Resolution Criteria

The market resolves to the subnet with the highest market capitalization (in TAO) as reported on taostats.io/subnets on December 31, 2026 at 23:59 UTC. Market capitalization is calculated as the subnet's Alpha token price multiplied by total token supply. The price of each Alpha token is set by the market in real time, and that price determines how much of the network's daily TAO emissions flow to that subnet. If a subnet is deregistered before the resolution date, it resolves as "No" regardless of historical performance.

Background

Under Dynamic TAO, every Bittensor subnet has its own token — referred to as an Alpha token — and its own liquidity pool, making it possible for the market to decide which subnets receive the most daily TAO emissions. As of March 25, 2026, the top 10 subnets have reached a combined valuation of approximately $712 million. Notable high-performing subnets include τemplar (SN3), which became the face of the Bittensor ecosystem in March 2026 following the successful completion of Covenant-72B—a 72-billion-parameter model trained across more than 70 independent nodes using the SparseLoCo algorithm, which compressed gradients by 97% without losing model accuracy; Chutes (SN64), which has processed over 9.1 trillion tokens with 400,000+ users and operates at 85% lower costs than AWS; and Targon (SN4), which projects $10.4 million in annual revenue.

Considerations

Since the launch of Dynamic TAO in February 2025, each subnet operates as its own automated market maker with a natively assigned token, and the valuation of each subnet token is determined by the amount of TAO staked into that subnet's reserves. Subnet valuations are highly volatile and reflexive with TAO price movements. The next halving is expected at the end of 2026 or 2027, which could significantly impact subnet economics and valuations.

This description was generated by AI.