taopill
Data through Nov 11

TAO the asset

The money of Bittensor

$212.20Live price

Fair launched in January 2021, with no pre-mine and no team or VC allocation.

Market cap$2.5B−20.2% 30d
Supply1st halvingNext11.7M / 21M
Staking APY5.1% APY+0.3 pts 30d
Supply staked63.7%−0.5 pts 30d

of new TAO issuance is currently
offset by network activity

33,331 τ of demand against 323,709 τ emitted, in the 90 days to Nov 11, 2026

The goal is 100%, where demand fully offsets new issuance

Fundamental TAO demand as a share of issuance

90-day trailing, June 2025 to November 2026

  • Team buybacks 4.2%
  • Miner registration 3.2%
  • Subnet registration 2.1%
  • Transaction fees 0.8%

Sources of demand

  • Team buybacks

    Largest source
    4.2%+1.8 pts

    Subnet teams buy back the subnet’s token with revenue from the business. The fundamental, structural source of demand.

    Why teams buy back the token

  • Miner registration

    Measured
    3.2%

    Miners pay TAO to register on a subnet and compete for its rewards.

  • Subnet registration

    Measured
    2.1%

    Launching a subnet costs TAO. There are 128 slots, and each new subnet replaces the lowest-ranked one.

  • Transaction fees

    Measured
    0.8%

    Transfers, staking and other transactions on the network pay fees in TAO.

  • Speculative trading

    Not measured

    Subnet tokens can only be bought through pools paired with TAO, so traders, investors and exchanges all need TAO first.

Supply and the halving

Issuance halves at fixed supply milestones. The same demand covers twice as much of a smaller issuance.

Daily issuance3,600 τHalved from 7,200 τ on Dec 15, 2025
Circulating supply11.7M of 21M
Next halving EstimateDec 2029At 15.75M supply, issuance drops to 1,800 τ a day