Bittensor is developing a full-stack intelligence network where specialized subnets trade services, including data, compute, storage, and AI agent functionality. As of August and September 2026, 24 subnets generate between $28 million and $35 million in annualized external revenue.
Compute-focused subnets, such as Lium SN51 and Chutes SN64, earn more from external clients than from TAO emissions. Currently, 14 of the 24 revenue-generating subnets use proceeds for token buybacks. Enterprise clients include PwC France, Dropbox, and an NYSE-listed REIT.
The project plans to introduce Gamma tokens to facilitate inter-subnet payments. This mechanism builds on the Dynamic TAO system launched in February 2025. Additionally, the network is discussing an expansion to 256 subnet slots.
A full transition to a decentralized governance model is scheduled for December 2027, when control will shift from centralized figures to network stakeholders. The first TAO halving took place in December 2025, reducing daily emissions to approximately 3,600 TAO.
