If you're thinking about building a subnet on Bittensor, feel free to reach out. Always happy to chat. $TAO

Good to see $TAO back above $300. It really feels like 2027 is going to be the year we finally see four digits $TAO. The fundamentals and especially revenue are increasingly starting to support it.

If you're reading this, use this info. $TAO subnets are the most undervalued part of the crypto industry. It is the only place in crypto where you find companies creating real world value and bringing in revenue at scale. Asymmetric opportunity. Worth the deep dive.

We covered Engy, $TAO SN53, in our Bittensor Revenue Index, but at the time the subnet had only been operational for a couple of weeks. The numbers simply didn't do the opportunity justice yet, so it's due for an update. Over the past month, and especially over the last couple of days, Engy has shown consistent growth in both token requests and revenue-funded buys and burns of its Alpha token (see images). The latest update from the team is that Engy reached a $10K revenue day for the first time on September 21st. And as @algodtrading explained: it's only one day, but thats how it always starts. That's the important part if you ask us. It gives investors perspective on both where Engy is today and where it could be heading. Sustain the current level and you're looking at roughly $4M in annualized revenue. Continue the growth trajectory and things get really interesting. On top of that, a new batch of US-based B300s is expected to come online as additional miner hardware in roughly three weeks, with the team reportedly already having customers lined up for that capacity. As always, we want to see that translate into actual token demand and revenue-funded buys on-chain. But so far, many of the things the team has talked about have subsequently become reality. Based on the current trajectory and the additional mining capacity coming online, Engy is becoming a real contender to become one of the largest revenue generating subnets on Bittensor. And we're all for some healthy competition for that #1 revenue generating subnet crown.

$TAO is king of the bittensor ecosystem. That doesn't mean subnets can't outperform, its just not going to be all of them. Look for the ones with exponentially growing revenue (potential), those have the highest probability of outperforming.

Gm $TAO community

I'm looking forward to the first $TAO subnet that has to start paying miners out of its own revenue because demand for its service exceeds what emissions alone can support, while still making a decent margin. That would be a pretty significant milestone: emissions are no longer enough to subsidize the supply needed to meet actual demand. Obviously, this mainly applies to compute and infrastructure subnets. I already have my favorite for who gets there first.

This is what we've been waiting for since the start of this long bear market. Basically all the traders I respect and follow see this as an essential break of structure. Lets hope we have a strong week and close above 82k area. My bags are ready for the bull. $TAO $KAS $BTC

Just like Bitcoin is king in crypto. $TAO is king in the Bittensor ecosystem.

Subnets might not be performing the best in $TAO price but there is still a lot happening fundamentally. Only a matter of time for price to catch up if you ask me.

We are witnessing the instantiation of a subnet into legacy human energy infrastructure. Bittensor utility from @webuildscore reaching beyond the digital barrier to capture value. $TAO

The constant rotation game between investors in crypto has always been the same, and $TAO and its ecosystem are no exception. Capital moves from one narrative to another. One token outperforms, another underperforms, and investors constantly reposition themselves in search of higher returns. It's simply the nature of a young asset class where liquidity is limited and most of the money already exists within the industry. The problem is that this doesn't create much new value. It merely redistributes the existing value between projects. That's why I believe the only way to truly break out of this rotation game is through consistent revenue flowing into the ecosystem from outside Bittensor, and more broadly, from outside crypto itself. The moment an enterprise pays for computer vision, sales intelligence, decentralized inference, or any other product built on Bittensor, something fundamentally changes. That isn't another crypto investor rotating capital from one subnet or crypto project to another. That's entirely new value entering the ecosystem for the first time. And what makes Bittensor particularly interesting is that an increasing number of subnets are designed to feed that value back into their Alpha tokens through buybacks and burns, so that value is never going to leave again. For years, crypto has largely relied on speculation to drive demand. Bittensor has the opportunity to let products create demand instead. When I look across the ecosystem today, I think we're slowly reaching that point. More teams are talking about customers instead of emissions, more products are reaching commercial maturity with enterprise partnerships being announced. And for the first time, revenue is becoming one of the main metrics investors are paying attention to. We're not fully there yet, but if you ask me, the writing is on the wall. The next phase of Bittensor won't be defined by investors rotating capital between subnet tokens. It will be defined by products bringing entirely new capital into the ecosystem. And I think that's when the investment thesis for $TAO becomes much easier for the rest of the market to understand. Enjoy your sunday, I added a photo of my current view ☕️

If you're to focussed on $TAO short term price, you're going to sell to early. Know what you hold.

There is some relative strenght in the crypto market with all the bad news going around and the market not moving. That said, here are my bets for the next bull. Main bags: $TAO (incl subnets) $KAS $BTC High R/R bets with less size: $TIG $NOCK

Really great to see this level of transparency from GM, $TAO SN28. More and more subnets are starting to openly communicate about revenue, costs and how that revenue flows back into Alpha. This is exactly the kind of transparency the ecosystem needs as it moves toward sustainable businesses. And it makes our job easier too. The more data subnet teams make publicly available, the more comprehensive and accurate the next SubConnect Bittensor Revenue Index will become. Keep it coming.

USDC to dTAO Crosschain swaps. Now LIVE. Swaps settle in seconds, it's FAST. Like, seriously quick. Directly from Subnets into USDC (Or ETH) and vice versa. Try it today at TAO.com

The biggest advertisement for $TAO won't be people discovering Bittensor first. It will be people using and investing in subnet products without even realizing they're built on Bittensor. Only afterwards will they discover $TAO and immediately understand where the value comes from.

When emissions stop being the business model, where does a token's value come from? Dr. Reed (@ExponentialReed) and RVCrypto (@RVCrypto) run @WeAreSubconnect, a two-man incubation team. I spoke with Dr. Reed about their methods, equity vs alpha, & more.

That's six months of weekly updates on the $TAO ecosystem. I hope they've been valuable to all of you. I know they have been for me. Researching the ecosystem every single week has taught me far more than I ever expected, and my conviction has only grown stronger. Here's to the next six months ✍️

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My idea in investing changed from diversification to making a handfull of concentrated bets. To be fair, I was overdiversified. Now I focus on the biggest opportunities in front of me. $TAO is my main focus.