As Bitcoin enters its fourth halving cycle, other decentralized projects are adopting similar supply reduction periods—Bittensor is experiencing its first halving since its launch in 2021.
Bittensor is a decentralized, open-source machine learning network built around dedicated "subnets" that incentivize a market for AI services. The first halving is expected to occur around December 14, at which point the daily issuance of its native token, TAO, will decrease from the current 7,200 to 3,600.
Grayscale research analyst William Ogden Moore describes this event as a "key maturation milestone in the network's journey toward its 21 million token supply cap," aligning with Bitcoin's fixed cap.
Digital asset investors and network participants often view a hard-capped supply as a potential value catalyst: if adoption increases and token demand rises, a limited issuance model is more attractive compared to pre-mined tokens or fiat currencies with nearly unlimited supply.
Cointelegraph reported on Bittensor in May, during an interview with Chris Miglino of DNA Fund, whose AI computing power fund is deeply involved in the Bittensor ecosystem.
Miglino stated, "The biggest thing we are doing across the ecosystem is our AI computing power fund, which is deeply rooted in the TAO ecosystem."
Grayscale describes Bittensor's subnets as the "Y Combinator of decentralized AI networks," as each subnet operates like a startup, building specialized products or services.
CoinGecko currently lists over 100 Bittensor subnets, with a total market capitalization exceeding $850 million. A more comprehensive tracking of the ecosystem by Taostats shows a total of 129 subnets, with a total market cap closer to $3 billion.
According to Grayscale research, regardless of the statistics, subnet valuations have significantly increased since their launch. The largest include Chutes, which provides serverless computing power for AI models, and Ridges, a subnet focused on crowdsourcing the development of AI agents.
This expansion highlights the growing demand for decentralized AI infrastructure, as developers compete to build and scale new AI products and applications.
As Miglino told Cointelegraph, decentralized AI could become the most important use case for blockchain since Bitcoin, primarily driven by this demand.
Bittensor subnets are also attracting venture capital. Inference Labs recently completed a $6.3 million funding round to support Subnet 2, a Bittensor market for inference validation.
Meanwhile, xTao, an infrastructure developer building tools and services for the Bittensor ecosystem, began trading on the TSX Venture Exchange in July, becoming a newly listed company.
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Original article: “Another Halving in the Crypto Space: Bittensor's First Four-Year Cycle Seen as a Significant Maturation Milestone”
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