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The Other Option - By Clif High

Clearly Cogitating: Who are you going to call?

“They tried to kill each other”, the driver shouted over the din of clanging and banging as the Humvee lurched slowly over the uneven surface. He turned slightly toward the two passengers in the back to try to make himself heard, “all of them. They went fucking crazy.”

The old man in the back seat looks to his companions, his bushy eyebrows arched and bristling.

“You say they went fucking crazy. How did it manifest?”, the woman passenger queried the driver.

“I don’t know”, the driver yelled back over the noise. “First Sargent said that they were all shooting and hitting at each other...it was a real brawl in there. I don’t know much more than that...just that they were there only minutes, and tried to kill each other.”

“Did any succeed?” asked the old man, holding onto his case as the Humvee rose, fell, and bounced slowly forward into the deepening dark of the in-creeping night.

“Yes. Some of them were killed.” The driver responded before turning his attention back to his task.

Somewhere, in the receding distance of the dark, damp night, dogs were howling at the long convoy of heavy vehicles slowly moving through the forest.

The Humvee rolled over the last of the logs acting as a bridge over the small creek, its armor giving the impression of a hippo trying to walk a tightrope as the thick tires dropped down, displacing the gravel on the hastily created road and sinking into the rain softened, sandy soil. As it bounced down off the log bridge, the Humvee’s headlights flash across the small and large stumps littering the area, piled into dark, tall lumps of twisted black masses, the gnarly roots holding each other like hands desperately gripping each other.

The driver had his face up against the window of the Humvee, squinting into the deepening darkness as the last of the day’s light faded behind him. There was a steady, misty rain filling the air that the locals called ‘hanging dew’. The vehicle he drove seemed to cut a tunnel through the fog of the dew as the lights from the convoy behind him flashed as each vehicle in turn dropped the 6 inches off the end of the log bridge onto the road, hastily cut through the forest late that afternoon as the Engineers were preparing the site chosen for Operation Response.

The Humvee leveled out as all the tires came down on the gravel road. The driver increased speed slightly as his passengers sorted out their bags and cases of gear.

The trio were a surprising group, not only to their assigned driver, but to all the military people along the way of their transport to the Operation Rescue site. The helicopter pilots were certain that only the old man had been in a Chinook before. His two companions, though younger, were still middle aged, parent figures to the two young pilots who were both taken aback, and somewhat charmed by their VIP passengers’ excitement over the flight. The two ‘younger’ passengers were nearly giddy as they stored & lashed their equipment under the old man’s direction.

When the Humvee driver had collected his three VIP passengers at the hastily created helipad field about 20 miles down beach from the Operation Response site, he was surprised to find that they were in uniform. Unlike the first batch of VIPs that had been brought in, four of whom he had driven who were dressed in suits, this new group was all in uniform. True, they were uniforms unlike anything he had seen in his Army career, but they were clearly uniforms. Tactical pants and shirts, field jackets, though these looked like Navy issue, and hard fabric, tactical caps. The old man’s jacket had Captain on his center patch, while the woman was identified by her patch as Commander, and the younger man was a Lieutenant. Their unit patch said Field Team, while their organization was identified as Human Contact Foundation.

The driver was relieved to see the uniforms descending off the Chinook. Even more relieved to see the old man jump off the helicopter and start pointing out a few small boxes to the flight crew to be moved to the Humvee. The few boxes only would fill the Humvee, leaving the two 6 ton trucks empty.

“Sir,” the driver said, addressing the Captain with a sharp salute, “is there more gear to be moved? Both trucks are here with crews at your disposal.”

The Captain looked around, waved in the general direction of the trucks with a quizzical look on his face. “No, this is it. All our gear. Should fit in your rig there.” he said. “Why did they send trucks?”

The driver responded as he offered the Captain a sealed, bulging, mission packet envelope. “The previous group had lots of stuff. They brought maybe 10 tons of equipment. It took us hours to get loaded. The General thought maybe you, too, had lots of stuff.”

It took nearly an hour for the Humvee to cover the 20 miles of rural oceanfront roadway to the take off road rudely carved out of the buffering forest and head down the steep foothill terrain toward the dunes on the other side of an inconvenient creek. Once the log bridge had been traversed, it was barely five more minutes of groaning engine pushing the Humvee through soft salt marsh before they arrived at their destination, the prep site for Operation Response.

The three HCF personnel were rapidly moved into the tent where they greedily accepted proffered coffee, and met the General in charge of the operation.

The General had barely begun to introduce himself when the HCF Captain spoke up from slurping coffee. “General. What happened to the previous group?”

The General, annoyed at being preempted, waved at a Major down the table who jumped up and spat out, “Three dead on site. Three died on the way to the medics. Three were ‘retrieved’ alive.” the Major intoned, then continued, “we don’t know where the other 10 are. No sign of them. And of course we can’t ask.” This last was met with a passing snarly face from the General.

The old man, the HCF Captain, clearly older than the General, held up his left hand as the General started to speak. He went back to drinking down the rest, then passed the coffee cup back to the mess attendant for a refill, before looking up at the assembled mass of worried faces across the table.

“Has The Effect altered? Stopped? Reduced? Has there been any changes while we traveled?” asked the HCF Captain.

“No sir. No changes.” the General responded. “We have it under direct, and electronic observation. Those screens over there are the various IR, and other cams. No movement since the initial contact.”

“And the field?” asked the HCF Commander.

The General again waved to the Major.

“Yes, Ma’am.” Said the Major. “The field is still visible. The object is still there, still floating about 20 feet up off grade. It still does that wobble every 21 seconds. “

“No reaction from the object when the other team went batshit?” The HCF Captain asked the Major.

“No sir. It just sat there the whole time.” The Major said, reaching for large photos on the table and sliding them down to the HCF team. “Even when we sent the bomb disposal drones into retrieve the bodies and the wounded...no reaction. It just sits there.”

The Major continued, pointing at one of the photographs, “the object wobbled just as the team’s truck was entering the field, but no way to know if it was a catalyst. The science team just went crazy within minutes of getting in to the field. They had barely started to set up their gear when they started attacking each other.”

A long silence followed carried on the shuffling of papers and clang of metal coffee cups.

“Ok, Captain.” The General spoke the rank with a sarcastic sharp edge, “what now?”.

“Well, General”, replied the HCF Captain, “we three will get to work...”

“..and do what? Exactly?” The General’s tone rose with him as he stood up, leaning his bulk on the table. “You people were forced on me by chain of command. What the fuck are you going to do that the best science team in the world could not?! Those 19 people were from the top universities and government think tanks on this planet. And you? Who the fuck ever heard of Human Contact Foundation?”

“No one.” responded the HCF Commander. Standing up as well, and moving her hands in sweeping gesture indicating the whole of the planet outside the confines of the tent. “We work as we work. You are not supposed to know about us. We emerge with need. Which is now.”

The HCF Captain waved them both to sit. “General, if I had been allowed to continue…”, he picks up the coffee cup, empty again, waving it around until taken for a refill. “General, the power structure of this planet is freaking out. Right now. All around the world. They have a situation that they put YOU in charge of handling, and it is not going well! The Powers That Be had a hand picked team collected from all over this planet, brought here to deal with this situation, and they just shat themselves mentally, and died.”

A slurp of the new coffee, and he continued. “Guys, this is the point where you listen to me. Not only hear me, but listen…. We…”, the HCF Captain gestured at his companions, “….are The Other Option.”

“That previous team was sent by the WEF. That is the World Economic Forum. They were the top dogs of academia and NGO-world, personally selected by the top power of the world. They were published scientists. They were at the top of their game, and at the top of the social order’s organizations devoted to the politics of science.” The HCF Captain looked around for understanding on the faces of the attendees before continuing. “We, on the other hand, are just some people who like to think. We think a lot. We think deeply, and we think clearly. We thought up the Human Contact Foundation BECAUSE we can think clearly about a subject, and its ripples, and ramifications in our reality. We knew that a need would arise, so the HCF was set up to provide us a vehicle to interact with ‘normie-world’, where, as you may have observed, not many people think, or think well.”

“The previous team, the WEFfers, did not think clearly about things. They cannot think clearly about our reality because of their basic approach to Life, Universe, and Everything.” The HCF Captain said, nodding to the HCF Lieutenant, who produced a file folder from his case, handing it over to the General.

“As you can see General, from those notes made over 4 years ago, we had anticipated something very close to this situation developing, and have thought about what to do.” Stated the HCF Captain. “It must be obvious from the results, that the first team, the WEFfers, did not...think that is. And now a bunch are dead, and the rest missing, or ….what? Probably something close to catatonic, would be my guess..?”

“Correct.” The Major spouted off rapidly, surprising everyone.

“Our thinking is based from a different approach to Universe than the WEFfers. Here’s your history lesson for today”, said the HCF Captain, looking around the room, then settling his gaze on the General. “There have only, ever, been two theories about reality devised; the quantum mechanics view of reality as being composed of atoms randomly bumping into each other, and the understanding of universe as arising from the field dynamics of the Aether.”

The HCF Captain stood up, and said, “the WEF team were atomists. Plus being mainly administrators, corrupt fuckers, and not actual scientists….not actual thinkers. They were blind to the field dynamics of reality, even though they were here to investigate the field holding that object up off the ground with no apparent means of support. We are Aetherists. We grok fields. Simple as that. Plus we have had a lot of time to think about it, while waiting for this development.”

“So, you ask what next…, well, what we are going to do is to put on some special clothing we had made, anticipating just this form of field appearance, such as our copper, conductive boots, and go have a look at this object. Maybe have a conversation with whomever sent it.” Said the HCF Captain. “They are probably thinkers too. Now, let us get to work!”

As the HCF team rose to follow the Captain, the Lieutenant put a stack of cards on the table. On one side was written:

Space Aliens!

Who are you going to call when your contact attempts go sideways?

While on the other was a telephone number, and

The Human Contact Foundation.

We think clearly.

###End###

The WEFfers are evil bastards!

No doubt about it. The members of the World Economic Forum gang are fuckers at a global level. The WEF is the face of the alpha dog of evil conspiracy on this planet. The WEF members are politicians, NGO founders, corporate functionaries, and other high profile people.

The WEF is the face of the global conspiracy to rule the world which came pretty close to actually manifesting. It won’t, but not for lack of the WEF members working for it.

As a conspiracy, the WEF plan was pretty slick. It has many vulnerabilities which are being exploited now, as it is falling apart, but the plan itself was clever. One of its major flaws was the reliance on politicians, another on using blackmail and murder as tools for coercion. Politicians, not known for their intelligence, are, at best, a very unreliable tool, especially in an age of corrupt institutions. The WEF plan required both corrupt politicians, and corrupt institutions. The implementation by the WEF of infiltration, and subversion via individual corruption did work, sort of, but it has the effect of segregating the population by susceptibility to corruption, which, turns out is highly correlated with intelligence. So, in essence, the WEF plan has naturally built a global crew of incompetents and stupid people.

Stated another way for comprehension, the entire power structure, reinforced over time by the WEF, as a side effect of its design, aggregates, and collects, and supports stupidity, and provides it with power to replicate.

Do you really want to leave THE MOST IMPORTANT CONTACT ever for Humanity in the hands of the WEFfers? They are assuming that they are in charge of this, as well as all other aspects of YOUR life.

The Human Contact Foundation does not.

It’s real.

They are out there…. thinking.

https://www.weforum.org/agenda/2016/03/these-planets-could-host-alien-life/

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Chutes is gaining attention as a decentralized AI inference platform that claims to combine real usage, cryptographic verification, confidential computing, and open-source infrastructure into a working production system. The thesis is simple: instead of trusting Big Tech clouds with AI workloads, users get a distributed compute layer built around verification and privacy.

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🔹 Chutes is live in production and reportedly scaled to more than 1,170 active GPU nodes, including large numbers of Nvidia H200s and Blackwell-class hardware.

🔹 The platform says it has processed nearly 38 trillion tokens since launch across 53 deployed applications and more than 700,000 registered users.

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👉 What this means for the future of Crypto:

1. Open Access: Democratized access to advanced trading
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How USDC Wins the Hyperliquid Deal🤔
 
USDC "wins" the Hyperliquid deal by securing dominant distribution and deeper integration into one of crypto's fastest-growing on-chain perpetuals platforms, in exchange for sharing most of the USDC reserve yield (up to ~90%) back with Hyperliquid.
 
Background on the Deal: Hyperliquid had ~$5–6B in USDC deposits (a huge chunk of total USDC supply, often cited around 7–8%). Previously, the interest/yield on those reserves (~$180–250M annually at prevailing rates) mostly flowed to Circle (issuer) and Coinbase (key partner/treasury handler), with little returning to Hyperliquid.
 
In late 2025, Hyperliquid ran an RFP for a native stablecoin (USDH) to capture that revenue. Native Markets won the community vote, and USDH launched as an "Aligned Quote Asset" (AQA).
 

In May 2026, Native Markets sold USDH brand assets to Coinbase. USDH is being sunsetted over time (with feeless conversions/redemptions to USDC/fiat), and USDC becomes the primary/official Aligned Quote Asset on Hyperliquid. Coinbase acts as the main treasury deployer; Circle handles minting, redemptions, and cross-chain (e.g., CCTP).

 

How USDC Wins: 🔑 Key Advantages

Massive, sticky distribution in a high-growth venue: Hyperliquid is a leading on-chain perp DEX. USDC gains preferred status as the quote asset for most trading pairs, reducing friction vs. bridging/swapping other stables. This concentrates liquidity, improves efficiency, and funnels more capital flows through USDC.

  • Deep on-chain integration: Builds on prior Native USDC + CCTP launches. Coinbase's involvement adds fiat on/off-ramps and institutional trust. USDC was already dominant (~95% of stables on the platform); this formalizes and expands it.
  • Regulatory and brand alignment: Ties USDC to a high-profile, high-volume platform at a time when USDC has gained transaction volume momentum (surpassing USDT in some months post-regulatory clarity like GENIUS). It strengthens USDC's positioning vs. USDT (which dominates on centralized venues like Binance).
  • Longer-term consolidation play: Analysts see this as part of stablecoin market consolidation around established players with liquidity and infrastructure. Fewer conversion layers = better efficiency for USDC.
     

The Trade-Off (and Hyperliquid's Win)Hyperliquid gets ~90% of the reserve yield (estimates: $135–160M+ annually at current balances, potentially scaling to $300–500M with growth), funneled into protocol revenue/HYPE buybacks. This is roughly double what they got from USDH and turns stablecoin balances into a resilient revenue stream (less volatile than trading fees).

For Circle/Coinbase, they give up a big share of yield (analysts estimate $60–80M hit to combined EBITDA) but retain/expand USDC's role as the backbone stable on a major platform. It's a strategic distribution win over building or competing with a new native coin.

 
🎯Bottom Line: USDC trades some margin for premier, high-volume real estate in perpetuals/DeFi trading—the exact use case driving massive on-chain dollar demand. This cements its lead in the evolving stablecoin wars, especially as platforms demand better economics. The deal highlights shifting power dynamics: big platforms now negotiate hard for yield share.

 

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Handshake Wants to Be the Front Door to Bittensor’s Agent Economy

In this Beanstock interview, Harry Jackson of Subnet 58 (Handshake) lays out a thesis that’s worth understanding even if you never buy a single SN58 alpha token. He also explained where Bittensor’s agentic layer is heading.

We wrote the high-value distillation:

The one-line thesis

Handshake wants to be the front door to the agent economy on Bittensor. The Amazon-like gateway where AI agents discover, pay for, and stack together skills from across all 128 subnets.

Why this matters now
  • There’s a critical distinction Harry emphasized: AI is intelligence, but agents need tooling. An LLM without payment rails, plugins, and workflow infrastructure is “a young person trying to cut a tree down with a pen knife.”
  • Agent-to-agent commerce is on the edge of going viral. Harry’s prediction for the tipping point: a woman in her 40s lets her agent do her shopping end-to-end (research, stock check, autonomous payment), posts it to social media, and it becomes the “four-minute mile” moment everyone copies.
  • Bittensor is uniquely positioned because agents don’t care about marketing or pretty UIs. They only care about best-in-class products and services. That’s exactly what Bittensor’s 128 subnets produce.

The product reality (what’s currently shipping)

  • Handshake is live with paying users generating a few thousand USD in revenue as of today. The business model: 2% of every transaction on the platform.
  • The flywheel is Amazon-like: better skills → more agents arrive → providers get distribution → more skills get added → cycle repeats.
  • The headline product on the way is Axiom. This is an agent that trades subnets while you sleep. Built around the realization that what the Bittensor community wants from agents isn’t generic skills; it’s more TAO. Each “hole” they find in the agent becomes a new tradeable skill on the marketplace.

The investment angles (read these carefully)

  • The moat is data, not distribution. Every workflow run by an agent generates failure data, success data, payment data. No outside competitor can replicate that without running the marketplace itself.
  • The metric Harry tells you to judge them on is revenue. Not agent count. Not user count. Revenue, which is publicly visible on-chain via the front page of their site. He’s basically inviting investors to hold him to it.

  • The pitch for emissions: the biggest TAM in Bittensor is the agent market, and Handshake is the most integrated subnet, meaning if Handshake wins, the subnets it routes to all win too. Bullish on agents + bullish on Bittensor = bullish on Handshake by transitive logic.

Where Harry stands on the Conviction

  • On the conviction upgrade and locked alpha: he’s fine with it. Handshake is a revenue-focused company, so locked alpha isn’t a survival issue. He acknowledges it’ll be harder on research-stage subnets that need to raise external capital, but argues most subnet founders are thinking long-term, not short-term extraction.
  • On the broader vibe: he just got back from Bittensor events in Spain and San Francisco. He observed that the overwhelming reality of the ecosystem is people working hard to build the best products. “It’d be a lot easier in some ways to build a company outside of Bittensor.” The only reason to do it on Bittensor is if you actually want the moonshot.

Full interview below:

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🚨The State Of Bittensor (TAO)🚨
Greg Schvey | COO at Yuma Group

Last week at the @YumaGroup Summit I had the opportunity to present on The State of Bittensor. That presentation is in the thread below. If you choose to read it, I'd ask that you keep the following three things in mind:

  1. This is just one guy's view of what was the most relevant for a 25-minute talk; a difficult filter for such a dynamic industry.
  2. The slides were designed to supplement a talk; I've done my best to replicate what I recall of the talk in the accompanying X posts.
  3. The topic of the Summit was "The Tipping Point" - a candid assessment of what could lead to Bittensor's breakout success and what evidence we see of that today - which also thematically anchored this presentation.

Let's dive in:

We are in the most important race in human history – the race for intelligence itself. AI has advanced beyond the point of no return. As an example of what I mean: Ramp is a widely used financial services platform for companies. They looked at spending and revenue across their clients since the launch of ChatGPT: Companies who did not spend on AI have had flat revenue for the last three years. The top quartile of AI spenders have grown revenue by more than 100%.

We are already at the point where investing in AI is a matter of survival. But what exactly are we getting for the hundreds of billions being spent? Right now, its overwhelmingly going to corporations who have repeatedly shown they don’t have our best interest in mind.

 

 

Claude Opus 4.6 – the leading deep thinking model, had a measured hallucination rate of 16% in February. Then, without telling anyone, Anthropic throttled its reasoning – presumably to reduce GPU utilization – and didn’t tell anyone. Hallucinations climbed to 33% - a 98% increase.

They only admitted it after third party benchmarking proved it. And they were still charging everyone at the same price the whole time. Even since my talk last week, they've supposedly been found to be throttling people simply because HERMES.md was in their commits. You may say, "well there are solid open source options..."

 

 

Yes, open source models have gotten very good, but they’re not immune to capture either. Try asking DeepSeek what happened in Tiananmen Square and then let me know if that’s the intelligence you want to trust.

 

 

This needs to be addressed right now or it will be too late. To give you a sense of what I mean, this is a chart of the total annual commits on GitHub. That’s 500% growth since the launch of ChatGPT in 2022. From 200M per year to a one billion in 2025. 2026 is on track for **14 billion** The genie is out of the bottle – there is no going back; we are already at the exponential inflection point.

This reminds me of many years ago: Bitcoin shined a light on how much our rights were impacted when we became dependent on private companies to run our day-to-day lives.

Your right to privacy? That doesn’t extend to your bank account. Your "money" is just a ledger at a private company, available for interrogation and suspension at any time. Bitcoin gave us back the sovereignty of our wealth.

Similarly, we’ve depended on things like privacy of our medical records and attorney client privilege for our entire lives. What do you think is going to happen when a private company’s servers are giving you legal and medical advice? Who are you going to trust for that intelligence? The company that lobotomized its top model? The model constrained by the foreign governments? As I said at the beginning, we’re in the most important race in human history and Bittensor well may be our best shot at winning.

 

 

One of the things about having a different model to produce intelligence is it requires an economic system suited to it. Subnets are the intelligence and economic engines that drive Bittensor’s value. That’s why the Summit was themed around The Tipping Point: understanding how subnets can reach breakout success and what we can do to help.

To summarize Bittensor's intelligence economics: miners create intelligence for which they earn subnet tokens. In many cases they sell those tokens to fund operations, putting downward pressure on token prices and decreasing the incentive to mine (similar to bitcoin). In parallel, if that intelligence is being used to generate real world value, one of the parties who benefits from that value (e.g. the Operator monetizing it, institutions using intelligence commodities to advance their research, etc.) can buy the subnet tokens to keep token prices elevated and sustain the miner incentive.

Investors get to participate in this process, often supporting token prices before the commercial value of intelligence is realized, and/or subsequently holding an asset that parties gaining fundamental value from the intelligence (eg Operator or others) will need to purchase at some point in the future if they want to maintain sufficient incentives for the intelligence machine to continue running.

For Bittensor to succeed, this value loop has to work. So, to understand the State of Bittensor, we have to take a look at how that’s going today and what that means for the network overall.

 

 

One of the many unique features of Bittensor is that subnets are native to the protocol. That is not the case on most crypto networks where the true utility lives in smart contracts with no direct tie to network value.

As an example, Polymarket has seen 800% growth in volume this year. Users can bet any arbitrarily large amount of value on Polymarket for a few cents of network fees. There is nothing tying that to value of the network’s native token, which is down 80% over the same period as Polymarket’s amazing success.

 

 

Conversely, Bittensor subnets are intrinsically linked to $TAO. If you want $1,000 worth of subnet exposure, you first need $1,000 of TAO. We analyzed subnet pool data surrounding the announcement of @tplr_ai's recent training run and normalized across them by indexing them to a starting level of 100.

As shown by the orange line, there was no material change in pool size for non-Templar subnets over the observation period. There was however, major inflow into Templar’s pool. Given Bittensor’s unique network model, we saw a direct correlation to the change in TAO price over the same period. As value flows into subnets, the whole network benefits. A rising boat lifts the tide, so to speak.

 

 

That can go both ways. When Sam left, we saw something similar in reverse; as value was exfiltrated from the network, it started in Covenant subnets and dragged TAO down with it. You know what else we saw in the data though? For all of the noise about concerns of Bittensor’s future, the other subnet pools were mostly unchanged.

The event was interesting because it reminded me of the early days of bitcoin: people would say Bitcoin was only used by drug dealers on the internet. I'd stare at them aghast because in the same breath they told me that an open, permissionless network was used to reliably move money anywhere in the world in minutes by the most untrustworthy people on the planet and yet they didn't understand how the technical feat required to achieve that would create tremendous value.

The Covenant situation is similar: people were concerned about the operator's exit, rather than realizing the only reason we care is because a ground-breaking technical innovation was achieved. But even bigger than that: Bittensor has 128 subnets currently, each striving to generate value for themselves and, transitively, the network as well.

 

 

And we’re seeing that occur – Templar was not unique in that regard. The same pattern emerged around the Intel publication on @TargonCompute. The non-Targon pools remained largely unchanged. Targon saw heavy inflows. TAO price climbed with it.

Again: rising boats lift the tide. And there are many boats in Bittensor right now.

 

 

We’re seeing major technical innovations at an increasing rate.

Just a few examples from the last couple weeks:

@QuasarModels just announced a custom attention architecture targeting 5M token context windows.
 
@IOTA_SN9 developed a technique that compresses data flowing between distributed GPUs by 128x with little to no loss in training quality, increasing viability of training large AI models across internet-connected machines worldwide.
 
We're seeing the building blocks start to form whereby competitive large generalized models can eventually be built. In the meantime, we're also witnessing more targeted, niche players start to pull ahead in their respective fields.
 
During the presentation, I gave the example of @resilabsai achieving 90% accuracy on their home valuation model, making it the most performant open source model and quickly approaching state of the art. Quite literally as I was explaining this during the talk, @markjeffrey pointed out they had just achieved 98% accuracy.
 
In the time between when I prepared the presentation and actually presented, they went from best open source to at or near state of the art - only further highlighting the unique value of Bittensor's open, competitive intelligence creation cycle.
 
 
And the tech that’s being built on Bittensor is getting real attention from serious players. Again, just a few examples of many: Harvard partnered with @Chutes on research about AI inference efficiency. Valeo – an auto company with $20B in annual revenue – is working with @natix on an AI model for self-driving cars. @zeussubnet- the weather forecasting subnet, is the only party in the world allowed to use data WeatherXM’s network of global weather sensors for commercial purposes. And there are in fact many subnets already commercializing their intelligence.
 
 
 
Most of us are already aware of Chutes seven-figure ARR, but a few other examples:
 
@LeadpoetAI– which uses their Bittensor subnet to source sales leads, announced earlier this year that they crossed $1M ARR
 
@Bitcast_network– the content creation platform built on their subnet competition – is already operating profitably
 
@lium_io– a hardware subnet – has bought more than 4,000 TAO worth of their token
 
Remember the economic model I outlined earlier; we’re seeing real evidence that it’s starting to work across many subnets. Intelligence built on Bittensor, capturing value in the real economy, and bringing it back into the network.
 
Action shot of this slide courtesy of @Tom_dot_b
 
 
That’s why when we look at Bittensor we like to look at Total Network Value (TNV);
$TAO market cap is only part of the story in Bittensor. TNV = market cap of TAO + market cap of subnets – tao in the pools [as not to double count] The actual value of this network is already higher than most people realize. And notably, subnets make up an increasing proportion of TNV – recently crossing 35% - as value continues to flow into the pools.
 
 
 
Interestingly, we recently noticed a change in TNV: In particular, despite all the volatility in TAO, the dramatic subnet issuance curves, etc. - the combined subnet market cap had been remarkably consistent around $750 million for most of the last year, until recently.
 
It’s nearly doubled over the last few months – a clear breakout in the trend. If you were looking for Tipping Point, it might look something like this...
 
 
 
I hear a lot that that value is relatively concentrated in the largest subnets. And the market cap distribution does indeed reflect that, but that’s not necessarily a bad thing.
 
 
 
This is the market cap distribution of the S&P 500. Many healthy economic systems tend towards Pareto distributions. And so what if some subnets are worth more? As we showed earlier, this is an ecosystem that will win or lose *together* And we’re seeing that play out every day.
 
 
 
We track announcements of subnets utilizing each others infrastructure and intelligence. Just as an example, we identified at least eight subnets who announced that they use Chutes for inference. But we have dozens of similar examples of cross-subnet collaboration across many subnets like
 
What’s notable about this:
 
1. Collaboration seems to be happening at an increasing pace as subnets continue to mature and build out contiguous pipelines of AI infrastructure
 
2. Keeping money circulating within an economy creates a money multiplier. Capital circulating within a single economy without leaving creates economic value for each party it passes through, without having to bring in new capital. That’s uniquely possible here because of the diversity of infrastructure built on Bittensor.
 
This network is not 128 discrete growth drivers; it’s increasingly functioning as an interconnected graph, which has substantially more stickiness and value And the pace is about to increase dramatically:
 
 
 
We’re starting to see increasing agents operating on Bittensor: subnets mined by agents, subnets operated by agents...
 
Consider the Bittensor value flywheel:
 
-An intelligence goal is established
-Miners compete to achieve the goal
-That produces intelligence
-Intelligence generates value
 
That’s happening today, as we’ve seen earlier in this discussion.
 
As agents get more capable, that flywheel spins faster and faster. Permissionless entry means any agent can compete. Protocol-native economic incentives mean good work gets rewarded. Bittensor is uniquely advantaged for agentic speed over guarded, centralized alternatives with corporate procurement cycles.
 
That also means exploits will be found faster. But, it also means solutions that harden the network against them will be found faster as well.
 
Accordingly the impact of the network primitives – incentives, accessibility, governance, security, reliability, and all the infrastructure we’re building around the network - have an exponentially larger impact. It is critical that we get these right. The time to nail this, is right now. If we don’t someone else will.
 
 
 
The good news is, for now, Bittensor seems to be in the lead The 30-day moving average of Daily active wallets just crossed a record, approaching 10,000 Up 100% just in the last year.
 
 
 
We’re also seeing subnet ownership increasingly diversify and distribute. The median number of holders of subnet tokens at 2,000 is a 10x increase since the dtao launch a year ago. And at Yuma, we spend a lot of effort and resources to help broaden that access.
 
 
 
Yuma currently partners with 16 custodian and wallet providers to bring Bittensor access to the masses As an institutional-grade validator, the relationships and service we offer give them the confidence to make TAO staking available to millions of end users.
 
During the Summit, we announced that BitGo’s clients will now have access to subnet token staking through our partnership, making subnet investing available to customers of one of the world’s largest custodians.
 
 
 
We also help people gain access to subnets via investment vehicles. The Yuma Composite Fund gives investors access to a market-cap weighted portfolio of subnets through traditional investment structures. The Yuma Large Cap Fund gives investors concentrated exposure to Bittensor's largest subnets.
 
Our institutional asset management team handles everything from initial subnet token purchases, to portfolio rebalancing, custody, and reporting. The appeal for institutions is obvious, but even for the Bittensor native, it’s an amazingly simple way to get access to a broadly diversified portfolio, rebalanced regularly.
 
Between the breakout performance of subnets, the attractive staking rewards, and benefits of diversification, the Yuma funds have outperformed TAO materially year to date [as of when the presentation was created] Nearly 3x outperformance relative to TAO.
 
 
 
And last but definitely not least, our subnet accelerator has helped a wide range of companies access Bittensor. We help them acquire subnet slots, design incentives, provide marketing assistance, review pitch decks, make introductions to other investors, etc. At Yuma we deeply believe in the power of subnets and have helped many of the network's leading intelligence providers start and succeed.
 
 
 
Disclaimer: For informational purposes only.  Nothing herein should be construed as financial, investment, legal, or tax advice.  This material does not constitute an offer to sell or a solicitation of an offer to buy any securities or tokens.  Investing in digital assets involves significant risk, including the potential loss of principal.  Subnet tokens do not represent equity or ownership interests in any entity.  Performance comparisons and index references are illustrative only and not indicative of future results.  Charts and indices are based on methodologies and assumptions that may change and may not reflect actual market conditions or liquidity.
 

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