{"id":56790,"date":"2025-12-08T10:15:44","date_gmt":"2025-12-08T03:15:44","guid":{"rendered":"https:\/\/hbbgroup.net\/cryptos-other-halving-bittensors-first-4-year-cycle-seen-as-maturation-milestone\/"},"modified":"2025-12-08T10:15:44","modified_gmt":"2025-12-08T03:15:44","slug":"cryptos-other-halving-bittensors-first-4-year-cycle-seen-as-maturation-milestone","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/zh\/cryptos-other-halving-bittensors-first-4-year-cycle-seen-as-maturation-milestone\/","title":{"rendered":"Crypto\u2019s other halving: Bittensor\u2019s first 4-year cycle seen as \u2018maturation\u2019 milestone"},"content":{"rendered":"
\n

With Bitcoin now in its fourth quadrennial halving, other decentralized projects have adopted similar supply-cut cycles \u2014 and Bittensor is approaching its first since launching in 2021.<\/p>\n

Bittensor, a decentralized, open-source machine-learning network built around specialized \u201csubnets\u201d that incentivize marketplaces for AI services, is expected to undergo its inaugural halving on or around Dec. 14. At that point, issuance of its native token, TAO (TAO<\/a>), will drop to 3,600 per day from the current 7,200.<\/p>\n

Grayscale Research analyst William Ogden Moore called the event a \u201ckey milestone in the network\u2019s maturation as it progresses toward its 21 million token supply cap,\u201d matching Bitcoin\u2019s (BTC<\/a>) fixed limit.<\/p>\n

TAO follows a supply schedule similar to Bitcoin\u2019s. Source: <\/em>Grayscale Research<\/em><\/a><\/figcaption><\/figure>\n

Digital-asset investors and network participants often view a hard-capped supply as a potential value catalyst: if adoption grows and token demand rises, a finite issuance model can be more appealing than pre-mined tokens or fiat currencies with effectively unlimited supply.<\/p>\n

Cointelegraph reported on Bittensor in May<\/a> during a conversation with DNA Fund\u2019s Chris Miglino, whose AI compute fund is heavily involved in the Bittensor ecosystem.<\/p>\n

\u201cThe biggest thing that we\u2019re working on in the whole ecosystem is our AI compute fund, where we\u2019ve been entrenched into the TAO ecosystem,\u201d Miglino said.<\/p>\n

Related: <\/strong><\/em>Grayscale introduces Bittensor and Sui trust products<\/strong><\/em><\/a><\/p>\n

A dive into Bittensor subnets<\/h2>\n

Grayscale describes Bittensor\u2019s subnets as a kind of \u201cY Combinator for decentralized AI networks,\u201d since each operates like a startup building a specialized product or service.<\/p>\n

CoinGecko currently lists over 100 Bittensor subnets, with a combined market cap exceeding $850 million. Taostats, which tracks the ecosystem more comprehensively, shows<\/a> 129 subnets with a total market cap closer to $3 billion.<\/p>\n

The growth of Bittensor subnets. Source: <\/em>CoinGecko<\/em><\/a><\/figcaption><\/figure>\n

In either case, subnet valuations have grown significantly since launch, according to Grayscale Research. The largest include Chutes, which provides serverless compute for AI models, and Ridges, a subnet focused on crowdsourcing the development of AI agents.<\/p>\n

The expansion underscores growing demand for decentralized AI infrastructure<\/a> as developers race to build and scale new AI products and applications.<\/p>\n

As Miglino told Cointelegraph, decentralized AI may prove to be blockchain\u2019s most significant use case since Bitcoin, driven largely by that demand.<\/p>\n

Bittensor subnets are also drawing venture capital. Inference Labs recently closed a $6.3 million round to support Subnet 2, a Bittensor marketplace for inference verification.<\/p>\n

Meanwhile, xTao, an infrastructure developer building tools and services for the Bittensor ecosystem, began trading on the TSX Venture Exchange in July as a newly public company.<\/p>\n

Related: VC Roundup: <\/strong><\/em>Big money, few deals as crypto venture funding dries up<\/strong><\/em><\/a><\/p>\n