Bittensor just had a very busy 7 days
One governance primitive. Two ETF rails. Four competition launches. $85K in rewards. A fresh 3.3 billion parameter training run going live on Subnet 3.
Here's the full ledger.
Templar is dead. Teutonic is the heir.
Subnet 3 rebranded after the Covenant founder Sam Dare exited on April 10, dumped ~37K TAO, and publicly accused Const of running "decentralization theater."
Teutonic-I ran a 1B parameter model and finished.
Teutonic-III is now training live.
• 3.29B parameters, 18 layers
• Gemma 4 architecture, mixed sliding and full attention
• Fresh seed king live on Hugging Face
• Anyone can submit a fine-tune that beats it on per-token log-loss
• Roadmap: 30B in a month. 1 trillion on the horizon.
Const just introduced a way to fire bad subnet owners.
BIT-0011 "Conviction." Subnet founders lock alpha tokens. Conviction score decays linearly over 30 days. Highest score owns the subnet. Period.
The irony nobody is pointing out. The spec was drafted by Sam Dare himself before he exited. Const's structural fix to the Covenant problem came from the Covenant founder.
Oro wasn't alone. Four competition launches in one week.
• Oro (SN15). First decentralized arena for AI shopping agents. $85K in rewards. Backed by Crucible Labs, Unsupervised Capital, Savant.
• Babelbit (SN59). New incentive mechanism Arena went live.
• BrainPlay (SN117). Full relaunch under Shiftlayer AI. AI benchmarking through games and agents.
• Metanova (SN68). NOVA nanobodies competition live for decentralized drug discovery.
Enterprise is here.
• Score (SN44) x Manako x PwC France. Physical AI deployment at enterprise scale.
• Targon (SN4) x Intel x PwC Maghreb. First rollout of Bittensor-powered Vision AI confidential compute stack. Venice Uncensored 1.2 also trained on Targon.
• BitMind (SN34) x CysecOnline. South African digital forensics firm integrated BitMind deepfake detection.
• TrustedStake x Kraken Institutional. Official validator staking partnership.
BitGo just unlocked institutional subnet token custody.
BitGo and Yuma now let institutions stake AND trade Bittensor subnet tokens inside a qualified custodian.
The June 2025 partnership was base TAO only. This one covers the alpha-token layer.
Subnet tokens are the leveraged bet on this ecosystem. ~$1B in collective market cap. Individual subnets ran 200 to 400 percent in March when Covenant-72B dropped.
Until this week, no regulated path in. Now there is one.
Four subnets put real revenue on the table.
• Synth (SN50) closed Q1 at $70K MRR. Added HYPE, XRP, WTIOIL to dashboards.
• Data (SN13) processed 147K jobs in April through Dataverse CLI.
• Resi (SN46) launched its institutional-grade property pricing API.
The institutional track kept moving in parallel.
• Grayscale and Bitwise both filed TAO ETFs on April 2. SEC decision tracks to August 2026.
• TAO Institute launched April 15 with a Subnet Risk Index for institutional investors.
• Const spoke at Paris Blockchain Week alongside Bpifrance.
Covenant tried to break the network. The community rebuilt it.
Community miners restored SN3, SN39, and SN81 entirely from open-source code. Zero founder intervention.
70% of circulating TAO stayed staked through the 38% drawdown.
If the network looks like this in a week with a major operator exit, ask yourself what it looks like in a week without one.