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Welcome to the 32nd edition of the TAO Times, where we share weekly updates on all of the most important events occurring within the Bittensor ecosystem!

For validators, subnet owners, miners, token holders, & community members.

Here is what happened during the week of March 23rd ↘️

Subnet Leaderboard

While the wider market continues to sell off, the alpha token market had the wind blown into its sails, posting some impressive gains across the Subnet leaderboard.

As we see the proportion of TAO emissions allocated to the root network gradually decrease, we will begin to see TAO holders move into subnets in order to capitalize on these alpha token yield opportunities…

Not pictured in the top 10 are the top gainers over the pat 7 days:

• Hippius (SN75) +451%

• Templar (SN3) +115%

• Zeus (SN81) +96%

Highlights of the Week

⚡️ The team behind Templar (SN3) was featured on this week’s Novelty Search, and they did not disappoint. According to the team, Templar is the first functional fully permissionless, token-incentivized, adversarial network for training LLMs, and they have already completed 200+ runs. It uses strict validation and slashing rules to filter out bad gradients and reward genuine training, which forces miners to collectively lower the model’s loss. Having achieved stability at the 1.2B-parameter scale, Templar now aims to train models of tens or hundreds of billions of parameters.

⚡️ TaoFi is now live allowing users to bridge USDC from Ethereum to Bittensor EVM as taoUSD (an overcollateralized stablecoin), and stake TAO for sTAO (a yield-bearing token). Additionally, users can swap or provide liquidity for the taoUSD <> sTAO pair using TaoFi Swap… The foundations of Bittensor DeFi are starting to be built!

⚡️ In this week’s episode of TAO Talk, we had the pleasure of hosting Mark Jeffrey to discuss the week’s events and get his nuanced take of the ecosystem. Here were the key takeaways:

• Niche Subnets: Multiple new specialized subnets (Zeus, Patrol, AI Factory) are launching with distinct focuses (e.g., climate forecasting, intelligence platforms, niche model hosting). We always knew this would be the case, it’s just exciting to see in practice.

• Apps for Onboarding: Projects like TaoFi and Squad by Rayon highlight a push to lower barriers and improve the onchain user experience, crucial steps for attracting liqudiity and users.

• Market Mispricing & Upside: Subnet tokens feel undervalued compared to traditional AI startups, offering early-mover advantages. However, participants must stay wary of security risks, MEV bots, and evolving market conditions.

⚡️ Ørpheus AI and BitMind have partnered to launch Zeus on SN18, focused on advancing climate and weather forecasting. Zeus leverages real-time global data, including the extensive ERA5 reanalysis dataset from the EU’s Copernicus program, to develop and query AI models for environmental prediction.

Alpha, Insights & Media Below… ⬇️