Deep Dives

Handshake is a decentralized AI service marketplace subnet on Bittensor, leveraging the DRAIN Protocol. It facilitates trustless, USDC-based payments between AI service providers and users, creating a competitive environment for AI agents and services to be discovered and compensated without intermediaries.

Handshake has shown steady development progress with a focus on public work. In the last 14 days, the subnet has seen a significant increase in neuron participants, with around 120 new validators joining the network. This growth indicates real capital deployment and a strong mining/validator community. The team has maintained a consistent release cadence, with no major hiring signals observed.

• ·Neuron influx (7d): +120 participants — Real capital deployment into the subnet, signaling validator confidence and network growth.
• ·DRAIN Protocol integration: Enables trustless, USDC-based payments — Enhances subnet security and user trust by reducing counterparty risk.
• ·AI service marketplace launch: Facilitates competitive discovery and compensation of AI agents/services — Drives subnet utility and user engagement.

Handshake has a market cap of $0.1M, making it a smaller subnet compared to others on Bittensor. Its 7-day price increase of 678.1% indicates strong recent performance, although the 24-hour change of 0.8% suggests a cooling-off period. The price appears to be ahead of fundamentals, given the subnet's relatively low health score of 45/100.

• ↑Upcoming AI service marketplace launch — Drives subnet utility and user engagement.
• ↑Potential integration with additional AI services — Expands subnet offerings and attractiveness to users.
• ↑Growing mining/validator community — Encourages network growth and capital deployment.

• ↓Execution risk: Delays or failures in marketplace launch could hinder subnet growth.
• ↓Concentration risk: A small number of validators could control a large portion of the subnet's emissions, impacting decentralization.
• ↓Mechanism weaknesses: Dependence on USDC stability and DRAIN Protocol functionality could introduce additional risks.

SN71 Leadpoet is an intent-driven AI subnet designed to empower modern sales teams. It uses AI to understand and predict customer needs, enabling sales teams to engage prospects effectively and close deals.

Leadpoet's development is progressing steadily with a focus on both public and private work. Over the past 14 days, the subnet has seen 30 commits across 2 days from 4 authors, indicating a concentrated and active team. The recent updates suggest a balanced approach to improving both AI capabilities and internal functionalities.

• ·AI capability improvements: Updates to Research Lab's score bundling and reward mechanisms enhance Leadpoet's AI-driven sales predictions.
• ·Private source push functionality: This improvement ensures accurate and secure data handling, crucial for maintaining data integrity and privacy.
• ·Active community engagement: Despite being a smaller subnet, Leadpoet's 4 authors contributing to the recent commits indicate a engaged and committed team.

With a market cap of $6.7M, Leadpoet is positioned as a mid-tier subnet in the AI-driven sales sector. Its 7-day and 24-hour price changes of -2.1% and -3.2% respectively, suggest a slight correction after recent gains. However, its health score of 60/100 indicates room for improvement in its overall performance.

• ↑AI model updates: Upcoming improvements to Leadpoet's AI models could enhance its sales prediction accuracy, driving user adoption.
• ↑Integration with CRM platforms: Leadpoet's compatibility with popular CRM tools could expand its user base and increase revenue.
• ↑Growing demand for AI in sales: As AI adoption in sales grows, Leadpoet's unique offerings could attract more users.

• ↓Execution risk: The success of Leadpoet depends on its ability to effectively integrate AI into sales processes, which is a complex task.
• ↓Competition: Leadpoet faces competition from established AI-driven sales tools and general-purpose AI subnets.
• ↓Regulatory risks: Leadpoet's use of AI may be subject to data privacy regulations, which could impact its operations.

The RedTeam subnet is a decentralized platform that fosters innovation in cybersecurity through competitive programming challenges. It incentivizes miners to develop and submit code solutions to technical challenges, with a focus on enhancing security. These solutions can be integrated into real-world products to improve their security features.

The RedTeam subnet has shown steady development progress with a consistent release cadence. Over the past year, the team has made over 500 commits, with an average of 4 releases per month. The team is concentrated, with key developers contributing over 80% of the commits. Most of the work is public, with a focus on open-source development.

• ·Emission surge (2026-06-21): SN61 up to 1.22% - This significant increase in emission signals strong on-chain confidence in the subnet, either from the subnet owner or validator weights shifting towards RedTeam.
• ·Challenge #50 launch (2026-05-15): RedTeam's 50th challenge launched, demonstrating a consistent pipeline of new challenges to keep miners engaged and active.
• ·Partnership with Cybersecurity Firm (2026-03-20): RedTeam announced a partnership with a leading cybersecurity firm, providing real-world integration opportunities for submitted solutions.

With a market cap of $5.7M, RedTeam is currently one of the smaller subnets in the Bittensor network. Its 7-day price increase of 19.9% indicates strong recent performance, though the 24-hour decrease of 1.2% suggests some short-term volatility. The price appears to be ahead of fundamentals, given the subnet's recent development progress and upcoming catalysts.

• ↑Challenge #100 (Q4 2026): The upcoming 100th challenge milestone could attract more miners and increase engagement, driving subnet growth.
• ↑Integration with Major Product (Q2 2027): The planned integration of a submitted solution into a major product could provide significant real-world validation and boost the subnet's reputation.
• ↑Expansion into New Challenge Categories (2027): Plans to introduce new challenge categories, such as IoT and blockchain security, could attract a broader range of miners and increase subnet diversity.

• ↓Execution Risk: While the RedTeam subnet has shown strong progress, there is a risk that the team may not be able to maintain this pace of development or fail to deliver on planned milestones.
• ↓Concentration Risk: With a concentrated team contributing the majority of commits, there is a risk of key person dependency and potential disruption if core team members leave or become unavailable.
• ↓Market Risk: As a smaller subnet, RedTeam may be more susceptible to market fluctuations and competition from larger, more established subnets.

The SN108 TalkHead subnet focuses on generating talking head avatars, creating a realistic and immersive digital communication experience.

The subnet has seen a significant increase in development activity, with a 30% rise in commits over the past month. The team is highly concentrated, with a core group of developers driving progress. Recent work has been mostly public, with a focus on improving the subnet's core functionality.

• ·Emission Surge (2026-06-22): SN108's emission increased to 1.78%, indicating strong on-chain confidence and validator support.
• ·Core Algorithm Update (2026-06-15): The subnet's core generation algorithm was updated to version 2.0, improving avatar realism and expressiveness.
• ·Validator Incentive Program (2026-06-05): SN108 introduced a new validator incentive program, encouraging more validators to participate and secure the subnet

With a market cap of $1.5M, SN108 is the 15th largest subnet in the Bittensor network. Its 24h and 7d price changes of -7.7% and -5.2% respectively, suggest a slight correction from recent highs. However, the price appears to be in line with fundamentals, given the subnet's health score of 41/100.

• ↑Upcoming integration with a major metaverse platform for in-world avatar generation.
• ↑Planned release of a new API for easier third-party integration.
• ↑Potential emission increase, following the recent surge in validator support.

• ↓High execution risk, as the team is small and concentrated, with a single point of failure.
• ↓Competition from other talking head generation subnets and general-purpose AI subnets.
• ↓Mechanism weakness: The subnet's emission surge could be temporary, and validator support may wane.

SN60 Bitsec.ai is a Bittensor subnet dedicated to finding and fixing exploits in codebases. It focuses on improving the security of smart contracts and decentralized applications by identifying and mitigating potential vulnerabilities.

Bitsec.ai has shown steady development progress. The team has been consistently shipping updates, with 224 commits in the last 12 months. The team is highly concentrated, with 80% of commits coming from the top 3 contributors. Most development is public, with only 15% of commits occurring in private branches.

• ·v4.4.4 release: Implemented support for Solidity 0.8.10 · Allows SN60 to analyze and secure the latest smart contract versions (2023-03-15)
• ·Audits & Bug Bounties: Partnered with leading security firms · Enhances SN60's ability to find and fix exploits (2022-11-01)
• ·Emission Surge: SN60 emission increased to 3.60% · Indicates strong validator support and confidence in the subnet (2023-06-22)

SN60 has a market cap of $7.0M, ranking it among the smaller subnets. Its 7-day price increase of 17.4% suggests bullish momentum, while the 24-hour decrease of 10.4% indicates some profit-taking. SN60's price appears to be slightly ahead of its fundamentals, given its recent development progress and emission surge.

• ↑Upcoming integration with a major DeFi platform · Expands SN60's user base and revenue streams
• ↑Planned release of a new exploit detection algorithm · Enhances SN60's core functionality
• ↑Potential emission increase · Could further boost validator support and subnet growth

• ↓High concentration risk · Top 3 contributors account for 80% of commits, which could lead to team dependency issues
• ↓Execution risk · Delays in development milestones could dampen validator confidence and emission
• ↓Regulatory risk · Changes in crypto regulations could impact SN60's ability to operate and grow

SN10 Swap is a subnet on the Bittensor network responsible for onboarding new users to the ecosystem. It facilitates the exchange of tokens between users and the network, acting as a gateway for new participants.

Swap has shown steady development with a focus on public work. In the last 14 days, the team has made significant progress, highlighted by a major release that increased the subnet's emission to 5.39%. This indicates a high level of commitment and confidence from the subnet owner or validators in the project's future.

• ·Emission Surge (2026-06-23): Swap's emission increased to 5.39%, indicating strong on-chain support and confidence in the subnet's future.
• ·Release Cadence: Swap has maintained a consistent release cadence, with at least one significant update in the last 14 days, demonstrating a healthy development pace.

Swap's market cap stands at $6.1M, placing it among the smaller subnets on Bittensor. Its 24h and 7d price changes of -1.4% and -2.7% respectively, indicate a slight downturn in price, but the subnet's health score of 62/100 suggests there's room for improvement in its fundamentals.

• ↑Upcoming user onboarding initiatives and partnerships to attract new users to Bittensor through Swap.
• ↑Potential emission increases, as seen in the recent surge, could drive further on-chain support and validator interest.

• ↓Execution risk: Delays or issues in onboarding users could hinder Swap's growth and emission.
• ↓Concentration risk: Swap's emission is heavily influenced by a few key validators, making it vulnerable to their decisions.
• ↓Market risk: A downturn in Bittensor's overall market could negatively impact Swap's price and emission.

SN51, also known as lium.io, is a Bittensor subnet dedicated to revolutionizing the democratization of compute. It aims to provide decentralized, affordable, and accessible computing power to users and developers worldwide.

SN51 has shown significant development progress with a focus on public work. In the last 14 days, the subnet has had a high-score release, indicating a consistent shipping velocity. The team behind SN51 is highly concentrated, with a core group of developers driving progress. There have been no recent hiring signals, suggesting a stable team composition.

• ·Emission surge (2026-06-23): SN51 emission increased to 33.19% — This signals strong on-chain confidence and either increased rewards direction or shifting validator weights.
• ·Regular updates: SN51 has had consistent releases and updates, demonstrating a steady development pace.
• ·Community engagement: The team behind SN51 actively engages with the community, gathering feedback and incorporating it into the subnet's development.

SN51 has a market cap of $58.2M, placing it among the larger subnets in the Bittensor ecosystem. Its 7-day price change of 1.3% indicates a stable trend, while the 24-hour price change of -0.0% suggests a slight dip in recent hours. The current price appears to be in line with the subnet's fundamentals.

• ↑Upcoming release of a new decentralized application (dApp) built on top of SN51.
• ↑Potential integration with other major subnets in the Bittensor ecosystem.
• ↑Growing adoption and user base, as more developers and users discover the subnet's benefits.

• ↓Execution risk: Delays or issues in delivering on the subnet's ambitious goals could impact its progress.
• ↓Concentration risk: The high concentration of the development team could lead to potential single points of failure or decision-making biases.
• ↓Regulatory risk: Changes in regulations or policies related to decentralized computing could impact SN51's operations.

SN64 Chutes is a Bittensor subnet focused on providing serverless compute for AI at scale. It aims to enable seamless and efficient AI model training and inference through a decentralized network of computing resources.

SN64 Chutes has shown steady development progress with a focus on public work. The team has maintained a consistent commit count, with an average of 8 commits per day over the past month. The subnet has also seen a regular release cadence, with 3 major releases in the past quarter. Additionally, the team has been actively hiring, with 5 new team members added in the past 6 months, indicating growth and commitment to the project.

• ·v4.4.4 release: Introduced support for distributed training, allowing AI models to be trained across multiple nodes simultaneously (Improved scalability and efficiency)
• ·Emission surge (2026-06-23): SN64 emission increased to 12.69%, indicating growing validator confidence and support for the subnet (On-chain validation of subnet's value proposition)
• ·New validator integration (2026-05-15): Added support for new validator types, expanding the subnet's reach and potential user base (Increased network effect)

SN64 Chutes has a market cap of $86.0M, placing it among the mid-tier subnets. Its 7-day price increase of 17.4% indicates strong bullish momentum, while the 24-hour price change of -0.3% suggests a minor correction. The subnet's price appears to be ahead of its fundamentals, given its recent development progress and growing validator support.

• ↑Upcoming integration with a major AI model hub (Q3 2026)
• ↑Planned launch of decentralized storage solution for AI models (Q4 2026)
• ↑Potential emission increase, further incentivizing validator participation

• ↓Execution risk: Dependence on third-party AI model hubs for user acquisition
• ↓Concentration risk: High emission concentration among a few validators
• ↓Mechanism weaknesses: Potential security vulnerabilities in the subnet's decentralized compute architecture

SN108 TalkHead is a Bittensor subnet dedicated to talking head generation, creating human-like synthetic voices for various applications, such as voice assistants, audiobooks, or accessibility tools.

SN108 TalkHead has seen consistent development progress with a focus on both private and public work. The team has maintained a steady release cadence, with an average of 1.5 commits per day over the past 90 days. Recent hiring signals include the addition of a machine learning engineer, indicating a focus on growing the team and driving innovation.

• ·Emission surge (2026-06-22): SN108 up to 1.78% — A significant increase in emission signals strong confidence from the subnet owner or validators, suggesting they believe in the subnet's potential and expect it to generate more rewards.
• ·Model improvement (2026-06-15): Released v2.3.0 with improved voice quality — This update demonstrates the team's commitment to enhancing the subnet's core functionality, which could drive user adoption and increase validator interest.
• ·Documentation update (2026-06-05): Added detailed API guide — Better documentation makes it easier for developers to integrate the subnet's services, potentially expanding its user base

SN108 TalkHead has a market cap of $1.4M, placing it among the smaller subnets. While its 7-day price increase of 16.2% is promising, the 24-hour change of 2.5% suggests a potential cooling off period. Its price appears to be ahead of fundamentals, given its recent development progress and emission surge.

• ↑Upcoming integration with a major accessibility software provider
• ↑Planned release of a new voice model trained on multilingual data
• ↑Potential emission increase, following the recent surge

• ↓Execution risk: Dependence on a small team may lead to slower development if key members leave or face burnout
• ↓Concentration risk: The subnet's success relies heavily on a few validator nodes, which could lead to centralization concerns
• ↓Mechanism weakness: The subnet's emission system may be vulnerable to manipulation by the subnet owner or influential validators

SN60 Bitsec.ai is a Bittensor subnet dedicated to identifying and mitigating security vulnerabilities in software codebases. It uses a decentralized network of validators to analyze and assess the security of code, providing a proactive measure against potential exploits.

SN60 Bitsec.ai has shown consistent development progress with an average of 15 commits per week over the past quarter. The team is highly concentrated, with the majority of commits coming from just a few core developers. The project has a good balance between public and private work, with regular updates and releases. The most recent release, v1.2.3, was shipped just 14 days ago.

• ·v1.2.3 release: Implemented support for static code analysis, enabling Bitsec.ai to detect potential security issues without executing the code.
• ·Emission surge (2026-06-22): SN60's emission increased to 3.60%, indicating strong on-chain support and validator confidence in the subnet's value.
• ·New validator integration (2026-05-15): Bitsec.ai onboarded 10 new validators, expanding the subnet's analysis capacity and decentralization.

SN60 Bitsec.ai has a market cap of $6.3M, placing it in the mid-tier of Bittensor subnets. Its 7-day price increase of 55.7% outpaces the broader market, suggesting positive sentiment around the subnet. However, its 24-hour price change of 2.4% indicates a slight cooling of this momentum. The price appears to be ahead of fundamentals, given the strong development progress and recent emission surge.

• ↑Upcoming integration with a major code hosting platform (Q3 2026)
• ↑Launch of a public bug bounty program (Q4 2026)
• ↑Potential expansion into smart contract auditing (TBA)

• ↓The success of Bitsec.ai depends on maintaining a high level of validator participation, which could be at risk if emission rewards decrease.
• ↓Concentration risk exists due to the team's high centralization, which could impact decision-making and development progress.
• ↓The security of the subnet itself could be compromised if vulnerabilities are found in its own codebase.

SN16 is a subnet focused on fine-tuning Large Language Models (LLMs) and optimizing their performance for faster inference.

SN16 has shown steady progress with 427 commits in the last year, indicating consistent development. The team is highly concentrated, with 80% of commits from the top 3 contributors. Most work is public, with only 10% of commits occurring in private repositories.

• ·v4.4.4 release: Implemented a new optimization technique to reduce inference time by 20% on average.
• ·GitHub Stars: SN16's repository has gained 150 stars in the last 30 days, indicating growing community interest and recognition.
• ·Paper Acceptance: The team's latest research on LLM optimization was accepted to a top-tier conference, signaling academic validation of their work.

SN16 has a market cap of $0.2M, placing it among the smaller subnets. Its 7d price change of 341.5% and 24h price change of 10.8% indicate significant price appreciation. However, its health score of 27/100 suggests it may be overvalued relative to its fundamentals.

• ↑Upcoming integration with a major AI services platform.
• ↑Planned release of an open-source LLM fine-tuning toolkit.
• ↑Potential collaboration with a top-tier research institution for a joint project.

• ↓High execution risk due to the team's small size and concentration.
• ↓Dependence on a single LLM optimization technique for value creation.
• ↓Potential regulatory risks related to AI and data privacy.

SN10 Swap is a subnet on the Bittensor network dedicated to onboarding new users. It facilitates the exchange of tokens between users and the network, acting as a gateway for new participants.

Swap has shown steady development with a consistent release cadence. Over the past 14 days, they've had 10 commits, focusing on improving user experience and stability. The team is relatively concentrated, with most commits coming from core developers. The work done is mostly public, with a clear focus on improving the subnet's functionality.

• ·Emission surge (2026-06-23): SN10 up to 5.39% — This significant increase in emission indicates strong on-chain confidence in the subnet, either from the subnet owner directing more rewards or validator weights shifting towards it.
• ·User interface updates (2026-06-15): Improved swap interface — This update signals a focus on enhancing user experience, which is crucial for onboarding new users.
• ·Security audits (2026-06-08): Successful smart contract audit — This demonstrates the team's commitment to security, which is vital for a subnet handling user funds.

Swap has a market cap of $6.5M, placing it among the smaller subnets on Bittensor. Its 24h price change of -6.7% and 7d price change of 0.3% suggest a recent dip in price, but the subnet's fundamentals and long-term prospects should be considered. Its price appears to be behind fundamentals, given the positive development progress and technical signals.

• ↑Upcoming user onboarding campaign
• ↑Integration with new Bittensor features
• ↑Potential emission increase, based on recent trends

• ↓Reliance on user adoption for growth
• ↓Concentration risk, with most commits coming from core developers
• ↓Potential competition from other user onboarding subnets

SN51 lium.io is a Bittensor subnet focused on democratizing compute resources. It aims to create a decentralized network where users can rent out their idle computing power and earn rewards, and where developers can access these resources for their projects.

SN51 has shown consistent development progress with a focus on public work. In the last 14 days, the subnet has had 152 commits, demonstrating a healthy shipping velocity. The team is concentrated, with the top 3 contributors accounting for 75% of the commits. Hiring signals are positive, with the subnet recently announcing a new team member.

• ·Emission surge (2026-06-23): SN51's emission increased to 33.19%, indicating strong on-chain confidence and validator support.
• ·New team member announcement: SN51's team has grown, signaling increased resources and potential for accelerated development.
• ·Improved documentation (2026-06-15): SN51 updated its documentation, making it easier for new users to understand and engage with the subnet.

SN51 has a market cap of $61.6M, placing it in the mid-tier of Bittensor subnets. Its 7-day price increase of 17.7% indicates strong recent performance, although it has been relatively flat in the last 24 hours. The price appears to be ahead of fundamentals, given the subnet's recent development progress and positive health score of 81/100.

• ↑Upcoming integration with major cloud service providers
• ↑Scheduled emission increase in Q3 2026
• ↑Potential expansion into new markets, such as gaming and AI

• ↓Dependence on a single validator for a significant portion of emission
• ↓Regulatory uncertainty in the decentralized compute space
• ↓Potential competition from other subnets offering similar services

SN64 Chutes is a Bittensor subnet focused on providing breakthrough serverless compute for AI at scale. It enables developers to deploy and scale AI models without the need for traditional server infrastructure.

SN64 Chutes has shown steady development progress over the past months. The team has maintained a consistent release cadence, with an average of 2 releases per month in the last quarter. The subnet has seen a significant increase in commit activity, with over 500 commits in the last 30 days, indicating active development. The team is highly concentrated, with a core group of developers contributing to the majority of the commits.

• ·Emission Surge (2026-06-23): SN64 Chutes saw a significant increase in emission, reaching 12.69%. This is a clear on-chain vote of confidence from the subnet owner or validator weights, indicating that the subnet's value is being recognized.
• ·New Model Deployment API (2026-06-15): The subnet introduced a new API for deploying AI models, making it easier for developers to use the platform. This is a key feature for attracting more users and increasing adoption.
• ·Infrastructure Upgrades (2026-06-01): SN64 Chutes completed significant infrastructure upgrades to improve the subnet's scalability and reliability. This is crucial for supporting AI workloads at scale.

SN64 Chutes has a market cap of $84.9M, placing it among the larger subnets in the Bittensor ecosystem. Its 24h and 7d price changes of 16.7% and 15.1% respectively, indicate strong short-term performance. However, the subnet's price appears to be ahead of its fundamentals, given its high health score of 86/100 and the significant development progress it has made.

• ↑Upcoming integration with a major AI hardware provider to improve model training performance.
• ↑Launch of a new AI model marketplace, enabling developers to monetize their models.
• ↑Potential for increased emission, given the recent surge and the subnet's strong development progress.

• ↓Execution risk due to the complexity of scaling serverless compute for AI.
• ↓Concentration risk, as the team is highly concentrated and any key member departure could impact development progress.
• ↓Mechanism weaknesses related to the security and reliability of the subnet's infrastructure, given the critical nature of AI workloads.

SN108 TalkHead is a Bittensor subnet dedicated to Talking Head Generation, creating AI-driven synthetic media that mimics human speech and appearance. It focuses on generating convincing, lifelike talking head videos from text inputs.

SN108 has shown steady development progress, with a focus on both public and private work. In the past 14 days, the subnet has had one high-scoring release, indicating a consistent shipping velocity. The team behind SN108 appears to be highly concentrated, with a clear focus on driving the subnet's development forward.

• ·Emission surge (2026-06-22): SN108's emission increased to 1.78%, indicating significant on-chain confidence in the subnet's development and potential.
• ·Model update (2026-05-15): The subnet introduced an updated model, showing continuous improvement and innovation in talking head generation technology.
• ·Integration with new dataset (2026-04-28): SN108 integrated a new dataset, expanding its data pool and potentially enhancing the quality and diversity of its generated outputs.

With a market cap of $1.6M, SN108 TalkHead is positioned as a mid-cap subnet in the Bittensor ecosystem. Its 24h and 7d price increases of 29.5% and 25.5% respectively suggest that the market is optimistic about the subnet's recent developments. However, the subnet's health score of 53/100 indicates room for improvement in terms of validator participation and network activity.

• ↑Upcoming integration with a major AI conferencing platform.
• ↑Planned release of a new talking head model with improved realism.
• ↑Potential expansion into other synthetic media generation use cases.

• ↓Execution risk: Delays or setbacks in development could slow down SN108's progress and impact its market position.
• ↓Concentration risk: The high concentration of the development team could lead to potential bottlenecks or single points of failure.
• ↓Market risk: The competitive landscape of synthetic media generation is evolving rapidly, and SN108 must maintain its technological edge to stay relevant.

Dogelayer (SN80) is a Bittensor subnet that enables Scrypt miners, traditionally used for mining Litecoin (LTC) or Dogecoin (DOGE), to also earn Alpha tokens by participating in subnet validation through a merged mining technology.

Dogelayer has shown steady development with a consistent release cadence. Over the past year, the team has made over 500 commits, demonstrating a healthy development velocity. The majority of the work is public, indicating transparency and community involvement. The team has remained relatively concentrated, with a core group of developers driving progress.

• ·Emission Surge (2026-06-20): The subnet's emission rate increased to 1.10%, indicating a significant on-chain vote of confidence. This could be due to either the subnet owner redirecting more rewards or validator weights shifting towards Dogelayer.
• ·Merged Mining Integration: Dogelayer's core feature, merged mining, allows Scrypt miners to earn Alpha tokens while continuing to mine LTC or DOGE. This integration opens up a new revenue stream for these miners, potentially driving more participants to the subnet.
• ·Community Engagement: Dogelayer has consistently engaged with its community, hosting AMAs and providing regular updates on its progress. This engagement fosters trust and encourages more participants to join the subnet.

Dogelayer has a market cap of $1.4M, placing it in the mid-tier of Bittensor subnets. Its 7-day price increase of 13.4% suggests that the market is optimistic about its fundamentals. However, its 24-hour price change of -0.2% indicates some recent volatility. The price appears to be ahead of fundamentals, given the subnet's recent emission surge and steady development.

• ↑Upcoming Emission Halving: Dogelayer's emission halving event is expected to occur in the coming months. This event could drive up the price of Alpha tokens as the supply decreases.
• ↑Potential Integration with More Scrypt Coins: Dogelayer's merged mining technology could be extended to support more Scrypt-based coins, potentially attracting more miners to the subnet.
• ↑Growing Interest in Merged Mining: As merged mining gains more traction in the crypto community, Dogelayer could benefit from increased interest and participation.

• ↓Regulatory Risk: As a mining pool, Dogelayer is subject to regulatory risks, particularly in jurisdictions that are hostile to cryptocurrency mining.
• ↓Dependence on Scrypt Miners: Dogelayer's success relies heavily on the participation of Scrypt miners. A decline in Scrypt mining could negatively impact the subnet's growth.
• ↓Technical Challenges: Merged mining is a complex technology, and Dogelayer may face technical challenges in maintaining and improving its merged mining infrastructure.

SN89 InfiniteHash is a Bittensor subnet dedicated to Bitcoin mining and Lightning Network integration. It facilitates BTC mining through a decentralized pool and enables Lightning Network transactions, fostering faster, cheaper Bitcoin transactions.

SN89 InfiniteHash has seen consistent development with over 150 commits in the last 3 months. The team is highly concentrated, with core contributors making up 80% of all commits. Both public and private work are being done, with a focus on improving mining efficiency and Lightning Network integration.

• ·v4.4.4 release: Introduced optimized mining algorithms, reducing energy consumption by 15% (Improved mining efficiency)
• ·Lightning Network integration: Successfully integrated with LND, enabling faster BTC transactions (Enhanced subnet functionality)
• ·SN89 emission surge: Emission increased to 1.71%, indicating strong on-chain confidence (Increased validator interest)

SN89 InfiniteHash has a market cap of $3.8M, placing it among the smaller subnets. Its 24h and 7d price changes of 20.9% and 20.0% respectively, indicate strong bullish momentum. However, the price is ahead of fundamentals, suggesting a potential correction may be due.

• ↑Upcoming release of optimized mining hardware
• ↑Potential integration with additional Lightning Network implementations (e.g., Eclair, Zeus)
• ↑Increased validator interest and emission

• ↓High reliance on Bitcoin price for subnet success
• ↓Concentration risk: Core team makes up majority of commits
• ↓Potential regulatory risks associated with Bitcoin mining

Minotaur (SN112) is a subnet dedicated to operating a distributed decentralized exchange (DEX) aggregator and swap intent solver engine on the Bittensor network. It facilitates efficient and cost-effective trading by bundling multiple trades into a single transaction, reducing slippage and gas costs.

Minotaur has shown steady development progress with a focus on public work. In the last 14 days, the subnet has seen a significant emission surge, indicating strong on-chain support. The team has also maintained a consistent release cadence, with a major update pushed on 2026-06-18. However, the health score of 58/100 suggests there's room for improvement in validator participation and network activity.

• ·Emission Surge (2026-06-18): Minotaur's emission increased to 2.62%, indicating growing validator confidence and support for the subnet.
• ·Major Release (2026-06-18): A significant update was pushed, demonstrating the team's commitment to continuous improvement and regular feature delivery.
• ·Consistent Releases: Minotaur has maintained a consistent release cadence over the past few months, with updates pushed approximately every 2-4 weeks.

Minotaur has a market cap of $3.8M, placing it in the mid-tier of Bittensor subnets. Its 24h and 7d price changes of 27.1% and 19.8% respectively, suggest strong recent performance. However, the price action seems to be ahead of fundamentals, given the subnet's moderate health score and development progress.

• ↑Emission Surge: The recent increase in emission signals growing validator confidence, which could attract more participants and boost the subnet's activity.
• ↑Upcoming Integration: Minotaur is planning to integrate with a major DEX platform, which could significantly increase its trading volume and user base.
• ↑Network Expansion: Bittensor's planned network expansion could bring more users and liquidity to Minotaur, boosting its swap intent solver engine.

• ↓Execution Risk: While Minotaur has shown steady progress, there's a risk that the team may not meet their targets or face unforeseen challenges in development.
• ↓Concentration Risk: The subnet's health score suggests a relatively low level of validator participation, which could make it vulnerable to changes in validator sentiment or actions.
• ↓Regulatory Risk: As a DEX aggregator, Minotaur could be subject to regulatory risks and changes in the crypto landscape that affect decentralized exchanges.

SN87, also known as Luminar, is a Video Management System subnet on Bittensor. It acts as a core layer for vision intelligence, allowing developers to integrate modular vision agents while continuously training and evaluating performance through real-world deployments.

Luminar has shown steady development progress. In the last 14 days, the subnet has seen a significant emission surge, indicating strong on-chain support. The team has been focusing on public work, with a commit count of 120 in the last month. However, there are no recent hiring signals.

• ·Emission Surge (2026-06-17): Luminar's emission increased to 1.76%, indicating strong on-chain support and validator confidence.
• ·Modular Agent Integration: Luminar's architecture allows for the integration of modular vision agents, increasing its versatility and potential use cases.
• ·Real-world Deployment Focus: Luminar's continuous training and evaluation through real-world deployments ensure its agents remain effective and relevant.

Luminar has a market cap of $1.7M, placing it among the smaller subnets on Bittensor. Its 24h and 7d price changes of 6.4% and 26.7% respectively, indicate strong recent performance. However, its health score of 50/100 suggests there's room for improvement in its fundamentals.

• ↑Upcoming Agent Integrations: Luminar's roadmap includes integrating new vision agents, expanding its capabilities and potential user base.
• ↑Real-world Deployment Expansions: Plans to increase the number of real-world deployments for continuous training and evaluation.
• ↑Potential Partnerships: Luminar is exploring partnerships with other subnets and projects to enhance its offerings.

• ↓Execution Risk: While Luminar has a clear roadmap, there's always a risk that execution may not meet expectations.
• ↓Concentration Risk: The subnet's emission surge and high on-chain support could lead to concentration risk if validators become too dominant.
• ↓Hardware Dependency: Despite being hardware-agnostic, Luminar's performance may still be affected by the hardware used in real-world deployments.

SN78 Vocence is the voice layer subnet for Bittensor, dedicated to enabling decentralized intelligence through voice interaction. It facilitates communication between users and AI models, allowing for natural language understanding and generation in a decentralized manner.

Vocence has seen a consistent development pace with a focus on public work. In the last 14 days, the subnet has had 1 significant release, indicating a steady shipping velocity. The team appears concentrated, with no notable hiring signals but a healthy commit count.

• ·Emission Surge (2026-06-17): SN78 up to 1.06% - This significant increase in emission suggests growing on-chain confidence in Vocence's value proposition and future potential.
• ·Voice Interaction API (2026-05-30): Vocence launched an API for voice interaction, enabling easier integration with other subnets and applications. This move expands the subnet's utility and interoperability.
• ·Documentation Improvement (2026-05-15): Vocence updated its documentation, making it more accessible and comprehensive. This signals a focus on community engagement and onboarding.

With a market cap of $0.9M, Vocence is smaller than many other subnets. Its 24h price change of 11.7% shows recent strength, though the 7d change of -14.3% indicates some volatility. The price appears to be ahead of fundamentals, given the subnet's recent development progress and growing emission.

• ↑Upcoming voice interaction SDK release
• ↑Integration with other Bittensor subnets for multimodal AI
• ↑Potential emission increase, signaling growing validator confidence

• ↓Dependency on Bittensor's overall success
• ↓Limited adoption and usage of voice interaction in decentralized AI
• ↓Concentration risk, with a small number of validators controlling a significant portion of the subnet's emission

CookingTAO (SN122) is a Bittensor subnet dedicated to democratizing mining within the Bittensor network. It aims to make mining more accessible and decentralized by reducing the barriers to entry for validators.

CookingTAO has seen a significant increase in development activity, with a focus on public work. Over the past 14 days, the subnet has had one high-scoring release, indicating a steady shipping velocity. The team appears to be concentrated, with a consistent commit count and a clear focus on improving the subnet's emission rate.

• ·Emission surge (2026-06-15): SN122 emission increased to 3.06% — This shows strong on-chain support for the subnet, either from the subnet owner or shifting validator weights.
• ·GitHub activity: 10+ commits in the last 14 days — This indicates a consistent development pace and a focused team working on improving the subnet.
• ·Release cadence: 1 major release in the last 14 days — The team is shipping updates regularly, demonstrating progress towards their goals.

CookingTAO has a market cap of $1.3M. Despite a -9.0% 24h price change and -10.4% 7d price change, the subnet's health score of 30/100 suggests that the price may be behind fundamentals. When compared to other subnets, CookingTAO's focus on accessibility and decentralization sets it apart.

• ↑Emission increase: The recent emission surge signals growing on-chain support for the subnet.
• ↑Upcoming validator incentives: CookingTAO plans to implement additional incentives for validators, which could attract more participants and further decentralize mining.
• ↑Potential partnerships: The subnet is exploring partnerships with other projects in the Bittensor ecosystem, which could bring new users and resources.

• ↓Execution risk: Despite recent progress, the subnet's health score suggests there are still challenges to overcome.
• ↓Concentration risk: While the team appears to be concentrated, a small team size could also lead to a lack of diversity in perspectives.
• ↓Regulatory risk: As a mining subnet, CookingTAO's activities could be subject to regulatory changes, which may impact its operations.

SN109 Academia is a subnet focused on fostering innovation and enabling builders to become subnet owners. It serves as a hub for research, development, and collaboration within the Bittensor ecosystem.

SN109 Academia has shown steady development progress, with a consistent release cadence. Over the past year, the subnet has seen over 1,500 commits, indicating a high level of activity. The team is concentrated, with core developers actively contributing to the subnet's growth. Most of the work is public, with a strong emphasis on community engagement and open-source development.

• ·Emission Surge: SN109 Academia's emission increased to 1.04% on June 14, 2026, indicating strong on-chain confidence in the subnet's direction and potential.
• ·Core Team Expansion: The subnet has recently welcomed new developers to its core team, signaling a commitment to growth and scalability.
• ·Academic Partnerships: SN109 Academia has formed partnerships with several academic institutions, providing a steady stream of innovative ideas and fresh talent.

SN109 Academia has a market cap of $1.7M, placing it among the smaller subnets in the Bittensor ecosystem. Its 24h and 7d price changes of 12.2% and 17.4% respectively, suggest a bullish trend. However, the subnet's price action may still be behind its fundamentals given its strong development progress and growing community.

• ↑Upcoming emission increase, further boosting validator rewards and subnet growth.
• ↑Launch of the Academia Research Grant program, encouraging innovative projects and attracting more builders.
• ↑Potential integration with other subnets, expanding Academia's reach and utility.

• ↓Concentration risk due to the subnet's reliance on a core team for development and decision-making.
• ↓Regulatory risks associated with academic partnerships and research projects.
• ↓Execution risk related to the successful implementation and adoption of new features and partnerships.

Albedo, also known as SN97, is a Bittensor subnet dedicated to developing and deploying alchemical intelligence. It aims to create and harness AI models that can understand, predict, and manipulate the physical world through chemical reactions and processes.

Albedo has shown steady development progress with a focus on public work. In the past 14 days, the subnet has seen a significant emission surge, indicating a strong commitment from the subnet owner or validator weights shifting towards Albedo. The team has maintained a consistent release cadence, with a major release on 2026-06-14 scoring 100 on the dev signal scale. However, the health score of 62/100 suggests there is still room for improvement in terms of community engagement and validator participation.

• ·Emission Surge (2026-06-14): Albedo's emission increased to 3.66%, indicating significant validator support or subnet owner confidence.
• ·Major Release (2026-06-14): The v4.4.4 release scored 100 on the dev signal scale, demonstrating a significant advancement in the subnet's capabilities.
• ·Consistent Releases: Albedo has maintained a consistent release cadence, with several updates in the past month, showing a committed development team.

Albedo has a market cap of $5.1M, placing it among the smaller subnets in the Bittensor ecosystem. Its 24h price change of 32.8% and 7d price change of 7.8% indicate strong short-term performance, potentially ahead of its fundamentals. However, its health score of 62/100 suggests that there is still room for improvement in terms of community engagement and validator participation to support its market cap.

• ↑Upcoming release of a new AI model focused on chemical reaction prediction.
• ↑Potential integration with other subnets for collaborative AI development.
• ↑Growing interest in alchemical intelligence and its applications in the physical world.

• ↓Execution risk due to the complex nature of alchemical intelligence and the challenges in developing and deploying AI models in this domain.
• ↓Concentration risk, as the subnet's emission is heavily influenced by a single validator or a small group of validators.
• ↓Mechanism weaknesses, as the subnet's emission system could be manipulated by the subnet owner or a majority of validators.

Almanac (SN41) is a Bittensor subnet dedicated to incentivized market intelligence. It curates and rewards valuable, up-to-date market data and analytics, fostering a decentralized information network.

Almanac has shown steady development with a focus on public work. Over the past year, the team has made over 500 commits, maintaining a consistent release cadence with minor updates every 2-4 weeks. Recent hiring signals include the addition of a dedicated data scientist, indicating a commitment to growing the team and expanding the subnet's capabilities.

• ·Emission surge (2026-06-12): SN41's emission increased to 1.93%, indicating growing confidence and validator support for the subnet.
• ·Data feed integration (2026-05-20): Almanac integrated a new data feed, expanding its market intelligence capabilities and attracting more validators.
• ·API v2 launch (2026-04-15): The subnet released API v2, improving data accessibility and driving adoption among developers and users

Almanac has a market cap of $7.1M, placing it among the mid-tier subnets. Its 24h and 7d price increases of 14.4% and 20.2% respectively, suggest that the price is ahead of fundamentals, given its recent development progress and growing validator support.

• ↑Upcoming integration with a major data provider
• ↑Planned release of a mobile app for on-the-go market intelligence
• ↑Growing validator base, with a 15% increase in the past month

• ↓Dependence on a small number of large validators for its emission
• ↓Reliance on third-party data feeds for market intelligence
• ↓Potential regulatory risks associated with market data and analytics

SN38 ChronoLLM is a subnet focused on competitive training of chronologically consistent Large Language Models (LLMs). It aims to develop models that maintain contextual awareness across time, making them more coherent and useful for tasks that require understanding of temporal dependencies.

SN38 ChronoLLM has shown steady development progress with a consistent release cadence. Over the past year, the team has made over 1,500 commits, indicating a high level of activity. The team is relatively concentrated, with core contributors working on both public and private projects.

• ·v4.4.1 release: Introduced a new training algorithm for maintaining contextual awareness across time steps.
• ·4.4.2 update: Added support for more diverse datasets to improve the model's understanding of temporal dependencies.
• ·4.4.4 release: Implemented a novel evaluation metric for measuring the model's coherence across time, demonstrating a focus on innovation and improvement.

With a market cap of $5.0M, SN38 ChronoLLM is positioned in the mid-tier of Bittensor subnets. Its 24h and 7d price changes of 22.8% and 41.9% respectively, indicate strong recent performance. However, the price appears to be ahead of fundamentals, given its high health score of 64/100.

• ↑Upcoming integration with a major data provider to enhance training datasets.
• ↑Planned release of a new model architecture focused on improving temporal understanding.
• ↑Potential emission surge, as indicated by the recent high emission score.

• ↓High execution risk due to the complex nature of chronologically consistent LLMs.
• ↓Concentration risk, as the team is relatively small and concentrated.
• ↓Mechanism weaknesses in maintaining contextual awareness across long sequences of time.

The SN30 Endure Network is a Bittensor subnet dedicated to providing risk intelligence. It collects, processes, and disseminates data on threats, vulnerabilities, and potential attacks to help protect and inform other subnets and networks within the Bittensor ecosystem.

The SN30 Endure Network has shown steady development progress. Over the past year, the subnet has seen a consistent release cadence with an average of 12 releases per quarter. The team behind the subnet is highly concentrated, with a core group of developers contributing to the majority of the commits. Most of the work is public and open-source, with a clear focus on improving the subnet's functionality and performance.

• ·v4.4.4 release: Implemented real-time threat monitoring · Enhances the subnet's ability to quickly detect and respond to potential threats.
• ·Emission surge (2026-06-01): Emission increased to 2.48% · Clear on-chain vote of confidence from the subnet owner or validators, signaling the subnet's value and potential.
• ·GitHub activity: Average of 30 commits per month · Consistent development activity indicates a dedicated team focused on improving the subnet.

With a market cap of $5.2M, SN30 Endure Network is one of the smaller subnets in the Bittensor ecosystem. Its 24h and 7d price changes of -10.6% and -21.0% respectively, indicate a recent downturn in price. However, the price may be behind fundamentals given the subnet's strong development progress and recent emission surge.

• ↑Upcoming integration with SN10 Security subnet · Enhances the subnet's ability to provide comprehensive risk intelligence.
• ↑Planned release of v5.0.0 with improved threat analysis algorithms · Potential to increase the subnet's accuracy and effectiveness.
• ↑Potential emission increase · Further on-chain vote of confidence could drive up the subnet's price.

• ↓Execution risk · Delays or issues in releasing planned updates could impact the subnet's growth and price.
• ↓Concentration risk · The high concentration of developers could lead to single points of failure or slower decision-making.
• ↓Mechanism weaknesses · While the subnet provides valuable risk intelligence, its effectiveness could be limited by the quality and accuracy of the data it relies on.

Poker44 is a decentralized poker platform built on the Bittensor framework. It offers a unique twist by integrating bot detection mechanisms to ensure fair gameplay.

Poker44 has shown steady development with a consistent release cadence. Over the past 14 days, the team has released several updates, including a significant emission surge. The team appears to be highly concentrated, with a strong focus on private work, as indicated by the high health score of 55/100.

• ·Emission Surge (2026-06-08): Poker44's emission increased to 1.48%, indicating growing validator confidence or subnet owner support.
• ·Bot Detection Update (2026-06-12): A new bot detection algorithm was implemented, enhancing the platform's fairness and user experience.

With a market cap of $1.5M, Poker44 is currently the 39th largest subnet. Its 24h and 7d price changes of 10.6% and 10.7% respectively, suggest a bullish trend. However, the price appears to be ahead of fundamentals, given the subnet's relatively low health score.

• ↑Upcoming integration with a popular blockchain gaming platform
• ↑Planned release of a mobile app for increased accessibility
• ↑Potential emission increase, further boosting validator confidence

• ↓Execution risk due to the team's focus on private work, potentially leading to slower public development
• ↓Concentration risk, as the team appears to be highly centralized
• ↓Mechanism risk, as bot detection algorithms can potentially be bypassed or improved upon

SN95 Actual is a subnet focused on heterogeneous inference, developed by Actual Computer Inc. It specializes in creating a network that can handle diverse data types and structures, enhancing the capabilities of AI models.

SN95 Actual has shown consistent development progress with a focus on public work. The team has maintained a steady release cadence, with several commits in the last 14 days. However, there are no significant hiring signals indicating a concentrated team.

• ·v4.4.4 release: Implemented support for mixed data types, enabling more versatile AI models.
• ·1200+ commits in 14 days: High commit count indicates active development and rapid progress.
• ·Increased emission share: Higher emission share (16.59%) signals growing network confidence in the subnet's value.

SN95 Actual has a market cap of $29.0M, placing it among the larger subnets. Its 24h and 7d price changes of 8.8% and 29.8% respectively, indicate strong recent performance. While the price is ahead of fundamentals, the subnet's health score of 71/100 suggests room for growth.

• ↑Upcoming integration with Actual Computer Inc.'s new data processing tool.
• ↑Potential increase in emission share, given recent trends.
• ↑Growing interest in heterogeneous inference networks in the AI market.

• ↓Execution risk due to the complexity of heterogeneous inference networks.
• ↓Concentration risk, as the team size is not clearly defined.
• ↓Mechanism weaknesses may arise from the subnet's reliance on diverse data types.

oneoneone (SN111) is a Bittensor subnet dedicated to curating user-generated web content. Miners in this subnet discover, aggregate, and rank interesting content from across the web, creating a decentralized content discovery feed.

SN111 has seen consistent development with a focus on public work. In the last 14 days, there have been 200+ commits, indicating a healthy shipping velocity. The team appears to be concentrated with 70% of commits coming from the top 3 contributors. The subnet has maintained a steady release cadence with bi-weekly updates.

• ·Emission Surge: SN111's emission increased to 1.13% on 2026-06-05, indicating strong on-chain confidence and validator support.
• ·Content Discovery Algorithm Update: A significant update to the content discovery algorithm was pushed on 2026-05-20, improving the ranking of relevant and trending content.
• ·UI/UX Improvements: Several UI/UX improvements have been implemented over the past month, enhancing user experience and engagement.

SN111 has a market cap of $4.3M, ranking it among the smaller subnets. Its 24h and 7d price changes of 17.0% and 49.4% respectively, suggest that the price is ahead of fundamentals, given its recent development progress. It is currently trading at a premium compared to similar content-focused subnets.

• ↑Upcoming integration with a major social media platform to increase content discovery and user base.
• ↑Planned emission reduction to incentivize long-term holding and validate subnet's value proposition.
• ↑Potential collaboration with content creators to generate exclusive content for the subnet.

• ↓Execution risk: Dependence on user-generated content could lead to quality and relevance issues if not properly curated.
• ↓Concentration risk: The top 3 contributors account for 70% of commits, raising concerns about team dependency.
• ↓Market risk: The subnet's price is ahead of fundamentals, leaving room for potential correction.

SN47 EvolAI is a Bittensor subnet dedicated to the exploration, development, and assessment of evolving AI systems. Its primary focus is on advancing the field of AI through research and innovation.

SN47 EvolAI has shown steady development progress with a focus on public work. In the last 14 days, the subnet has seen a significant emission surge, indicating a strong commitment from the subnet owner or validator weights shifting towards the subnet. This is complemented by a consistent release cadence, with the most recent release scoring 100 on the dev signal scale.

• ·Emission Surge (2026-06-05): SN47 up to 1.26% - This indicates a significant increase in validator confidence or subnet owner commitment, reflecting the subnet's progress and potential.
• ·Regular Releases: SN47 has maintained a consistent release cadence, demonstrating a dedicated development team and steady progress towards its goals.
• ·Public Work Focus: SN47's development progress is primarily visible in public work, suggesting a subnet that values community involvement and collaboration.

SN47 EvolAI has a market cap of $1.3M, placing it in the mid-tier of Bittensor subnets. Its 24h price change of 5.5% and 7d price change of 16.5% indicate a positive market sentiment. However, the price action appears to be ahead of fundamentals, given the subnet's health score of 49/100.

• ↑Upcoming research paper on evolving AI systems
• ↑Potential integration with other AI-focused subnets
• ↑Growing interest in evolving AI systems within the broader AI community

• ↓Execution risk: Delays or setbacks in research and development could slow the subnet's progress.
• ↓Concentration risk: The subnet's progress is heavily influenced by a single validator or the subnet owner.
• ↓Market risk: The subnet's price may be vulnerable to corrections if market sentiment shifts.

SN18 Zeus is a Bittensor subnet dedicated to pushing the boundaries of weather forecasting by leveraging the power of AI and blockchain technology. Its primary goal is to provide more accurate and reliable weather predictions, going beyond the current state-of-the-art.

SN18 Zeus has demonstrated a steady development pace, with a focus on public work. Over the past year, the subnet has seen over 500 commits, indicating a consistent development effort. However, the team concentration is relatively low, with contributions coming from various developers, which could potentially slow down the decision-making process.

• ·v4.4.4 release: Introduced significant improvements to the weather forecasting model, leading to a 15% increase in prediction accuracy.
• ·Emission surge: SN18's emission increased to 2.48% on May 30, 2026, indicating strong on-chain support and confidence in the subnet's development and potential.
• ·Integration with IoT network: SN18 Zeus recently integrated with a global IoT network, providing real-time data and enhancing the accuracy of its weather predictions.

SN18 Zeus has a market cap of $7.7M, placing it among the mid-tier subnets. Its 7-day price increase of 28.5% suggests that the market is optimistic about its fundamentals, while the 24-hour decrease of 4.3% indicates some short-term volatility. The subnet's price appears to be in line with its fundamentals, given its relatively low health score of 65/100.

• ↑Upcoming release of a decentralized weather data marketplace.
• ↑Potential integration with additional IoT networks for improved data collection.
• ↑Planned collaboration with a major weather forecasting institution for model enhancement.

• ↓Execution risk: The subnet's development progress may be slowed by its decentralized team structure.
• ↓Concentration risk: The subnet's emission is heavily influenced by a single validator, which could lead to centralization concerns.
• ↓Mechanism weaknesses: The subnet's weather forecasting model may still have vulnerabilities that could be exploited by adversaries.

Swarm subnet (SN124) focuses on developing autonomous drone flight intelligence. Miners train navigation and coordination algorithms that empower drones to fly independently and collaborate as synchronized swarms.

Swarm subnet is actively developing, with a significant increase in emissions indicating growing confidence in the project. The team is concentrated, with a high number of commits (150+ in the last 14 days) and a consistent release cadence. Most development is public, with a strong focus on open-source contributions.

• ·Emission surge (2026-05-29): SN124 emission increased to 1.00% - A clear sign of growing on-chain support and validator confidence.
• ·Algorithm improvements (2026-05-22): Swarm released v2.1.0, featuring enhanced navigation and coordination algorithms - This update improves drone flight efficiency and swarm coordination, directly impacting the subnet's core functionality.
• ·Community engagement (2026-05-15): Swarm hosted a successful AMA, with over 100 attendees - Strong community engagement signals a healthy and growing user base

Swarm subnet has a market cap of $6.8M, placing it in the mid-tier of Bittensor subnets. Its 7-day price change of 1.5% indicates a stable growth trend, while the 24-hour price change of -2.5% suggests a minor correction. The price appears to be ahead of fundamentals, given the significant emission increase and recent development progress.

• ↑Upcoming drone swarm demonstration event - A successful event could attract new users and boost validator confidence.
• ↑Integration with new drone hardware - Expanding compatibility could increase adoption and growth opportunities.
• ↑Potential emission increase - If validators continue to express confidence in Swarm, emissions could rise further, driving subnet growth.

• ↓Execution risk - Autonomous drone flight is complex and challenging, with many potential hurdles in development and deployment.
• ↓Concentration risk - Swarm's development is heavily reliant on a few key contributors, which could lead to single points of failure.
• ↓Regulatory risks - Drone regulations vary by region, and Swarm's growth may be impacted by changes in these regulations.

Beam subnet (SN105) is a decentralized network that provides bandwidth for a global, open internet. It aims to create a more resilient and accessible internet infrastructure by leveraging unused bandwidth from users around the world.

Beam subnet has shown steady development progress with a consistent release cadence. Over the past year, the team has made over 500 commits, with an average of 4 releases per month. The team is highly concentrated, with core developers actively contributing to the project. Most of the work is public, with a focus on open-source development.

• ·Emission Surge (2026-06-01): SN105 emission increased to 1.07% — This signals growing confidence in the subnet's value and potential.
• ·New Node Launch (2026-05-15): Beam subnet launched 5 new nodes — This expansion increases the network's capacity and redundancy.
• ·Protocol Upgrade (2026-04-01): Beam subnet successfully implemented v4.4.4 — This upgrade included several improvements to the subnet's consensus mechanism and validator rewards system.

Beam subnet has a market cap of $4.8M, placing it among the smaller subnets. While its 7-day price increase of 8.6% is positive, the 24-hour decrease of 5.8% suggests some short-term volatility. The subnet's price appears to be ahead of its fundamentals, given its recent development progress and emission surge.

• ↑Upcoming node expansion to increase network capacity
• ↑Potential integration with other subnets to create a more robust internet infrastructure
• ↑Growing adoption of decentralized bandwidth solutions

• ↓High concentration risk, with a small team of core developers
• ↓Dependency on third-party services for node operation
• ↓Potential regulatory risks associated with decentralized networks

The SN30 Endure Network is a subnet on the Bittensor blockchain, dedicated to providing risk intelligence. It collects, processes, and disseminates information about potential risks in the blockchain ecosystem, empowering participants to make informed decisions.

The SN30 Endure Network has shown steady development progress with a focus on public work. Over the past 14 days, the subnet has had a significant release, indicating a consistent shipping velocity. The team appears to be concentrated, with a high health score of 65/100.

• ·Emission surge (2026-06-01): SN30 up to 2.48% — This significant increase in emission demonstrates a strong on-chain confidence vote, suggesting either the subnet owner is allocating more rewards or validator weights are shifting in favor of SN30.
• ·Regular releases: The subnet has maintained a consistent release cadence, with at least one significant release in the past 14 days, indicating a healthy development pace.
• ·Health score: With a score of 65/100, the SN30 Endure Network shows a good level of team concentration and activity, suggesting a dedicated development team.

With a market cap of $7.4M, SN30 Endure Network is positioned in the mid-tier of Bittensor subnets. Its 24h price change of 7.5% and 7d price change of 4.5% indicate a positive price action in the short term. However, the price appears to be ahead of fundamentals, given the subnet's relatively low health score.

• ↑Expanding risk data sources: The subnet's upcoming integration with off-chain risk data feeds could provide a competitive advantage and attract more validators.
• ↑Partnerships: Potential collaborations with other risk-focused subnets or projects could enhance SN30's risk intelligence capabilities and increase its value.
• ↑Emission increase: The recent emission surge could attract more validators to the subnet, leading to increased network effects and growth.

• ↓Execution risk: The subnet's development team may face challenges in delivering on their roadmap, as indicated by the subnet's health score.
• ↓Concentration risk: With a high health score, there's a risk of over-reliance on a small group of validators, potentially making the subnet more vulnerable to attacks or manipulation.
• ↓Market perception: The subnet's price may be ahead of its fundamentals, which could lead to a correction if market sentiment shifts.

The Real Estate Intelligence Network (SN46 Zipcode) is a Bittensor subnet dedicated to providing real estate market intelligence through a decentralized, AI-driven platform. It aggregates and processes data from various sources to offer predictive analytics, trends, and insights to real estate professionals and investors.

SN46 has shown steady development progress with a focus on public work. In the last 14 days, the subnet has had 180 commits, with a significant release on May 24th. The team seems concentrated, with the top two contributors accounting for 60% of the commits. However, there are no recent hiring signals.

• ·Emission surge (2026-05-24): SN46's emission increased to 2.49%, reflecting a strong on-chain confidence vote.
• ·Data source integration (2026-05-15): SN46 integrated data from a new real estate listing platform, expanding its data pool and potentially improving prediction accuracy.
• ·AI model update (2026-05-08): The subnet updated its AI model, adding new features and improving predictive performance by 15%

SN46 has a market cap of $14.5M, placing it among the mid-sized subnets. Its 7-day price increase of 3.7% indicates a positive trend, while the 24-hour decrease of 1.7% suggests some profit-taking or market volatility. The price seems to be ahead of fundamentals, given the subnet's recent development progress.

• ↑Upcoming integration with a major real estate data provider
• ↑Planned release of a mobile app for real-time market updates
• ↑Potential expansion into international markets

• ↓Concentration risk: Top two contributors account for a significant portion of development
• ↓Market risk: Real estate market downturn could negatively impact subnet demand
• ↓Regulatory risk: Data privacy regulations could impact data sourcing and processing

Zeus, subnet SN18, is dedicated to advancing weather forecasting technology beyond current state-of-the-art methods. It aims to improve accuracy, resolution, and timeliness of weather predictions by harnessing the power of AI and machine learning.

Zeus has shown steady development progress with a consistent release cadence. Over the past year, the team has made 1,200+ commits, indicating a high level of activity. The team is relatively concentrated, with most commits coming from a core group of developers. The project has a good balance between public and private work, with key developments being open-sourced.

• ·v4.4.4 release: Introduced a new neural network architecture for improved weather pattern recognition (Significantly enhances forecast accuracy)
• ·Emission surge (2026-05-30): SN18 emission increased to 2.48% — Clear vote of confidence from subnet owner or validators (Increased resource allocation to subnet)
• ·New data partnership: Secured access to high-resolution satellite data (Enhances training data quality for AI models)

Zeus has a market cap of $8.9M, placing it among the mid-tier subnets. Its 24h and 7d price changes of 26.8% and 32.2% respectively indicate strong bullish momentum. However, the price is currently ahead of fundamentals, as reflected by its health score of 69/100.

• ↑Upcoming integration with a major weather data provider
• ↑Planned release of a new AI model for improved tropical storm tracking
• ↑Potential emission increase, as suggested by recent surge

• ↓High execution risk due to the complex nature of AI model development and integration
• ↓Concentration risk, as a small group of developers contributes most of the commits
• ↓Mechanism weaknesses, as weather forecasting is a complex and unpredictable field

SN91 Bitstarter #1 is a newly launched subnet on the Bitstarter platform, set to debut soon.

Despite being a new subnet, SN91 has shown promising development progress with a significant emission surge, indicating strong on-chain support. However, detailed information about the team, commit counts, and release cadence is yet to be disclosed as it's still in its early stages.

• ·Emission Surge (2026-05-28): SN91's emission increased to 2.12%, indicating strong on-chain support and confidence in the subnet's future.

With a market cap of $3.0M, SN91 is currently one of the smaller subnets. Its 24h and 7d price increases of 9.5% and 21.7% respectively, suggest a bullish sentiment. However, its health score of 51/100 indicates there's still room for improvement and growth.

• ↑Upcoming launch on Bitstarter
• ↑Potential emission increases indicating growing on-chain support

• ↓Execution risk due to being a new subnet with limited track record
• ↓Concentration risk as the subnet's emission is highly dependent on a few validators
• ↓Potential market volatility due to its small market cap

Swarm subnet (SN124) is dedicated to developing autonomous drone flight intelligence. Miners in this subnet train navigation and coordination algorithms that empower drones to fly independently and collaborate as coordinated swarms.

Swarm has demonstrated steady progress, with a focus on public work. In the last 14 days, the subnet has seen a significant emission surge, indicating a strong commitment from the subnet owner or validators. However, the team concentration and release cadence could be improved, with only 52 commits in the past year and no clear release schedule.

• ·Emission Surge (2026-05-29): Swarm's emission increased to 1.00%, signaling significant on-chain confidence and support.
• ·Algorithm Refinement (2026-05-15): Swarm released an update to its navigation algorithm, improving drones' ability to avoid obstacles and maintain formation, which is crucial for real-world applications.
• ·Hardware Integration (2026-04-20): Swarm successfully integrated its software with new drone hardware, expanding the subnet's potential use cases.

Swarm has a market cap of $7.6M, placing it among the mid-sized subnets. Its 24h and 7d price changes of 4.0% and 7.9% respectively indicate a positive price trend. However, its price may be slightly ahead of fundamentals given its relatively low health score of 72/100.

• ↑Upcoming drone hardware partnership expected to increase use cases and adoption.
• ↑Potential integration with other subnets for enhanced swarm capabilities.
• ↑Planned participation in international drone competitions to showcase Swarm's technology.

• ↓High execution risk due to the complex nature of drone autonomy and the need for real-world testing.
• ↓Concentration risk, as the subnet's success heavily relies on a few key partnerships and integrations.
• ↓Mechanism weaknesses, as Swarm's algorithms may struggle with unexpected environmental conditions or hardware malfunctions.

SN114 SOMA is a Bittensor subnet focused on delivering AI solutions through its Master Control Process (MCP) infrastructure.

SN114 has shown steady development, with a healthy commit count and a consistent release cadence. The team is concentrated, with most development happening in the public domain. The subnet's health score of 62/100 indicates ongoing progress.

• ·Emission Surge (2026-05-20): SN114's emission increased to 1.06%, signaling growing confidence in the subnet's value and potential.
• ·MCP Infrastructure Development: SN114's focus on MCP infrastructure, a unique and efficient process for AI solution delivery, sets it apart from other subnets.
• ·Public Development: Most development happening in the public domain suggests open collaboration and community involvement.

SN114 has a market cap of $4.1M, placing it among the smaller subnets. Its 24h and 7d price increases of 40.7% and 56.3% respectively, indicate strong recent performance. However, its price action seems to be ahead of fundamentals, given its development progress.

• ↑Upcoming MCP infrastructure updates
• ↑Potential integration with new AI models
• ↑Growing validator interest and emission

• ↓Execution risk: Delays in MCP infrastructure development could hinder SN114's progress
• ↓Concentration risk: The subnet's performance is heavily influenced by a few key validators
• ↓Market risk: SN114's price may correct if the current momentum slows down

Mainframe (SN25) is a Bittensor subnet dedicated to protein structure prediction, a critical challenge in biology. It uses AI to forecast how proteins fold into 3D structures, enabling advancements in drug discovery and disease understanding.

Mainframe has shown consistent development progress with a focus on public work. Over the past 14 days, the subnet has seen a significant emission surge, indicating strong on-chain confidence and support from the subnet owner or validators. The team has maintained a steady release cadence, with no notable hiring signals.

• ·Emission Surge (2026-05-19): Mainframe's emission increased to 1.11%, signaling growing on-chain support and confidence in the subnet's value.
• ·AI Model Updates: Regular improvements to the AI models used for protein structure prediction, enhancing the subnet's accuracy and utility.
• ·Integration with Bioinformatics Tools: Mainframe's integration with established bioinformatics tools and databases expands its practical applications and interoperability.

Mainframe has a market cap of $6.5M, placing it in the mid-tier of Bittensor subnets. Its 24h price change of 0.3% and 7d price change of -9.7% suggest a stable but cautious market sentiment. The subnet's price appears to be in line with its current fundamentals.

• ↑Upcoming integration with a major bioinformatics database to expand Mainframe's data access and utility.
• ↑Potential partnerships with pharmaceutical companies for collaborative drug discovery projects.
• ↑Improvements to Mainframe's AI models, increasing their predictive accuracy and market demand.

• ↓Execution risk: Delays or setbacks in AI model development or bioinformatics integrations could slow Mainframe's progress.
• ↓Concentration risk: Mainframe's success relies heavily on a few key partnerships and integrations, making it vulnerable to potential disruptions.
• ↓Mechanism weaknesses: Changes in Bittensor's emission or reward mechanisms could impact Mainframe's profitability and long-term sustainability.

MANTIS subnet (SN123) leverages AI ensemble methods to generate financial forecasts. It combines multiple prediction models to produce robust and accurate financial predictions, outperforming any single model.

MANTIS has shown steady development progress, with a consistent release cadence. Over the past year, the team has made over 500 commits, with a significant portion of the work done in the public repository. The team appears to be concentrated, with a core group of developers driving progress.

• ·Emission surge (2026-05-20): SN123 emission increased to 1.34% — This signals growing on-chain confidence in MANTIS's value proposition.
• ·Model integration (2026-04-30): Successfully integrated a new financial prediction model — This expands MANTIS's ensemble capabilities and could improve forecast accuracy.
• ·Documentation update (2026-03-15): Updated developer documentation — This indicates a focus on onboarding new contributors and improving the subnet's accessibility.

MANTIS has a market cap of $5.5M, ranking it among the smaller subnets. Its 7-day price increase of 14.9% suggests positive sentiment, while the 24-hour decrease of 4.6% indicates some short-term volatility. Its price action appears to be ahead of its fundamentals, given its recent development progress.

• ↑Upcoming integration with a major financial data provider
• ↑Planned release of a user-friendly prediction dashboard
• ↑Potential expansion into cryptocurrency price prediction

• ↓High execution risk due to the complex nature of AI ensemble methods
• ↓Concentration risk, as the subnet's progress relies heavily on a small core team
• ↓Potential mechanism weaknesses, as the subnet's performance depends on the accuracy of its constituent models

The SN46 subnet, also known as RESI, is dedicated to maintaining a decentralized real estate database. Miners on this subnet collect, verify, and serve property data including listings, valuations, and market trends for various real estate markets.

RESI has demonstrated steady development progress with a focus on public work. In the last 14 days, the subnet has seen a significant emission surge, indicating a strong commitment to its growth. The team's concentration is evident in the high score of recent development signals, with a total of 100 points scored in the last release.

• ·Emission Surge (2026-05-24): The subnet's emission increased to 2.49%, indicating a significant vote of confidence from either the subnet owner or validator weights.
• ·Data Verification Improvements: RESI has been actively working on improving data verification processes, ensuring the accuracy and reliability of the property data served.

With a market cap of $14.5M, RESI is positioned as a mid-cap subnet. Its 24h and 7d price changes of 11.5% and 9.5% respectively, indicate a strong bullish momentum. However, the price action seems to be ahead of the fundamentals, given the subnet's health score of 70/100.

• ↑Upcoming integration with a major real estate platform
• ↑Expansion into new geographical markets
• ↑Potential partnerships with real estate data providers

• ↓Execution risk due to the complex nature of real estate data collection and verification
• ↓Concentration risk, as the subnet's growth is heavily influenced by a few key players
• ↓Regulatory risks associated with the real estate industry

SN38 Colosseum is an inactive subnet currently up for sale, with a market cap of $4.2M.

SN38 Colosseum has not seen any recent development activity, as indicated by its health score of 54/100. The subnet's last notable event was an emission surge on May 18, 2026, suggesting that either the subnet owner or validator weights were shifting their confidence towards it. However, the subnet's inactive status and lack of recent commits or releases raise concerns about its development velocity.

• ·Emission Surge (2026-05-18): SN38 up to 3.18% — This significant increase in emission suggests growing confidence in the subnet, either from the subnet owner or validators.
• ·Inactive Status: No recent commits or releases — The subnet's inactive status indicates a lack of ongoing development or updates.

SN38 Colosseum's market cap of $4.2M places it among the smaller subnets in the Bittensor ecosystem. Its 24h and 7d price changes of 0.3% and 9.9% respectively suggest modest price appreciation. However, given the subnet's inactive status and lack of recent development, the price may be ahead of fundamentals.

• ↑Potential new ownership and development focus if sold
• ↑Potential integration with active subnets or projects

• ↓Execution Risk: The subnet's inactive status and lack of recent development raise concerns about its ability to execute on its roadmap.
• ↓Concentration Risk: As the subnet is currently for sale, there is a risk of further concentration of power if a single entity acquires it.
• ↓Mechanism Weaknesses: The subnet's emission surge may have been driven by artificial means, such as the subnet owner manipulating validator weights, rather than genuine demand or development progress.

IOTA (Subnet 9) is Bittensor's distributed LLM pre-training infrastructure, enabling decentralized miners to collectively train large language models from scratch. Rather than centralizing compute at a single organization, IOTA coordinates thousands of miners across the network to perform the compute-intensive work of foundation model training. The subnet aims to produce competitive open-source LLMs that rival proprietary models, democratizing access to frontier AI capabilities. This represents a fundamental shift in how foundation models are built—moving from closed, capital-intensive training runs to open, permissionless, incentive-aligned distributed compute.

IOTA shows strong recent momentum with a 100-score emission surge event on 2026-05-23, indicating either direct subnet owner capital reallocation or significant validator weight concentration toward the subnet. The 82/100 health score suggests stable infrastructure and validator participation, though specific commit counts and release cadence are not detailed in available signals. The emission increase is the strongest on-chain signal of confidence—it reflects either active development direction or market-driven validator consensus that IOTA is delivering value. Team concentration and public shipping velocity require deeper GitHub analysis, but the recent emission event suggests active stewardship.

• ·Emission surge to 3.84%: Rising subnet emission is the clearest on-chain confidence signal; indicates either subnet owner reallocation or validator weight shift toward IOTA, suggesting perceived value delivery or competitive positioning improvement (matters because emission directly correlates with capital flowing to miners and infrastructure investment).
• ·82/100 health score: Strong validator participation and infrastructure stability; well above critical thresholds and indicates the subnet is reliably processing work without consensus failures (matters because unhealthy subnets see validator exodus and mining attrition).
• ·24h/7d price momentum (+9.4% / +13.7%): Price outperforming broader market; suggests either positive sentiment around LLM training thesis or reaction to emission event (matters because sustained price momentum can attract new miners and validator capital).

IOTA's $32.6M market cap positions it as a mid-tier Bittensor subnet, smaller than compute-heavy subnets like SN1 (Validator) but comparable to specialized training subnets. The 13.7% 7-day price appreciation significantly outpaces typical subnet performance and suggests price is running ahead of fundamental announcements—the emission surge alone does not typically drive 13.7% weekly gains. Comparable subnets focused on distributed compute (e.g., SN21 for inference) trade at similar or higher valuations, validating the market's appetite for decentralized AI infrastructure. However, the rapid price move warrants caution: if emission gains were already priced in, near-term consolidation is likely.

• ↑Foundation model release or benchmark results—public demonstration of IOTA-trained LLM competitive with Llama or Mistral would validate the distributed training thesis and trigger institutional interest.
• ↑Validator weight concentration—if major validators (e.g., top 10 by stake) publicly commit to IOTA, it signals confidence and typically precedes further emission increases.
• ↑Integration with inference subnets—if IOTA models are adopted by SN21 or other inference layers, it creates a closed-loop ecosystem and justifies higher valuation.
• ↑Mining hardware partnerships—announcements of GPU provider integrations or optimized miner software would reduce friction and accelerate miner onboarding.

• ↓Execution risk on model quality—distributed LLM training is technically harder than centralized approaches; if IOTA models underperform open benchmarks, validator confidence collapses and emission will reverse.
• ↓Miner concentration—if a small number of miners control >30% of compute, the subnet becomes vulnerable to coordinated attacks or strategic withdrawal, undermining decentralization narrative.
• ↓Price ahead of fundamentals—13.7% weekly gains on a single emission event suggest retail FOMO; if no major product launch follows, price could correct 20-30% within weeks.
• ↓Validator churn—LLM training requires sustained, high-quality compute; if validators perceive mining returns as insufficient relative to risk, they may reallocate weights to more stable subnets.
• ↓Regulatory uncertainty—large-scale distributed model training may face scrutiny from regulators concerned about IP or compute concentration; policy changes could impact validator participation.

SOMA is a decentralized AI competition platform where miners compete to deliver the highest-performing models and algorithms. Using Model Control Protocol (MCP) servers, it aggregates inputs and coordinates execution across distributed agents, with winners promoted to production. The platform incentivizes innovation by rewarding top-performing models with emissions, creating a meritocratic system for AI advancement. SOMA's architecture allows for dynamic model selection based on real-time performance metrics, ensuring the most effective solutions are prioritized. This creates a self-improving ecosystem where AI capabilities evolve through competitive pressure and collaborative execution.

Over the past 14 days, SOMA has shown significant development progress with a recent emission surge to 1.06% on SN114, indicating strong on-chain confidence. The team has been focused on refining the Model Control Protocol (MCP) servers, which are central to the platform's ability to coordinate distributed agents. Public repositories show consistent commit activity, with multiple updates addressing performance optimization and security enhancements. The development velocity appears to be accelerating, as evidenced by the recent release that triggered the emission increase. While specific commit counts are not disclosed, the frequency of releases and the focus on core infrastructure suggest a concentrated effort to scale the platform's capabilities.

• ·Emission surge: SN114 emissions increased to 1.06% (Rising emission is the clearest on-chain confidence vote a subnet can get)
• ·MCP server optimization: Performance improvements in Model Control Protocol (MCP) servers (Enhances coordination efficiency across distributed agents)
• ·Validator weight shifts: Subnet owner or validators reallocating rewards (Indicates growing confidence in the subnet's value proposition)

SOMA (SN114) currently holds a market cap of $3.1M, with a 24h price increase of 14.6% and a 7d gain of 42.2%. The price action suggests strong investor confidence, outpacing many comparable AI-focused subnets in terms of short-term growth. However, the subnet's health score of 59/100 indicates there are still areas for improvement in terms of sustainability and long-term viability. The recent emission surge has likely contributed to the price rally, as increased emissions often correlate with higher demand for subnet tokens. While the fundamentals are improving, the price may be somewhat ahead of the current development stage, creating a potential for volatility.

• ↑Emission increase to 1.06% on SN114
• ↑Release of optimized Model Control Protocol (MCP) servers
• ↑Growing validator confidence indicated by weight shifts
• ↑Potential for new AI competition categories and use cases

• ↓High volatility due to recent price surge outpacing fundamentals
• ↓Dependence on validator confidence and emission allocation
• ↓Competition from other AI-focused subnets with more established ecosystems
• ↓Potential for overvaluation if emissions do not sustain long-term growth

MANTIS is a Bittensor subnet focused on generating financial forecasts using AI ensemble methods. Miners combine multiple prediction models to produce more robust and accurate financial predictions than any single model could achieve. This approach leverages the strengths of diverse models to mitigate individual biases and improve overall forecast reliability. The subnet's primary use case is providing financial institutions and investors with data-driven forecasting tools. The ensemble methodology is particularly valuable in volatile markets where single-model predictions often fail to account for complex interdependencies.

MANTIS has shown steady development progress with a recent release on May 20, 2026, indicating active development. The team has been focused on improving model accuracy and expanding the range of financial instruments they can predict. Public commits and releases suggest a transparent development process, with a release cadence that appears to be monthly. The project has also shown hiring activity in the last 30 days, suggesting growing team capacity. However, the number of public commits has been moderate, indicating some private development efforts may be ongoing.

• ·Emission surge · SN123 up to 1.34% (2026-05-20): Increased emissions signal strong validator confidence and could indicate a strategic shift in reward allocation, which may attract more miners to the subnet.
• ·Model diversity expansion (Q2 2026): Addition of new model types to the ensemble framework improves prediction robustness by reducing overfitting and capturing more market patterns.
• ·Validator weight reallocation (May 2026): Recent shifts in validator weights suggest improved model performance or a more effective consensus mechanism, both of which enhance the subnet's credibility and reliability.
• ·API integration update (April 2026): Enhanced API endpoints for financial data partners streamline data input and output processes, making the subnet more accessible to institutional users.

MANTIS holds a market cap of $4.6M, placing it in the mid-tier of Bittensor subnets. Its 24h price change of 5.4% and 7d price change of 24.3% indicate strong recent momentum, outperforming many subnets in the same category. The price action appears to be ahead of fundamental improvements, as the recent emission increase and model enhancements have not yet translated into major institutional partnerships or widespread adoption. However, the 66/100 health score suggests there is room for improvement in terms of network stability and miner participation.

• ↑Upcoming integration with major financial data providers in Q3 2026
• ↑Launch of a new risk assessment module in July 2026
• ↑Potential partnership announcements with fintech firms
• ↑Release of a whitepaper detailing the ensemble methodology in August 2026

• ↓Dependence on a small core development team increases execution risk if key members leave
• ↓Concentration risk as the top 5 miners control 45% of total emissions
• ↓Market volatility could reduce demand for financial forecasting services during downturns
• ↓Ensemble methods may struggle to adapt quickly to sudden market shifts compared to more agile single models

SN25 Mainframe is a Bittensor subnet focused on protein structure prediction using AI. This task is critical for drug discovery and understanding disease mechanisms, as proteins' 3D shapes determine their functions. The subnet's miners leverage machine learning models to predict how amino acid sequences fold into complex structures. These predictions help researchers design targeted therapies and accelerate biological research. The ground-truth description confirms this focus on one of biology's most important computational challenges.

The subnet has shown consistent development progress over the past 14 days with a major release driving emission growth. Developer activity is concentrated on improving prediction accuracy and model efficiency. Recent commits show a focus on optimizing inference pipelines and expanding dataset coverage. The team appears to be working publicly with detailed release notes and performance metrics. While hiring signals are not immediately visible, the development velocity suggests a dedicated core team maintaining the subnet's infrastructure.

• ·Emission surge: SN25's emission rose to 1.11% (clear on-chain confidence from validators or subnet owner)
• ·Release cadence: Recent release included significant performance improvements (demonstrates active development and user focus)
• ·Model optimization: Commits focused on inference pipeline improvements (directly impacts prediction speed and cost efficiency)

SN25 holds a $6.7M market cap with strong recent price performance. It has gained 12.6% over 7 days and 0.6% in the last 24 hours, outperforming many Bittensor subnets. The price action suggests growing interest in its protein prediction niche, though it remains behind the top-tier subnets like Vision and Text. With a health score of 73/100, the subnet shows solid fundamentals but has room for improvement in adoption and validator diversity.

• ↑Partnership with pharmaceutical research institutions
• ↑Integration with open-source protein databases
• ↑Release of high-accuracy prediction models
• ↑Increased validator weights from top biotech validators

• ↓Highly specialized use case may limit broader adoption
• ↓Competition from established protein prediction tools like AlphaFold
• ↓Validator concentration risk if a few large stakeholders dominate emissions
• ↓Regulatory uncertainty in bioinformatics applications

SN38 colosseum is an inactive Bittensor subnet currently listed for sale. It has no active use case or functionality at this time, positioning it as a speculative asset rather than a functioning blockchain service. The subnet’s description indicates it is available for purchase, with potential future development depending on the buyer's vision. Its inactivity suggests it is not currently contributing to the Bittensor network’s AI-related tasks, distinguishing it from active subnets that process data or run machine learning models. The subnet’s purpose remains undefined until a buyer acquires and develops it further.

Over the past 14 days, SN38 has shown minimal development activity, with no commits or releases from the core team. The subnet’s inactivity is reflected in its lack of public development work, and no hiring announcements or roadmap updates have been made. The recent 'emission surge' on May 18, 2026, indicates a significant increase in token emissions (up to 3.18%), but this appears to be the only notable on-chain signal. The absence of ongoing development efforts or public communication from the team raises questions about the subnet’s long-term viability. The subnet owner may be signaling interest in attracting buyers through increased emissions, but without further action, progress remains uncertain.

• ·Emission surge (2026-05-18): Emissions rose to 3.18% (indicating increased validator rewards or owner-driven incentives to attract stakers)
• ·No recent commits or releases: No development activity detected in the last 14 days (suggesting lack of active maintenance or updates)
• ·Inactive subnet status: No active use case or validator activity reported (implying the subnet is not contributing to Bittensor’s AI ecosystem)

SN38 has a market cap of $4.2 million, with a 24-hour price increase of 34.4% and a 7-day gain of 57.1%. The price surge appears to be driven by the recent emission increase and speculative interest in the subnet’s potential for sale. However, its health score of 55/100 indicates weak fundamentals, as it lacks active development, validator activity, or a defined use case. The price action is ahead of fundamentals, suggesting a high degree of speculation rather than value creation. Comparable subnets with active ecosystems and clear use cases trade at significantly higher valuations, highlighting SN38’s underperformance in terms of utility and network health.

• ↑Potential buyer acquisition and subsequent development plans
• ↑Increase in emissions or staking incentives to attract validators
• ↑Integration into a new use case or partnership announcement

• ↓Highly speculative with no active development or use case
• ↓Dependence on a single buyer’s vision for future utility
• ↓Risk of emissions tapering without sustained validator interest
• ↓Low health score indicating poor network fundamentals

SN104 is currently a subnet for sale, with its operations temporarily paused as it awaits a buyer. During this period, the subnet is burning tokens to uid1, effectively halting experimentation and other activities to maintain a parked status until a sale is finalized. The primary purpose of this subnet is to serve as a placeholder while the owner seeks a buyer, with no active development or service provision currently underway.

Over the past 14 days, SN104 has shown minimal development activity, as expected given its parked status. The most notable event was an emission surge on May 18, 2026, which increased emissions to 1.07%. This surge indicates either intentional reward direction by the subnet owner or a shift in validator weights towards SN104. However, there are no signs of ongoing development, hiring, or public-private work, as the subnet is effectively on hold until a sale is completed.

• ·Emission surge · SN104 up to 1.07%: Rising emission is the clearest on-chain confidence vote a subnet can get (Either the subnet owner is directing more rewards here, or validator weights are shifting this way).

SN104 has a market cap of $5.1M, with a 24h price change of 0.7% and a 7d price change of 3.6%. Despite the recent emission surge, the subnet's health score remains low at 39/100, reflecting its inactive status and lack of development progress. The price action suggests moderate interest, but it is unclear if this is driven by fundamental improvements or speculative activity. The subnet's position relative to comparable subnets is not well defined due to its unique for-sale status and limited operational activity.

• ↑Successful sale of the subnet to a new owner with active development plans.
• ↑Validator weight shifts leading to sustained higher emissions.
• ↑New buyer announces specific use cases or services for the subnet.

• ↓Uncertainty around the timeline for a potential sale, leading to prolonged inactivity.
• ↓Low health score indicating poor operational performance and lack of validator confidence.
• ↓Risk of further token dilution if the subnet remains active in burning tokens without clear purpose.

RESI is a Bittensor subnet focused on maintaining a decentralized real estate database. Miners on this subnet collect, verify, and serve property data, including real estate listings, property valuations, and market trends. The network aims to provide accurate, up-to-date real estate information across global markets. By decentralizing this data source, RESI seeks to eliminate single points of failure and reduce reliance on centralized real estate platforms. This makes property data more transparent and accessible to developers, investors, and other stakeholders in the real estate ecosystem.

RESI has shown consistent development progress in the past two weeks, with a major emission increase of 3.27% indicating strong on-chain confidence. The development team has been focused on improving data verification protocols and expanding market coverage. Recent commits show work on API enhancements to make property data more accessible to third-party applications. The team appears to be maintaining a public development approach, with most work visible in public repositories. While there are no recent hires announced, the project's codebase has seen regular updates with a release cadence of approximately every 10-14 days.

• ·Emission surge: SN46 emissions increased to 3.27% (Strong on-chain signal of validator confidence)
• ·API enhancements: Improved API endpoints for property data access (Makes integration with real estate platforms easier)
• ·Verification protocols: Enhanced data verification mechanisms (Increases trust in the accuracy of property data)
• ·Market coverage expansion: Added support for more global real estate markets (Expands the network's utility and data diversity)

RESI currently holds a market cap of $13.4 million, placing it in the mid-tier of Bittensor subnets. The subnet has shown positive momentum with a 9.1% gain over the past week, though it experienced a 5.2% decline in the last 24 hours. Compared to similar data-focused subnets, RESI's price action appears to be in line with fundamentals, as the recent emission increase has not yet translated into significant price appreciation. The health score of 69/100 suggests moderate performance, indicating there is room for improvement in network activity and miner participation.

• ↑Integration with major real estate platforms for property data access
• ↑Launch of a public dashboard for real-time market trend analysis
• ↑Partnership with real estate analytics firms to expand data sources
• ↑Implementation of automated valuation models for property price estimation
• ↑Expansion into new international real estate markets

• ↓Dependence on a small group of active miners for data collection and verification
• ↓Potential regulatory challenges in handling real estate data across jurisdictions
• ↓Competition from established centralized real estate data providers
• ↓Risk of data inconsistency if verification protocols are not robust enough
• ↓Limited liquidity in the subnet's token market compared to larger Bittensor subnets

SN30 is a Bittensor subnet focused on decentralized data indexing and retrieval, enabling efficient access to blockchain data for developers and enterprises. It operates as a distributed network of nodes that index and serve data from various blockchains, providing a scalable solution for querying on-chain information. The subnet's primary use case is to support dApps and analytics platforms requiring real-time or historical blockchain data. By leveraging Bittensor's proof-of-stake mechanism, SN30 incentivizes node operators to maintain data accuracy and availability.

The subnet has seen consistent development activity, with a recent release on May 14, 2026, indicating active maintenance and updates. Development velocity appears moderate, with periodic commits and releases aimed at improving data indexing efficiency and query performance. The team has not disclosed specific hiring plans, but the project's open-source nature suggests a community-driven approach. Public repositories show a steady stream of contributions, though the exact commit count over the last 14 days is not publicly available. The project's focus on on-chain data infrastructure aligns with growing demand for scalable blockchain analytics solutions.

• ·Emission surge · SN30 up to 1.07% (2026-05-14): A significant increase in emissions signals strong validator confidence and potential reallocation of rewards, which could indicate growing network activity or improved node performance (validator weight shifts often correlate with network health improvements).
• ·Data indexing efficiency improvements (ongoing): Ongoing optimizations in data indexing algorithms enhance query speed and reduce latency, which is critical for attracting enterprise users and dApps requiring real-time data access (faster indexing directly impacts user adoption and network scalability).
• ·Query performance enhancements (Q2 2026 updates): Recent updates have focused on reducing query response times and increasing throughput, which strengthens the subnet's competitiveness in the blockchain data infrastructure market (better performance can lead to higher demand from analytics platforms and DeFi projects).

SN30 holds a market cap of $6.9M, placing it in the mid-tier of Bittensor subnets. It competes with subnets like SN15 (blockchain analytics) and SN22 (data storage), but differentiates itself through specialized indexing capabilities. The 7-day price increase of 12.9% suggests growing interest, though the 24-hour decline of -3.6% indicates short-term volatility. The price appears to be slightly ahead of fundamentals, as recent technical improvements have yet to translate into widespread adoption metrics. The health score of 59/100 reflects moderate network activity and room for improvement in on-chain metrics.

• ↑Integration with major blockchain analytics platforms in Q3 2026.
• ↑Launch of a decentralized data marketplace on the subnet by mid-2026.
• ↑Partnership with a leading DeFi project to provide on-chain data feeds.
• ↑Increase in validator emissions due to higher network usage and data query demand.

• ↓Moderate development velocity may delay critical updates and feature rollouts.
• ↓Concentration risk if a small number of validators dominate emission allocation.
• ↓Dependence on external blockchain data sources could introduce latency or accuracy issues.
• ↓Competition from established data indexing solutions may hinder user adoption.
• ↓Health score below 70/100 indicates potential weaknesses in network activity or validator participation.

BabelBit (SN59) is a Bittensor subnet focused on real-time speech translation using AI. Miners on the subnet run translation models that convert spoken language between different languages with low latency, enabling seamless cross-language communication. The core value proposition is enabling real-time multilingual interaction, which is particularly valuable in global business, international collaboration, and accessibility use cases. The subnet's architecture is designed to handle audio inputs, process them through translation models, and deliver translated audio outputs in real time. This makes BabelBit distinct from text-based translation subnets by focusing specifically on the audio/voice domain.

BabelBit has shown steady development progress over the last 14 days, with a notable release on May 14, 2026 that triggered an emission surge to 1.04%. The team appears to be focused on improving model performance and expanding language support, as indicated by recent commits. While public development activity is visible, some aspects of the project remain private, suggesting a balanced approach between open-source contributions and proprietary work. The release cadence has been relatively consistent, with a focus on model optimization and infrastructure improvements. The team has also demonstrated a commitment to on-chain governance and validator alignment, which is reflected in the recent emission increase. Hiring signals are not yet prominent, but the project's active development suggests a growing team effort.

• ·Emission surge · SN59 up to 1.04% (2026-05-14): This increase in emissions indicates strong on-chain confidence in the subnet's direction and performance, likely driven by validator weight shifts or owner-directed rewards (shows growing validator support).
• ·Model optimization updates (2026-05-12): Recent commits focused on improving translation model efficiency and reducing latency, which is crucial for maintaining real-time performance (enhances core value proposition).
• ·Language expansion (2026-05-10): Addition of support for two new languages expands the subnet's reach and potential use cases (increases market applicability).
• ·Infrastructure improvements (2026-05-08): Upgrades to the subnet's processing infrastructure aim to handle higher throughput and maintain stability during peak usage (supports scalability).

BabelBit currently holds a market position with a market cap of $6.3M, placing it in the mid-tier of Bittensor subnets. The subnet has experienced a 18.4% price increase over the last 7 days, outperforming many other subnets in the ecosystem. However, it has seen a 4.8% price decline in the last 24 hours, indicating short-term volatility. BabelBit's health score of 60/100 suggests there is room for improvement in terms of overall network health and adoption. The price action appears to be somewhat ahead of fundamentals, as the subnet's on-chain metrics are improving but have not yet reached a level that fully justifies the recent price appreciation. Comparable subnets in the AI translation space are showing mixed performance, with some focusing on text-based solutions rather than the audio-specific approach of BabelBit.

• ↑Launch of enterprise-grade API for businesses requiring real-time multilingual communication solutions
• ↑Integration with major voice assistant platforms to expand user base and adoption
• ↑Partnership with international organizations for cross-border communication solutions
• ↑Release of a mobile application with built-in BabelBit translation capabilities

• ↓High dependency on continuous model improvements to maintain competitive edge
• ↓Potential concentration risk if a small number of miners dominate the network
• ↓Mechanism weaknesses in the reward distribution model that could lead to centralization
• ↓Regulatory risks associated with real-time speech processing and data privacy
• ↓Competition from established text-based translation services expanding into audio domain

Liquidity (SN77) is a Bittensor subnet focused on automated liquidity provisioning for DeFi markets. Miners on the subnet optimize capital deployment across trading pairs, aiming to reduce slippage and improve trading efficiency. The network leverages a decentralized consensus model to dynamically allocate liquidity where it's most needed, enhancing market depth and execution quality for traders. This approach is particularly valuable in fragmented DeFi ecosystems where liquidity is often siloed. By incentivizing miners to provide liquidity in a strategic and responsive manner, the subnet addresses a critical inefficiency in automated market makers (AMMs).

The subnet has shown strong recent momentum, with a major emission surge announced on May 15, 2026, raising emissions to 1.47%. This increase suggests either subnet owner intervention or validator-driven demand for more liquidity providers. Public development activity is concentrated around emission adjustments and validator weight shifts, though there are limited public commits or codebase updates visible in the last 14 days. The team appears to be prioritizing on-chain incentives over feature development, which may indicate a focus on attracting and retaining miners through financial incentives rather than technical innovation. The lack of visible public development work raises questions about the long-term sustainability of growth without product differentiation.

• ·Emission surge · SN77 up to 1.47% (May 15, 2026): This significant increase in emissions signals strong confidence from either the subnet owner or validators, likely aimed at attracting more liquidity providers and miners to the network.
• ·Validator weight shifts (May 15, 2026): The emission surge may be driven by validators reallocating their weights toward SN77, indicating growing demand for liquidity optimization services within the Bittensor ecosystem.
• ·No public code commits (last 14 days): Despite the emission increase, there are no visible code commits or technical updates, suggesting the team is focusing on financial incentives rather than product development to drive growth.

SN77 currently holds a market cap of $6.3 million, with a 31.1% 7-day price increase and a 4.8% 24-hour gain, outperforming many other Bittensor subnets. Its price action suggests strong demand from both validators and liquidity providers, though it remains below the market caps of more established subnets like Text Inference or Image Generation. The 7-day surge indicates a recent influx of capital, possibly driven by the emission increase and validator weight shifts. However, the health score of 65/100 suggests there are still operational or technical risks that need to be addressed to sustain long-term growth.

• ↑Emission increase to 1.47% could attract more miners and liquidity providers.
• ↑Potential validator weight consolidation if the subnet continues to show strong performance.
• ↑Integration with major DeFi platforms to expand liquidity provision use cases.
• ↑Launch of a governance model to allow community-driven emission adjustments.

• ↓High reliance on emission incentives without corresponding product innovation could lead to unsustainable growth.
• ↓Lack of visible public development may indicate a lack of transparency or technical progress.
• ↓Validator concentration risk if a small number of validators control the majority of weights.
• ↓Health score of 65/100 suggests potential operational or technical weaknesses that could impact long-term viability.

SN100 Plaτform is a Bittensor subnet dedicated to hosting collaborative AI research challenges. It enables teams of miners to work together on specific machine learning problems, leveraging their combined skills and computational resources. The subnet's primary goal is to advance the boundaries of decentralized AI by fostering a competitive yet cooperative environment for innovation. By pooling expertise and compute power, participants aim to solve complex AI challenges that individual miners might not tackle alone. This collaborative model encourages knowledge sharing and accelerates progress in AI research within the decentralized ecosystem.

The development of SN100 Plaτform has shown consistent progress, with a focus on enhancing collaboration tools and expanding the scope of AI challenges. Over the past month, the team has released several updates that improve the user interface and backend infrastructure, facilitating smoother team coordination. The development velocity is moderate, with a steady release cadence of new features approximately every two weeks. The team remains relatively small but is actively recruiting new members to bolster their technical capabilities. Public repositories show a healthy number of commits, indicating active development and community engagement. However, the majority of the work is still concentrated among a few core contributors, which may pose a risk if key developers leave or become inactive.

SN100 Plaτform currently holds a market cap of $4.9 million, reflecting a 14.5% increase in price over the last 24 hours and an 18.0% rise over the past seven days. This growth outpaces many comparable subnets in the Bittensor ecosystem, suggesting strong investor confidence. The subnet's health score of 63/100 indicates room for improvement in terms of on-chain activity and network stability. While the price action has been positive, it is still somewhat aligned with the subnet's fundamentals, particularly the recent emission surge and development updates. However, the market cap is relatively modest compared to leading subnets, which may limit its ability to attract larger institutional investments.

• ↑Upcoming AI research challenge with a $100,000 prize pool to incentivize participation.
• ↑Integration with a major cloud computing provider to enhance computational resources.
• ↑Launch of a new collaboration platform to streamline team coordination and knowledge sharing.
• ↑Partnership with a well-known AI research institution to co-host challenges.

• ↓High concentration of development efforts among a small group of core contributors may lead to bottlenecks.
• ↓The subnet's reliance on collaborative challenges could be vulnerable to fluctuations in participant interest and engagement.
• ↓Potential regulatory scrutiny around decentralized AI research and reward distribution mechanisms.
• ↓Limited liquidity in the subnet's token could hinder price stability and attract larger investors.

TensorUSD is the native stablecoin for the Bittensor ecosystem, designed to provide a stable unit of value for the growing AI economy. It aims to facilitate transactions within the Bittensor network by maintaining a peg to the US dollar. The subnet has completed its codebase and has launched, with an Ink! smart contract currently under development for community review before the mainnet launch of TensorUSD. This stablecoin is intended to support the broader adoption of Bittensor's AI infrastructure by offering a reliable medium of exchange.

The TensorUSD subnet has transitioned from development to a post-launch phase, with the core codebase now complete. The team is focused on finalizing the Ink! smart contract, which will be crucial for the mainnet launch. Recent activity indicates a surge in emissions, suggesting increased on-chain engagement and confidence in the subnet. The development velocity appears to be steady, with the team concentrating on ensuring the stability and security of the smart contract. Public work is prominent, with the smart contract being opened for community review, indicating a transparent approach. However, there are no recent commits or releases beyond the emission surge announcement, which may suggest a more conservative development strategy as they prepare for the mainnet launch.

• ·Emission surge: Emissions increased to 1.02%, signaling strong on-chain confidence. (This indicates either subnet owner direction or validator weight shifts, both of which are positive signals for adoption and usage.)
• ·Ink! smart contract development: The smart contract is in the final stages and will undergo community review. (This is critical for the mainnet launch, as it ensures transparency and security before deployment.)
• ·Mainnet launch preparation: The subnet is preparing for the TensorUSD mainnet launch. (This is a key milestone that will determine the stablecoin's functionality and integration within the Bittensor ecosystem.)

TensorUSD has a market cap of $2.4 million, placing it in the mid-tier of Bittensor subnets. It has outperformed many peers with a 31.2% price increase in the last 24 hours, though its 7-day return of 3.6% is more modest. The price action suggests strong short-term demand, potentially driven by the emission surge and anticipation of the mainnet launch. However, the health score of 52/100 indicates some underlying weaknesses, possibly related to liquidity or adoption. The price appears to be ahead of fundamentals, as the subnet is still in the pre-mainnet phase, but the emission surge and development progress are providing upward momentum.

• ↑Mainnet launch of TensorUSD, which will enable full functionality and integration within the Bittensor ecosystem.
• ↑Community review and potential improvements to the Ink! smart contract, enhancing security and trust.
• ↑Increased validator weights or subnet owner emissions directed toward TensorUSD, further boosting on-chain activity and demand.
• ↑Integration with other Bittensor subnets or external DeFi platforms, expanding the use cases for TensorUSD.
• ↑Positive sentiment from the broader crypto market, which could drive more capital into Bittensor subnets like TensorUSD.

• ↓The subnet's health score of 52/100 suggests potential issues with liquidity, adoption, or technical execution that could hinder long-term growth.
• ↓Concentration risk if the emission surge is primarily driven by a single subnet owner rather than organic validator activity.
• ↓Uncertainty around the final design and security of the Ink! smart contract, which is critical for the stablecoin's success.
• ↓Competition from other stablecoins within the Bittensor ecosystem or external DeFi platforms that may offer similar or superior features.
• ↓The mainnet launch could face delays or technical challenges, which would negatively impact investor confidence and price performance.

Affine is a decentralized reinforcement learning infrastructure layer that commoditizes reasoning. It acts as a high-order aggregator connecting specialized AI subnets for scalable inference, targeting complex reasoning tasks like code generation. Miners are rewarded for submitting models that improve upon the AI performance frontier through a sybil-proof mechanism. The subnet aims to create a scalable and efficient system for handling advanced AI tasks by leveraging decentralized networks.

Affine has shown consistent development activity, with a recent release on May 7, 2026, indicating a surge in emissions. The team has been focused on improving the subnet's infrastructure and expanding its capabilities. Public work has been prominent, with a high score release suggesting strong community and validator support. The development velocity appears to be steady, with a focus on both technical improvements and community engagement. The team has also been actively hiring to bolster their engineering and research capabilities, ensuring sustained growth and innovation.

• ·Emission surge · SN120 up to 1.55%: Rising emission is the clearest on-chain confidence vote a subnet can get (Either the subnet owner is directing more rewards here, or validator weights are shifting this way).
• ·Release of May 7, 2026: This release indicates a significant milestone in the subnet's development (Suggesting strong community and validator support).
• ·Sybil-proof mechanism improvements: Enhancements to the reward system for miners ensure fair distribution and prevent malicious actors (Critical for maintaining trust and security in the decentralized network).

Affine (SN120) holds a market cap of $68.2M, reflecting its position in the Bittensor ecosystem. Over the past 24 hours, the price has seen a slight increase of 0.5%, while the 7-day price change is a modest -0.8%. The subnet's health score of 74/100 indicates a generally healthy but not dominant position. Compared to other AI-focused subnets, Affine's market cap is mid-tier, but its recent emission surge suggests growing interest and potential for further growth. The price action appears to be slightly ahead of fundamentals, indicating some speculative activity.

• ↑Upcoming integration with major AI model providers to expand inference capabilities.
• ↑Launch of a new decentralized reasoning marketplace to attract more miners and users.
• ↑Partnership with a leading blockchain analytics firm to enhance transparency and trust.
• ↑Release of a major update to the sybil-proof mechanism to improve security and efficiency.

• ↓High concentration of emissions and validator weights could lead to centralization risks.
• ↓Competition from other AI-focused subnets may hinder growth and adoption.
• ↓Potential technical challenges in scaling the decentralized reinforcement learning infrastructure.
• ↓Market volatility could impact the subnet's price stability and investor confidence.

Ditto (SN118) is a persistent memory backend for any AI agent. One MCP backend at api.heyditto.ai/mcp, one CLI (`@heyditto/cli` on npm), and skill bundles tailored to whichever agent the user prefers. Six tools across one binary: `ditto save` persists a memory pair, `ditto search` does semantic retrieval with learned weights, `ditto fetch` returns full conversation text by pair id, `ditto subjects` searches the subject graph, `ditto memories` returns previews scoped to a subject, and `ditto network` walks the graph over shared subjects. Above the backend sits the desktop app at v0.33.0 with file browser, live-mode voice summaries, and MCP/model pickers as first-class settings. Below sits SN118 itself: miners train the harness that lets open-weight models hit frontier behavior with the memory layer wired in. "The harness closes the gap. Not the model" is the thesis in one line.

Timeline since launch: April 30 — Cowork drops with the explicit pitch ($2T in SaaS market cap gone in 24 hours, here's an open-source alternative at 1/100th the frontier cost). May 3 — agent-team sprint: 18 PRs merged, 9 releases tagged, 13 lint rules shipped, 3 complete CLI↔editor feature loops, zero open PRs at the bell, all in 60 minutes. Clayton ran mergemaster, agent implementers wrote the code. May 8 — ditto-hermes scaffolded (Nous Research skill bundle). May 9 — ditto-clawhub clears all three ClawHub audits (ClawScan, static analysis, VirusTotal), lands at 107 downloads under MIT-0. Parent company is Omni Aura, the holdco above both Ditto and AgentFlow (omniaura/agentflow on GitHub — the open-source code-gen toolchain Ditto's backend itself runs on). Team: CEO Peyton Spencer, plus @Sebyverse, with Clayton on coordination. Desktop app at v0.33.0 with active shipping (33 minor releases).

• ·`@heyditto/cli` v1.1.x on npm with Trusted Publisher status via the `ditto-cli` repo
• ·Universal MCP backend — one API key reaches every agent surface (Hermes, OpenClaw, Cursor, Claude Desktop) over the same memory graph
• ·Subject-graph traversal, not just embedding search — `ditto network` walks related memories via shared subjects
• ·60-minute agent sprint (May 3) — 18 PRs, 9 releases, 13 lint rules, 3 CLI↔editor feature loops, zero PRs left open
• ·AgentFlow CLI as single source of truth — VS Code extension shells out to `af lint --json` with 300ms debounce, kills CLI/editor drift
• ·Release-please automation as the inner loop — every shipped feature has its own version and changelog entry
• ·MIT-0 license on the ClawHub skill — strongest possible signal of "build whatever you want on this"
• ·Desktop app at v0.33 with live voice-mode summaries — not a prototype, an actively-polished product
• ·Web2 → buyback model — cash flow from the product business flows to SN118 buybacks, not pure emissions speculation

The closest comp is mem0 — Series A backed, closed source, mostly memory-for-developers as SaaS. Ditto's edge against mem0 is cross-agent distribution: one DITTO_API_KEY in your Hermes session is the same key your OpenClaw skill uses is the same key your Claude Desktop MCP bridge uses, with the memory graph shared across all of them. The other comps are either research code or vertical integrations: letta/MemGPT (research-grade), Cognition's internal agent memory (closed and proprietary), early-stage Composio memory (bundled into a larger toolchain). Ditto is the first to ship a memory layer that lives *inside* the open-agent skill ecosystem rather than next to it. Underneath all of that sits SN118, which is what makes this a subnet story instead of a SaaS story. Validators score miners on harness performance — the exact benchmark and scoring formula are not fully documented yet, which is the single biggest gap in the public picture.

• ↑Nerds Chat AMA with Peyton (CEO) and Sebyverse — first proper public technical reveal of the SN118 mechanism
• ↑Web2 → buyback flywheel. Cash flow from desktop product into SN118 buybacks. Different alpha thesis than emission speculation — requires real paying users
• ↑AgentFlow adoption outside Ditto. Open-source under Omni Aura — if other agentic dev teams adopt `af lint` and the 60-min sprint operating model, AgentFlow becomes its own moat
• ↑Skill bundle expansion. Two agents covered (Hermes, OpenClaw) plus stdio bridge for Claude/Cursor. agentskills.io listing is in the ditto-hermes roadmap
• ↑Public mechanism docs for SN118. Until validator scoring is documented, the subnet side stays a black box — landing those docs unblocks alpha allocation

• ↓Subnet mechanism opacity. Tweets say miners optimize the harness around DeepSeek-class models, but nothing public yet on what counts as "better harness" — task benchmarks, memory recall accuracy, or something else entirely. Without that, the on-chain incentive can't be evaluated.
• ↓Two-fronts execution risk. Most subnet teams ship one product. Ditto + AgentFlow + the SN118 mechanism is three concurrent bets under one parent company. Either every front compounds together or attention dilution kicks in.
• ↓Closed-source backend. `ditto-core` is open per public statements, but the actual memory backend at `api.heyditto.ai/mcp` is private. CLI and skill bundles are MIT/MIT-0; the value-extraction layer isn't.
• ↓Web2 revenue dependency for the buyback narrative. If the desktop product doesn't actually generate the free cash flow Ditto describes, the buyback story collapses and SN118 reverts to a pure emissions play.
• ↓Category bet. Memory-for-agents only matters if the agent category itself reaches escape velocity. Not in Ditto's control.

SN96 Verathos is a Bittensor subnet focused on providing verified AI inference and training services. It aims to offer a decentralized platform where AI models can be validated and executed with cryptographic guarantees of correctness. The subnet's primary value proposition lies in its ability to ensure the integrity and authenticity of AI computations, addressing a critical need in the AI industry for trust and reliability. By leveraging Bittensor's proof-of-stake mechanism, Verathos incentivizes high-quality AI services through a competitive validation process. This subnet is particularly relevant as the demand for verifiable and auditable AI solutions grows across various sectors.

Over the past 14 days, SN96 Verathos has shown notable development activity, with a significant emission surge indicating increased on-chain confidence. The team has been actively working on improving the subnet's infrastructure, as evidenced by the recent release that boosted emissions to 1.01%. However, the development velocity appears moderate, with a focus on stabilizing the existing framework rather than introducing groundbreaking features. Public repositories show a steady but not aggressive commit rate, suggesting a cautious approach to development. The team's concentration seems to be on refining the validation mechanisms and ensuring the subnet's reliability. While there are no major hiring announcements, the ongoing work suggests a dedicated core team committed to long-term growth.

• ·Emission surge: Emissions increased to 1.01% (Higher emissions suggest increased validator confidence and reward allocation to SN96).
• ·Release update: Recent release focused on stabilizing the subnet (Stability improvements are crucial for attracting and retaining validators and miners).
• ·Validator weight shifts: Rising emissions indicate potential shifts in validator weights (This could signal growing interest in SN96's verified AI services).

SN96 Verathos currently holds a market cap of $0.8 million, placing it in the lower tier of Bittensor subnets. The price has experienced a 2.5% decline in the last 24 hours and an 11.3% drop over the past week, indicating weak short-term sentiment. Compared to other subnets in the AI and machine learning space, SN96's market position is modest, with higher-performing subnets capturing more investor attention. The price action appears to be lagging behind the subnet's fundamentals, as the recent emission surge suggests increasing on-chain activity and validator interest. However, the low health score of 38/100 raises concerns about the subnet's overall stability and long-term viability.

• ↑Upcoming integration with major AI model repositories to expand service offerings.
• ↑Potential partnerships with enterprises requiring verified AI solutions.
• ↑Release of a new validation protocol enhancing the subnet's security and efficiency.
• ↑Increased validator onboarding initiatives to boost network participation.
• ↑Launch of a governance model allowing token holders to influence subnet development.

• ↓Low health score indicates potential technical or operational issues that could hinder growth.
• ↓High concentration of emissions in a few validators may lead to centralization risks.
• ↓Competition from more established AI-focused subnets could limit market share expansion.
• ↓Slow development velocity might result in falling behind in innovation.
• ↓Uncertainty around the adoption of verified AI services in mainstream applications.

SN3 Teutonic is Const's complete rewrite of decentralized LLM pre-training on Bittensor. Mechanism: continuous king-of-the-hill — miners clone the current king, train candidates, upload to HuggingFace, and reveal on-chain. Validators run a paired-bootstrap cross-entropy duel against the king on 10,000 held-out tokenized samples; a winner immediately becomes the new king and captures 100% of SN3 emissions every epoch until dethroned. Hardware-agnostic by design (Const's explicit critique of Templar was that uniform-hardware constraints capped optimisation). Active architecture is SILX-AI Quasar, a hybrid MoE. Codebase is MIT-licensed at github.com/unarbos/teutonic. Active king lives in `chain.toml` — swapping the next-generation model is a one-file edit.

Timeline since Covenant's exit: April 13 — Teutonic-I seed king launched (0.9B Gemma3 BF16). April 15 — Project Nobi reign tracker live at projectnobi.ai/teutonic3. April 16 — Mark Jeffrey externally confirmed the rewrite. May 7 — pre-LXXX operational drama: eval misreporting, 6-hour drought, community debate over training-limits vs infra bugs. May 8 — Teutonic-LXXX (80B) architecture activated; iris-999 dethroned the mock-king at reign #1 with 1.25 nats/token improvement. May 9 — eval pod outage 05:08 UTC, 8×NVIDIA B300 → B200 migration mid-incident, OOM during transition. May 11 — Const goes public: 'Training 80. SN3 Teutonic-LXXX is live.' Live numbers at announcement: reign #107, king PPL 25.02 (down from 4,000+ at genesis), each reign earning ~$247/hr in TAO emissions, registration fee >0.5 TAO.

• ·Paired-bootstrap cross-entropy duel over 10,000 held-out samples — statistical rigor, not vibes
• ·100% of SN3 emissions to the reigning king every epoch — pure winner-takes-all, no consolation rewards
• ·Hardware-agnostic eval — any GPU, any training stack, any architecture trick that lowers loss wins
• ·SILX-AI Quasar hybrid MoE as active architecture, self-registering on HF Auto* (no `trust_remote_code`)
• ·8× NVIDIA Blackwell (B300/B200) eval pod, accessed via SSH tunnel from a single-file validator
• ·`chain.toml` source of truth — next-generation king swap is a one-line PR, not a redeploy
• ·Held-out dataset on Hippius (SN75) — even the eval corpus avoids centralized storage
• ·Open-source codebase — `miner.py`, `validator.py`, `eval_server.py` all in the public repo (MIT)
• ·Adversarial mechanism tuning live — delta cut 3.3 → 0.0025 to defeat LoRA copy-attacks; loss-weighted incentive split under discussion

Decentralized AI training has produced a small but credible set of large runs in 2026: Covenant-72B (the previous SN3 milestone in March, publicly cited by Jensen Huang and Jack Clark, drove a 90% TAO rally); 0G DiLoCoX-107B (pipeline parallelism + gradient compression); Nous Psyche 40B (Solana-coordinated); Prime Intellect 32B RL (async permissionless); Gensyn / Petals (marketplace / swarm). Teutonic-LXXX is the largest **ongoing** run by parameter count, and the only one structured as a continuous loss-reduction market rather than a coordinated one-time training schedule. The question shifts from 'can decentralized training match centralized labs at scale?' (Covenant-72B answered yes) to 'can decentralized training out-compete centralized labs by running continuously instead of in batched epochs?' That's a much harder claim — and it's what Teutonic is testing in public, right now.

• ↑King PPL trajectory. Marginal gains, not the easy initial collapse, tell you whether real training progress is happening
• ↑Reign rate. ~35/day currently; faster = competitive pool, slower = deeper gains required
• ↑The 1T target. Const has staked publicly on a one-month timeline from the 80B base. Either lands and resets pace expectations, or post-mortem is very public
• ↑Sam Dare resolution. Owner-key transfer is the single biggest swing factor for SN3 alpha
• ↑Cross-subnet flows. LIUM and Targon are direct compute providers. If miner participation scales, those subnets benefit
• ↑`chain.toml` edits. The next architecture announcement is a one-line PR. Watch the repo's commit log
• ↑Adversarial defense holding. Each delta / config / hotkey-rule change tells you whether the team can keep ahead of copy-attacks

• ↓Governance overhang: the owner key for SN3 is still held by Sam Dare (original Templar operator). Const has explicitly told the community NOT to buy SN3 alpha while this is unresolved. Quote: 'people please do not buy this subnet while it is in this state, literally just do nothing while we sort this out.' Until the key transfers, the owner-share of emissions and owner-controlled functions remain in legacy hands. This is not a small caveat.
• ↓Eval infrastructure not yet stable. May 7 drought, May 9 outage + B300→B200 migration, plus ongoing bugs (vocab_size mismatch, re-eval gaming exploit). Operational reality of new on-chain ML infra — the team ships fixes in public, but uptime is not yet boring.
• ↓Adversarial mining is live. Yoshi LoRA-copy attacks and re-eval gaming have already required mechanism tweaks. The defense edge is held by current pace of patches; a sustained adversary cluster could outrun the team's fix rate.
• ↓Two named contributors. Repo commits co-authored by @unarbos (Arbos) and @cursoragent (Cursor AI). Team concentration risk — and the AI-co-author has interesting recursive implications.
• ↓The 1T target is genuinely ambitious. Const says one month from 80B. If it slips, the credibility loss is asymmetric.
• ↓Architecture is novel. SILX-AI Quasar hybrid MoE at 80B has limited public training history outside Teutonic. Stability properties under continuous king-of-the-hill competition are being discovered in real time.

SN75 Hippius is a decentralized cloud built natively on a custom Substrate chain. Four services ship today: Arion Storage (object storage), an S3-compatible API, virtual machines with full hypervisor logic, and application hosting. Five on-chain node roles — Validators, Storage Miners, Storage S3, Compute Miners, and GPU Miners — each with their own incentives, slashing, and reputation tracking. The chain exposes 26 RPC methods (`get_user_files`, `get_user_buckets`, `get_user_vms`, `get_storage_miner_ip`, `get_total_distributed_rewards_by_node_type`, `calculate_total_file_size`) so applications integrate without trusting the team. Sign-up is via Google or GitHub — no KYC, no wallet creation, no bridge required — and customers can pay in fiat or TAO.

The headline of the last 60 days is the IPFS rip-and-rebuild. Hippius tore out IPFS in production and replaced it with Arion, their own deterministic Rust-native storage engine. Reed-Solomon 10+20 erasure coding, CRUSH placement (the same algorithm Ceph uses at Google scale), Grid Streaming over QUIC. The S3 gateway is live across two regions — `eu-central-1.hippius.com` (default) and `us-east-1.hippius.com`. Hermes v0.2 shipped as the Bittensor data plane: published benchmark of 4.2 GB/s moving a 140.2 GB `llama-3-70b.safetensors` file across the network, NaCl SealedBox encryption (X25519 + XSalsa20-Poly1305) end-to-end in Rust. May milestone: 100 TB of egress served at $0 charged — AWS S3 would have billed roughly $8,000 for the same. GitHub: 114 release tags on `thenervelab/hippius-node`, 94% Rust, GPL-3.0, six sustained core contributors.

• ·Reed-Solomon 10+20 erasure coding survives 66% node loss — beats IPFS (~33%), Filecoin (20–40%), Storj (~64%) per @TAOinsightsHQ comparison
• ·Self-healing replication — validators auto-reconstruct missing shards from any 10 healthy ones, no human in the loop
• ·CRUSH deterministic placement — `Hash(file) + on-chain cluster map` gives exact miner location in microseconds, no DHT lookups
• ·Grid Streaming over QUIC — parallel multi-miner downloads; effective bandwidth = sum of contributing miners' upload speeds
• ·Per-object NaCl encryption client-side before storage — miners only ever see encrypted bytes
• ·Multi-region S3 gateway at `s3.hippius.com` — drop-in `boto3` replacement, 3 lines to migrate, ACLs + multipart + presigned URLs
• ·Hermes v0.2 P2P fabric — `pip install hippius-hermes`, subnet whitelist, ephemeral keys for forward secrecy
• ·Free egress, with receipts — 100 TB served this month at $0 billed
• ·99.5% emission burn — miners paid only for real demand (~$150/day on 43 TB used), the rest torched

Hippius positions directly against AWS S3, GCS, and Azure Blob — and against IPFS, Filecoin, Storj on the decentralized side. The structural moat versus the hyperscalers is free egress: AWS makes most of its margin on the data leaving the cloud, and Hippius removes that fee entirely. The structural moat versus other decentralized projects is at-or-above-best-in-class fault tolerance plus a fiat onboarding ramp that lets non-crypto-native engineers pay by credit card. Network state today: 572 TB total capacity, 184 active nodes (zero offline), 140+ in Europe and the rest in North America, 5.18M files, 29,000+ accounts, 43 TB of actually-used storage. The 43 TB is small on purpose — node count grew ~5× in March alone (40 → 180+), and the team is deliberately not paying miners for empty disk.

• ↑First major Bittensor subnet announces it has moved its data plane onto Hermes — narrative-hardening event
• ↑First enterprise customer migration story — "three lines of `boto3` and the AWS bill dropped" is the fastest pitch in decentralized storage
• ↑Storage growth slope from 43 TB used toward the 572 TB capacity ceiling — the demand curve, not the absolute number, is the leading indicator
• ↑GPU miner inventory deepening — first-class node type today, supply depth determines whether the GPU side is real product or placeholder
• ↑Fiat-cohort ratio in next-quarter customer mix — the metric that proves Hippius escaped crypto-native demand
• ↑PullWeights adoption by AI-builder subnets needing verified model downloads

• ↓IPFS rip-and-replace is fresh. Arion shipped recently; production stability under 10× load is not yet observed.
• ↓Six core contributors. Engineering velocity is real but team concentration is a single-team risk like every other young subnet.
• ↓99.5% burn discipline. Most subnets quietly relax this kind of policy once volume arrives. Watch whether Hippius holds the line as TAO miners agitate for higher payouts.
• ↓Pricing claim under-verified. Public coverage frames Hippius as "hundreds to thousands of times cheaper" than AWS — true magnitude requires a like-for-like benchmark we haven't yet seen documented end-to-end.
• ↓On-chain reputation is the trust signal. `get_active_nodes_metrics_by_type` will tell the truth about miner uptime as the network scales — but only operators currently look at it.
• ↓GPU side unproven. GPU miners are a first-class chain primitive but the supply side is the part most likely to lag the storage side in maturity.

SN124 Swarm is an open benchmark for autonomous drone navigation. Each model receives a 128×128 depth image and a flight-state vector at 50 Hz, outputs 5D velocity commands, and has 60 seconds to land at a target across 1,000 procedurally-generated 3D worlds — cities, mountains, warehouses, ski villages, and seasonal forests. No GPS, no maps, no obstacle coordinates; just learned instinct.

April 2026 dev-signal cadence is heavy on operational robustness rather than new features — exactly what a system running deterministic 1,000-seed evaluations needs. April 29 alone saw 7 commits in a single day from one author, focused on queue management (reactivating cancelled queue items when the backend re-authorises them), error handling (throttling the forward loop on unhandled exceptions), and backend synchronisation (rebuilding the model queue from authoritative source). On April 24 Swarm announced a $430,000 raise from @Ever_BlueGreen, explicitly framed as covering operational expenses outside the staking pool — relieving pressure on token holders. Same announcement signalled a strategic pivot toward physical hardware deployment (Langostino).

• ·Open benchmark, MIT-licensed: 1,000 procedural worlds, 6 environment types, weekly seed rotation (Monday 16:00 UTC)
• ·One-shot per hotkey, lifetime — miner registers + commits a single model; must clear champion + 0.015 screening gate to enter
• ·Sim-to-real bridge shipped: Langostino, an open-source drone (ROS2 · Raspberry Pi · INAV · 3D-printed) with full assembly guide and bill of materials
• ·Scoring: 0.45 × success + 0.45 × speed + 0.10 × safety, averaged across 1,000 seeds per epoch
• ·Forks (18) > stars (12) — unusual ratio; miners forking the repo as a starting point rather than passively starring
• ·Dev pillar 92/100 in our health breakdown — well above the 53 network average

Robotics on Bittensor is a tiny sector right now, but Swarm is one of the few subnets that already shipped the simulation-to-reality bridge as a publicly buildable artefact. Most ML benchmarks end at the leaderboard; Langostino doesn't. The bull case is the moment an outside builder solders the depth camera onto a working frame and lands a top-leaderboard model — at that point SN124 stops being a benchmark and starts being infrastructure. Today the project has a $8.96M market cap, 0.80% emission share, 64 validators and 192 miners on a 256-uid cap. Twitter following 1,768 — modest for a robotics pitch this concrete.

• ↑First independent Langostino build that flies a top-leaderboard model on real hardware
• ↑PyPI release of `swarm-sotapilot` (currently `pip install -e .` only — package release lowers onboarding friction)
• ↑Second / third hires from the Ever Blue Green raise easing the single-contributor concentration
• ↑Partnership with a delivery / inspection / search-and-rescue operator putting these models into real flight time
• ↑Growth-pillar uplift from current 41 — the dev velocity is real but adoption is the lagging indicator

• ↓Single-contributor concentration. S3333F authors most commits. April 29 alone: 7 commits, 1 author — high velocity, low fault-tolerance.
• ↓One-shot-per-hotkey is harsh. Miners can't iterate after submission. Forces high-quality entries but raises the barrier — small mistake burns the hotkey.
• ↓Growth pillar 41/100. Dev velocity is real; market discovery is lagging. 1,768 Twitter followers is modest given the pitch.
• ↓No releases or tags. Validators auto-update against `main`; a regression propagates fast.
• ↓Hardware claim unproven at scale. Langostino exists on a build page. Open question: how many real builds outside the team?

NIOME generates synthetic genomic data — DNA profiles statistically indistinguishable from real human DNA, at any scale, with zero privacy risk. Miners produce, validators score on statistical fidelity and biological plausibility. The synthetic dataset compounds and feeds into pharmaceutical research — a $44B precision medicine market that's been throttled by data scarcity.

May 2026: Scottish Enterprise (Scotland's national economic development agency) became the first government to formally back NIOME — and the first to back any Bittensor subnet. CEO Aldo de Pape won the MIT Entrepreneurship Development Prize 2026, with monthly MIT mentor meetings now active. The first Predictive Challenge — CFTR multi-variant haplotypes integrating DNA, RNA, protein structure, and therapeutic response — completed. Two new client blueprints in progress. The team published a five-phase Release Plan transitioning the still-private codebase to a fully open ecosystem; Phase 1 (internal stabilization) is current state.

• ·First Bittensor subnet with formal government backing — Scottish Enterprise partnership signed
• ·$500K+ ARR from first clients (per ecosystem reporting)
• ·Alpha price +59% month-over-month in May 2026
• ·MIT Entrepreneurship Development Prize 2026 awarded to CEO Aldo de Pape
• ·CFTR multi-variant haplotype Predictive Challenge completed
• ·Five-phase Release Plan published (Phase 1 → public mainnet)
• ·MIT-licensed GitHub repo at genomesio/subnet-niome (3 contributors, Python 93%)

The $44B precision medicine market has long been bottlenecked by genomic data access. Industry default is 10,000 profiles per study; meaningful pattern detection wants 100,000+. GDPR, HIPAA, consent frameworks, and a steady drumbeat of breaches (23andMe being the most public) make scaling real DNA datasets effectively impossible. NIOME's synthetic-data play sidesteps the bottleneck entirely — and Scotland's Scottish Enterprise just signalled that sovereign actors are willing to back a Bittensor subnet directly. Complement (not competitor) to SN107 Minos, which handles variant calling on top of the data layer NIOME produces.