Resolution Criteria

The market resolves to whichever subnet from SN65–SN128 has the highest market capitalization at 23:59 UTC on December 31, 2026, as measured by Taostats. Market cap is calculated as the subnet's Alpha token price multiplied by circulating supply. If a subnet is deregistered and another entity registers the same subnet number, that subnet number still wins if it has the highest valuation. If multiple subnets share identical market caps, the market resolves to the one with the higher subnet number.

Background

Under dTAO, every Bittensor subnet now has its own token — referred to as an Alpha token — and its own liquidity pool. These Alpha tokens are what make it possible for the market, rather than validators, to decide which subnets receive the most daily TAO emissions. The network currently supports 128 active subnets, each focused on a specific AI task, with expansion to 256 subnets projected later in 2026. By March 2026, the total market capitalization of all subnet Alpha tokens reached approximately $1.12 billion, equivalent to around 27% of TAO's own market capitalization.

Considerations

Subnets SN65–SN128 are among the newer subnets on the network and have significantly lower market capitalizations than established subnets like SN3 (Templar) and SN4 (Targon). The question asks specifically about this range, which may include subnets that are still in early development or have limited adoption. Subnet ownership and focus areas may change throughout 2026, but the resolution criteria account for this by tracking subnet numbers rather than specific teams or projects.

This description was generated by AI.