State of Bittensor

State of Bittensor #2

Bittensor, the leading blockchain for AI, has seen explosive growth over the past months. In this edition of our Bittensor update, we'll shine a light on some key stats and developments of Bittensor's AI ecosystem.

Over the past months, the Bittensor ecosystem and its token $TAO have both seen significant growth. Bittensor's defining feature, the subnets, was launched and the market started noticing the technological breakthrough that Bittensor is.

The one and only blockchain for AI applications is rapidly becoming a universe of its own. This has made it hard to keep up, which is why we decided to write a monthly "State of Bittensor" to keep our community updated on the latest and greatest coming out of Bittensor's growing open-source community of builders. Let's get to it.


  • $TAO stats
  • Subnets
  • New Bittensor-related tokens
  • Closing thoughts

$TAO stats

$TAO price action

Over the past 3 months, the price of $TAO has consolidated between $600 and $700. In this time Bittensor has climbed to the 33rd biggest project based on Market Cap.

Market cap of Bittensor

$TAO and $WTAO holders

As the network grows, so does the number of $TAO (and $WTAO) holders. In total, there are now roughly 100,000 token holders!

Bittensor Holders

Staking stats

Currently, theres 88% of all circulating $TAO is staked. This is partially the reason why $TAO appreciated so much, as the floating supply is low, meaning that there aren’t that many tokens available when demand increases. The staking APY is 15% while validators rake in 19%.

Bittensor Stats


Simply put, subnets are components of the network that specialize in a specific AI-related task that the entire Bittensor ecosystem can use. Since the essential network feature went live, the maximum number of currently available subnets, 32, has been reached. Below is the complete list of current subnets.

32 Bittensor

If someone registers a new subnet within a couple of days the fee goes up even more. As Bittensor is trying to use open and fierce competition and incentives to make all cylinders fire properly, poor performing subnets are literally kicked off. This keeps everyone on their toes. But as subnets start to do well and there's only a maximum (at the moment) of 32 subnets, the competition to set up a subnet is high. So high that someone just set up a subnet for a cost of 2715 $TAO! That's $1.87m! Just wait, in a matter of months we will see the new Dynamic TAO changes and then an opening up to 64 subnets probably before year end.

Cost of Subnet

Subnet in the spotlight: Foundry

Foundry, one of the leading Bitcoin mining companies, has announced the launch of its Foundry S&P 500 Oracle platform, a specialized subnet on the Bittensor network. This initiative marks a significant step forward in integrating decentralized machine learning models with the financial markets, particularly with the S&P 500, the world's largest and most traded index.

The Foundry S&P 500 Oracle is designed to harness the collective intelligence of the Bittensor network's miners to generate frequent predictions on the S&P 500 price during trading hours. Validators within the network issue timestamps to miners, who must then predict the S&P 500 price at that future moment. These predictions are stored and later used to calculate the accuracy of each miner's forecast, ranking them in a competitive leaderboard.

As the subnet grows, it is expected to become a highly valuable component of the Bittensor ecosystem, generating significant revenue and providing actionable intelligence for market participants. The Foundry S&P 500 Oracle is not just a tool for prediction; it is a platform for collaboration and competition that could redefine how we approach financial market analysis. The integration of Bittensor's decentralized machine learning models with the financial sector through the Foundry S&P 500 Oracle represents a bold step into the future of finance. It is a clear signal that the synergy between AI and financial markets is not only possible but also highly beneficial for enhancing market predictions and strategies. As this subnet evolves, it will be fascinating to watch how it impacts the broader landscape of financial trading and analysis.

Foundry subnet

New Interfaces and Tokens

What's quite telling is that while Bittensor's architecture highlights one unified incentive system through $TAO, several Bittensor-adjacent tokens have started to appear. These are tokens for (d)apps that provide access to the Bittensor ecosystem and a token from a Bittensor validator used to attract more stakers/delegators. Here's a couple I ran into thus far and liked thus far.

Tatsu Ecosysetm

At its heart, the Tatsu Ecosystem is a vision of the future where decentralization and machine learning converge to create unparalleled applications and services. Built on the foundation of the Bittensor network, Tatsu is dedicated to pioneering applications that leverage the power of collective machine intelligence. Unlike traditional platforms, Tatsu is designed as an open environment. It invites developers and innovators to contribute, grow, and harness the ecosystem’s capabilities, fostering a community where collaboration and innovation thrive.

The mission of the Taτsu Ecosystem is clear: to lead the charge in developing decentralized applications that are not only innovative but also accessible and beneficial to a wide audience. Tatsu’s goals are ambitious yet grounded in a realistic understanding of the challenges and opportunities that lie ahead.

Tatsu ecosystem


Architex is a mining layer targeting Proof-of-Work (POW) blockchains and AI networks such as Bitcoin, Bittensor and Morpheus through its decentralized ASIC & GPU hardware infrastructure. Architex bridges the gap between blockchain and artificial intelligence protocols with the aim of revolutionizing mining operations and AI training while focusing on a decentralized and inclusive rewards redistribution.

They are pioneering decentralized computing by leveraging the synergy between mining and AI to redefine industry standards. Architex leverages the unique capabilities of each network to create a robust decentralized infrastructure. Architex strives to provide unprecedented computational power necessary for solving POW blockchain computations and training AI models. This unique synergy between mining and AI opens new avenues for security, efficiency, and innovation for future protocols to build on top of Architex.

Architex's focus will begin with the Bitcoin mining sector, in which the team has 7 years of experience. Next will be the subsequent imminent integration of TAO and Morpheus network.


Ait Protocol

AIT Protocol is joining the Bittensor Neural Network to build a marketplace for Machine Learning that specializes in Mathematics, Logical Reasoning and Data Analytics. A marketplace truly open and accessible to everyone. The mission is to enhance the Bittensor ecosystem by providing a robust and reliable subnet dedicated to the computation of complex mathematical operations and logical reasoning. We strive to empower startups and enterprises by offering seamless access to our advanced computational resources through user-friendly APIs, tailored for real-world applications.

AIT’s integration into the Bittensor network is set to unlock a wealth of opportunities for its community members, who can now actively participate in the AI revolution by setting up miners and earning AIT tokens through model training. This symbiotic relationship aligns with AIT’s vision of a distributed, open, and universally accessible AI.

The rapid expansion of the Bittensor network is a testament to the transformative potential of this technology, and AIT’s belief in Bittensor’s trailblazing path is unwavering. As the network grows, so too will the demand for AIT tokens, propelled by the increasing necessity for AI/ML model training and data refinement through annotation. AIT is strategically positioned to thrive in this burgeoning ecosystem.

AIT Protocol

Closing thoughts

The Bittensor ecosystem is really just getting started with subnets gaining more and more traction. However, in this short amount of time, all 32 subnet slots have been filled, with the subnet ecosystem potentially expanding to 64 subnets in the coming months.

Bittensor is rapidly become a microcosm and we can’t wait to see what AI products get released next. It will also be interesting to see how long it will take before the subnet competition starts to become fierce with subnets feeling the pressure of being replaced. We’ll keep you in the loop and until next month!

If you’d like to make sure to receive next month’s State of Bittensor, make sure to subscribe to our newsletter here!

Disclaimer: Nothing on this site should be construed as a financial investment recommendation. It’s important to understand that investing is a high-risk activity. Investments expose money to potential loss.



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