Tokenomics
How the tokens actually work. What gets burned, what gets diluted, what gets ignored.
How Morpheus Builder Subnets Work
Morpheus builder subnets give operators the full pillar emission and let them compete on what to offer back. Three live case studies plus an auto-updating top 10 ranking by MOR staked.
Lium: Closing the Subsidy Gap on Bittensor
Lium runs Bittensor subnet 51 with a subsidy ratio roughly an order of magnitude below Chutes. $432K/month in rental revenue against roughly $18M annualised TAO emissions. The 60% miner burn, the unverified customer base, and what would close the gap.
ElizaOS vs Virtuals: When the Framework Wins and the Token Doesn't
ElizaOS built the open-source AI agent codebase other projects wish they had and a token nobody can value. Virtuals built strong token mechanics on a centralised inference engine. Same agent category, opposite trade-offs.
Chutes: Bittensor's Revenue Machine, Subsidised
Chutes is Bittensor's largest-revenue subnet (SN64). $1.3-2.4M verified ARR against ~$60M annualised TAO subsidy. The OpenRouter contradiction explained.
Targon: Confidential Compute on Bittensor, with Intel
Targon is the only Bittensor subnet with a co-authored Intel research paper and a $10.5M OSS Capital Series A. The technical story is real. The customer story is weaker than the marketing suggests.
Templar's Exit: What Covenant Leaving Bittensor Actually Means
Covenant AI built the largest decentralised pre-training run in history, then walked away from Bittensor over governance. The technical achievement, the exit, and what it means for Bittensor's permissionless story.
DIEM: How Venice Turned Staking into Perpetual AI Credit
How DIEM works on Venice. Lock sVVV in escrow, mint DIEM on an exponential curve, stake for $1/day inference credit. The formula, the maths, and the centralisation risks.
Bittensor Subnets: Where the Revenue Actually Is
Most Bittensor subnets farm emissions. A handful earn real revenue. Which TAO subnets are profitable, which are subsidised, and how to tell the difference. Updated April 2026 with Covenant-72B, Intel-Targon, Grayscale GTAO.
ASI Alliance: What the Merged Tokenomics Actually Mean
FET, AGIX, and CUDOS merged into one token. What each holder got, how the merged supply works, and why Ocean's lawsuit and exit changes the investment case.
Bittensor Subnet Economics: How dTAO Actually Works
Dynamic TAO replaced political voting with market-driven emissions. Alpha tokens, AMM pools, flow-based allocation, and what subnet economics mean for TAO holders and operators.
Bittensor Halving: What TAO Holders Need to Know
Bittensor's first halving happened in December 2025. Three months in: what changed for TAO holders, how dTAO interacts with reduced emissions, and whether the Bitcoin playbook applies.
Burn-Mint Equilibrium: What Actually Changes for AKT Holders
Akash activated BME on 23 March 2026. How the burn mechanism works, what it means for AKT stakers and inflation, and whether it makes the token deflationary.
RENDER vs AKT vs IO: The Revenue Question
Render, Akash and io.net compared on revenue, token value capture and decentralisation. On-chain data shows why the highest returns come with the least freedom.
MOR vs TAO vs FET: Token Models Compared
Three different approaches to tokenising decentralised AI. How MOR, TAO and FET/ASI work, what drives their value, and which model aligns best with actual decentralisation.
How MOR Actually Works
A capital provider's breakdown of Morpheus token economics. Emission schedules, staking mechanics, the Power Factor multiplier, and what the numbers actually mean if you're deploying capital.