The Entire Bull Case for Bittensor Comes Down to This

Summary

Karia Samaroo explains the Bittensor ecosystem, comparing TAO tokenomics to Bitcoin with a 21M cap and halving schedule. He describes the proof of useful work mechanism involving subnet owners, miners, and validators competing to build the best AI models. He notes that top subnets are generating $20M in ARR from external customers, validating product-market fit, and argues that external revenue is the critical metric for TAO's long-term value.

• TAO has a 21 million hard cap and halving schedule similar to Bitcoin.
• Bittensor uses proof of useful work where miners, validators, and subnet owners compete on AI tasks.
• Emissions are split 41% to miners, 41% to validators, and 18% to subnet owners.
• Over 100 specialized subnets exist, attracting PhD-level miners and creating hyper-competition.
• Top three subnets collectively generate approximately $20M in annual recurring revenue from external users.
• The network’s success depends on subnets generating revenue beyond token emissions.
• Long-term vision is a decentralized intelligence layer used by major companies permissionlessly.