strong> Everyone focused on the token itself, but marshalling stranded energy and hardware globally was the real breakthrough for Bittensor.</p> <p class="wp-block-paragraph">2. <strong>Subnets apply that mining primitive to programmable tasks:</strong> Storage, biotech research, decentralized training, inference, and agent workflows all coordinated through the same competitive dynamic.</p> <p class="wp-block-paragraph">3. <strong>256 miners competing costs roughly one-tenth of hiring a product department:</strong> No traditional early-stage startup can afford 256 engineers racing to beat each other on the same problem.</p> <p class="wp-block-paragraph">4. <strong>The first subnet crossing to a billion drags the ecosystem valuation up like S&amp;P winners do:</strong> Bittensor&#8217;s 128 subnets need fewer breakout stars to lift everything than the 500-constituent S&amp;P benchmark does.</p> <p class="wp-block-paragraph">The mini-Bitcoin positioning turns every subnet into an ownership layer on a specific competitive marketplace.</p> <h2 class="wp-block-heading">Six Months to the First Crossover</h2> <p class="wp-block-paragraph">A hundred million dollars separates the current top subnet from the unicorn crossover. V440 removed the chain-level tax dragging subnet valuations backward every emission cycle across the network.</p> <p class="wp-block-paragraph">The next six months will settle whether this timeline holds or whether the market takes longer to price maturity. 20 subnets producing results and 10-to-15 close to breakout leaves plenty of candidates for the first billion-dollar valuation.</p> <p class="wp-block-paragraph">➛ Watch the Full Mark Jeffrey &amp; Jesus Martinez’s Discussion on the State of Bittensor Here:</p> <figure class="wp-block-embed is-type-rich is-provider-x wp-block-embed-x"><div class="wp-block-embed__wrapper"> <div class="embed-x"><blockquote class="twitter-tweet" data-width="500" data-dnt="true"><p lang="en" dir="ltr">I sat down w/ <a href="https://x.com/markjeffrey?ref_src=twsrc%5Etfw">@markjeffrey</a>, partner at <a href="https://x.com/stillcorecap?ref_src=twsrc%5Etfw">@stillcorecap</a> to chat about the state of Bittensor &amp; AI Crypto<br><br>0:00 Intro<br>0:28 Has any subnet crossed the chasm yet<br>3:04 Frontier AI at one sixth the price<br>10:52 OpenAI&#39;s AGI tweet and the missing moat<br>16:15 A $21M subnet that wrote a paper… <a href="https://t.co/eDSuLnFITT">pic.twitter.com/eDSuLnFITT