bittensor subnet registration cost went from 230 TAO to 1,500 TAO ($470k). 128 active subnets scaling to 256. each new launch removes $470k of liquid supply from a float where 73% is already staked. chutes doing $22k/day in real inference revenue at $123m market cap, targon at $10.5m ARR at $93m. the subnet alpha tokens are trading at 9-15x revenue multiples while TAO acts as the index. the supply math on TAO tightens with every subnet that launches regardless of price action
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