Protocol Investment
Bitcoin, Ethereum, and Solana issue new tokens primarily to secure their networks. Bittensor uses its issuance to invest directly in subnet tokens, with the market deciding how to allocate the capital.
The bet is that this capital helps subnets grow, and as they grow, subnets create demand for TAO that eventually surpasses the issuance that funded them.
Issuance
3,600 τ
Issued per day
New TAO follows a Bitcoin-like emission schedule. All of it goes directly to subnets.
$763.9KDaily value$278.8MAnnualizedAt $212.20 per TAO, the live price at 23:31 UTC.
Competition
Higher-priced subnets attract a larger share of issuance.
The protocol lets the market decide which subnets get new TAO.
Deployment
Where the TAO goes once it reaches a subnet.
- Token purchases 68%TAO used to buy subnet tokens.
- Liquidity addition 32%TAO used to add liquidity to subnet pools.
Over the last 30 days.
Emissions leaderboard
Top 32 subnets by share of daily emissions, in TAO and in dollars at today’s price.
Top 10 take 64.0%
- ChutesInference9.2% of emissions332 τ per day$70.3K / day2nd
- LiumGPUs16.5% of emissions594 τ per day$126.0K / day1st
- TargonGPUs8.1% of emissions290 τ per day$61.6K / day3rd
| Rank | Subnet | Industry | Emission shareShare | τ / day | USD / day |
|---|---|---|---|---|---|
| 4 | AffineSN120 | Training | 5.9% | 212 τ | $44.9K |
| 5 | VantaSN8 | Other | 4.9% | 175 τ | $37.1K |
| 6 | ScoreSN44 | Training | 4.4% | 158 τ | $33.6K |
| 7 | Green ComputeSN110 | GPUs | 4.2% | 150 τ | $31.9K |
| 8 | MinosSN107 | Other | 3.8% | 138 τ | $29.3K |
| 9 | EngySN53 | Inference | 3.6% | 129 τ | $27.4K |
| 10 | SayGMSN28 | Inference | 3.6% | 129 τ | $27.3K |
What the protocol is betting on
Share of TAO issuance received, by subnet category, a week at a time, Jul 2 to Nov 11, 2026
- GPUs 31%
- Inference 19%
- Training 26%
- Other 24%