dTAO: One month in, what's the Bittensor community verdict?

From miners to investors, founders to influencers, we asked a cross-section of Bittensor to share their thoughts on dTAO so far...

Whatever you think of dTAO, it’s definitely lived up to its name: this is perhaps the most dynamic the ecosystem has ever been.

Yet Bittensor is a diverse place, and dTAO has affected different actors in different ways. So, on the month anniversary of dTAO’s debut, we asked key voices across the network to share their perspective on how it’s been so far.

‘Speculators who rely solely on charts and indicators are missing the bigger picture’

Brody Adreon, TaoTimes

‘dTAO represents a milestone achievement for the wider network and Bittensor economy. Allowing market participants to support and speculate on a tapestry of infinite ‘AI markets’ represents a free, merit based market. Subnet builders will have to build for the market instead of a committee.

It also shifts how subnets formulate their go-to-market and overarching product strategies, changes the incentives to create products, solutions, partnerships, and integrations that are in real-world demand. It also forces Subnet builders to tighten their pivots in an effort to find product-market fit quicker than competing solutions in the market, or within Bittensor itself.

Given the broader lack of risk appetite and the aggressive emissions of subnet alpha tokens, I don’t believe these tokens are currently investible. However, for those who take the time to understand the ambition behind subnets, there may be opportunities that the market has yet to fully appreciate once the macro environment favorably shifts. Bittensor still has a significant degree of information asymmetry, and many speculators who rely solely on charts and indicators are missing the bigger picture.’

‘There are new and nuanced ways to participate in the ecosystem’

Barry Silbert, Founder, Yuma and DCG

‘What excites me most is how dTAO unlocks new pathways to access the deAI economy. Alpha tokens offer a novel mechanism to gauge contributions and reward participation transparently, aligning fair incentives across builders, miners, and validators. With dTAO, there are new and nuanced ways to participate in the ecosystem and we’re seeing the market confirm that the sum of the deAI ecosystem can indeed be greater than the whole.’

‘The tools built by our community are killer’

Keith Singery, Bittensor Guru

‘dTAO is simultaneously the most rewarding and challenging exercise in deploying capital one can imagine. Every TAO swapped for alpha is a direct contribution into the incentive mechanism for the miners, validators and subnet owners while also giving you ownership with a sweet APR. There’s 75 subnet choices, each with unique offerings and value propositions. dTAO is kind of its own animal but also influenced by AI, economic and even political developments. It’s impossible to keep up with everything so you have to focus on a couple dozen horses and place your bets accordingly. The tools built by our community are killer and you can spend hours digging into all the numbers. The best part is that dTAO is accelerating real innovation across the entire ecosystem and the competition is fierce for subnet owners to outshine their peers’ digital commodities.’

Listen to Keith on the Bittensor Guru podcast

‘The subnets that are here to build something lasting are starting to take shape'

Sam Pierre, Tao360

‘dTAO has brought some serious shifts to Bittensor. The top 10 subnets have seen a few changes, but the core players are still holding strong. More importantly, we’re seeing a shift toward the long game. The subnets that are here to build something lasting are starting to take shape, laying the foundation for what could become an empire. Bittensor itself feels both deeply decentralized—since the market ultimately decides—and highly centralized, with constant corrective measures guiding its course. In the short term, I think these adjustments are necessary (see attempted rise in meme subnets). The EMA trends have been fascinating to watch, especially how even after major moves, the market still takes time to fully correct. If you weren’t paying close attention, you could easily get caught in the lag. But for now, Bittensor is still expanding horizontally. I’m waiting for the project that finally takes us vertical—the moment when real transformation begins.’

‘The change was overdue - but it’s a major step in the right direction’

Teng Yan, Chain of Thought

‘The change was overdue, but it’s a major step in the right direction. Bittensor’s growth had outpaced the ability of root validators to fairly assess new subnets - dTAO fixes that by letting demand, not gatekeepers, dictate which subnets thrive. When I first wrote about Bittensor a year ago, its economic challenges seemed unavoidable - with dTAO, the network is finally addressing them. But the best part about dTAO and Bittensor subnet tokens is that it's forcing everyone to finally pay attention to what each subnet is building. Before, you could just buy TAO and call it a day, but now, doing your research has actual upside. That’s how the real alpha can be found here.’

Read more of Teng Yan at Chain of Thought

‘Early adopters staking into high-quality subnets stand to reap substantial rewards’

Ala Shaabana, co-founder, Bittensor and Crucible Labs

‘Since the launch of dTAO, Bittensor has fundamentally reshaped its governance and incentive structure, paving the way for unprecedented decentralization and market-driven innovation. While many users currently maintain stakes in the root subnet, reflecting a cautious approach to subnet selection, this presents a massive growth opportunity rather than a limitation. As individual subnets mature, clearly defining their unique value propositions and performance metrics, early adopters staking into high-quality subnets stand to reap substantial rewards. This initial hesitation suggests significant latent demand: as confidence grows and successful subnet models like Targon and Subnet 1 establish themselves, we can expect a powerful migration of capital from the root subnet into specialized subnets, amplifying competition, innovation, and ultimately increasing the overall value and utility of TAO across the entire network.’

‘Your primary task should be sparking our curiosity’

Punisher TT

‘I truly enjoyed witnessing the successful launch of dTAO, marking a significant milestone in the evolution of Bittensor. Currently, the initial investors largely seem driven by speculative excitement, though a select group is already envisioning the long-term potential hidden within certain subnets. What's particularly fascinating is the emerging intrinsic value, hinting at the substantial real-world applications this market could soon deliver.

While I genuinely appreciate the communication efforts some actors have undertaken, it's essential now for Bittensor to break out from its internal echo chamber to reach a broader audience. In this spirit, I'd like to challenge developers to briefly place themselves in the shoes of the average investor—curious, yet easily overwhelmed by Bittensor’s complexity. Your primary task should be sparking their curiosity by clearly demonstrating how your subnet generates revenue beyond the existing ecosystem. Simplify your messaging, showcase concrete applications, and make people eager to explore your projects further. Transparently present your role within the broader neural network, introduce your team, roadmap, and highlight your strategic collaborations. The recent mention of a subnet by CZ on Twitter, which triggered an immediate positive price movement, perfectly illustrates the powerful impact of strategic communication. dTAO isn't flawless yet, but I’m confident our community's brightest minds are already diligently working to address these essential points.’

‘It’s exactly the decentralization vibe I was hoping for’

Loayei, Miner on SN25

‘I’m loving how it’s flipped the script in Bittensor, letting the market—not validators—call the shots on subnet value. It’s exactly the decentralization vibe I was hoping for! As a miner, I’m stoked my subnet’s alpha token is doing solid. That said, I’m a little sketched out by new subnets launching with a high EMA, potentially snagging emissions from projects that’ve already earned their stripes. Maybe a cooldown or tying emissions to a legit GitHub repo could keep things fair? It’s a beast to figure out at first—total newbie overload—but the Bittensor Discord community has been a lifesaver, and now it feels pretty doable.

Overall, I’m happy mining away; the potential for bigger rewards is worth the hassle, even if I’d love a tweak or two to level the playing field. Subnets that have great teams are the ones driving the Bittensor mission forward—not the quick-and-grab-emissions type of subnets—and there are plenty of great teams with great subnets out there. Can’t wait to see what’s next!’

Thanks to all of our contributors for sharing their thoughts.

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