Const dropped another piece on $TAO's Root Reborn and this one is the actual thesis. Worth your time.
$TAO is not Solana, not Ethereum.
Most crypto is a bet that fees and usage someday justify the price. $TAO is different. It mints a return by owning a piece of 128 competing companies that turn mining into real revenue. Not narrative. A productive asset.
The problem:
Today the network takes the alpha those subnets pay it and just sells it. Mechanically. Block by block. He calls it yield with no intelligence, burning early ownership in good projects and pushing their price discovery the wrong way. Down.
His numbers, and he showed them: 3,600 $TAO goes out, 1,000 comes back. And he openly notes 65% of the rest is locked in pools or returned on deregistration, not raw sell pressure. Him showing the real math instead of hiding it is the part I respect.
Then this got me.
Root is subnet 0. $TAO's own network. And right now it's basically a dead subnet. Powerful, but doing nothing since dTAO. Root Reborn turns it on. Validators compete to reinvest yield instead of dumping it, and root becomes a layer optimizing the whole subnet economy.
Normal subnets optimize miners. Root optimizes subnets.
You win on both.
Then price: yield stops being realized every block. It sits until you claim. He says that could cut up to 33% of root sell pressure from immediate taxes per year. The point is that it is directionally real.
My take.
Forget the good vs bad for a second. It's a clear case made for why $TAO is its own asset class. A token that owns running companies and mints a return, instead of praying that some usage adoption shows up later.
The honesty check is still the same. The market has to actually police the validators. But the idea underneath is the strongest I've seen.
This is the first. I'll be reading every one.
https://x.com/i/status/2068136709439517112