a living map of the Bittensor network
CONCEPT MOCKUP · METAGRAPHS.LIVEA major subnet developer left the network in April, calling its governance “it is decentralization theatre” — the sharpest public criticism of Bittensor’s power structure to date.
The Block · April 2026
A joint Grayscale–Bitwise spot ETF filing for TAO sits with the SEC, with a verdict expected by August 2026. Grayscale has reportedly grown its Bittensor position substantially ahead of the decision.
CoinMarketCap updates · June 2026
The v3.4.1-413 runtime is live: protocol-bought alpha is now cached per subnet and settled pro-rata on dissolution rather than recycled, and crowdloans gain per-contributor caps. Staker payouts on dissolved subnets shrink accordingly.
Bittensor docs · June 2026
Neuron registration is being reworked to a continuous TAO-burn model with owner-tunable price decay (BurnHalfLife) and a slippage guard — the dynamics that set the price of a seat in any subnet.
Bittensor docs · April 2026
The ecosystem crossed $1.5B in combined subnet market cap and reported over $43M in real AI usage revenue in the first quarter — the number that decides whether the city's windows stay lit.
Our Crypto Talk · 2026
Subnet tokens outperformed core TAO holdings as investors chase usage: Ridges AI surged 58.6% on beta-launch news while the subnet category gained on the day.
MEXC News · June 2026
Heaviest traffic: Minos drew 8.4% of all TAO emission this epoch — the busiest road out of the core.
On the up: Cacheon gained +4.20pp of emission share in 24h; Green Compute (+2.80pp) and Almanac (+2.03pp) follow.
Cooling: Actual shed -7.27pp of share over the same period.
The Outskirts question: 22.1% of network emission currently flows to subnets with no declared identity or purpose. Heavy traffic, dark towers.
Tallest tower: Chutes at τ340.0k market cap (≈$73.4M).
Warmest windows: oneoneone posts the strongest real-revenue signal (0.776) among emitting subnets.
Prosperity index: -0.42. The correlation between where emission flows and where revenue is real. 1.00 would mean every busy road leads to a warm building; today it does not.
| Compute & Inference | 12 | 18.2% |
| Training & Research | 21 | 15.6% |
| Data & Search | 7 | 5.9% |
| Finance & Markets | 20 | 4.1% |
| Science & Health | 8 | 12.9% |
| Media & Creative | 14 | 3.2% |
| Agents & Tools | 12 | 5.8% |
| Infra & Security | 10 | 5.8% |
| The Outskirts | 24 | 28.4% |
SUBNET 0 · ROOT · THE EMISSION ENGINE
This is where the money comes from. Roughly every 12 seconds the chain mints new TAO — about 3,600 a day since the December 2025 halving cut the block reward to 0.5 TAO. That inflation is the network's entire payroll.
Once per Yuma epoch (~72 minutes — compressed to 36 seconds here, the amber arc is the clock) the chain pays it outward. Since the dTAO upgrade, no committee decides who gets what: each subnet's share follows market demand for its alpha token. Stake TAO into a subnet's pool and you bid its emission share up. The market is the planner.
Each subnet's flow splits three ways as it leaves the core: ▸ 41% miners — the workers · ▸ 41% validators — the inspectors · ▸ 18% owner — the landlord. Green lights run the other way: subnets whose emission share grew in the last 24h — demand arriving.
Why it matters: Bittensor pays for intelligence with inflation. Whether those payments reach real, revenue-earning work — warm windows — or vanish into dark towers is the entire story of this city. The prosperity index, bottom-right, is that story as one number.
Bittensor, rendered as a city at night.