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He has risen!!! …. and so has the price of TAO, slightly (without jinxing it) breaking this past 6 weeks’ range, touching $320 during the time of writing.

On a separate note, the Endgame Summit is here in Austin, TX this next weekend, and teams are beginning to pour into town. What am I looking forward to the most?:

• Meeting & speaking with you all who subscribe to this newsletter

• Finding cool new subnets during the hackathon

• Moderating the discussion on AI-enabled trading agents

• Kicking back with the Bittensor homies over some BBQ & brews

New to Austin? No worries, I covered most of it in a guide here. Check it out if you need recommendations for food, entertainment, and outdoor activities if you have a couple spare days to burn before or after the main event.

Don’t forget to checkout the schedule below:

TLDR;

• Sub-subnets Announced: A new architecture enabling composable subnet layers was teased, marking a major scalability shift for Bittensor.

• Ecosystem Growth: Chutes surpassed 1T tokens, Unsupervised Capital launched, and Barry Silbert endorsed Bittensor on Real Vision.

• DeAI Momentum: 0xJeff, TAO Talk, and Ventura Labs spotlighted subnet innovation, incentives, and potential investment opportunities across the ecosystem.

Here is what happened during the week of April 13th ↘️

Subnet Leaderboard

Another strong week of alpha token price performance has since cooled off over the weekend as TAO bounces back to $320. Right now, what we are seeing is a bit of an inverse correlation between the price of TAO and the collective sum of the alpha tokens.

Highlights of the Week

⚡️ A major architectural change was teased with the introduction of sub-subnets during last Thursday’s Novelty Search. This is being touted across the community as a paradigm shift, moving away from isolated subnets to a more interconnected and scalable framework. Hypothetically, sub-subnets would allow for greater modularity and collaboration within the ecosystem, enabling subnets to build upon each other’s capabilities. Watch Raleigh discuss it here.

⚡️ Raoul Pal interviewed Barry Silbert on Real Vision to talk about Barry’s journey from early Bitcoin adoption to founding Digital Currency Group (DCG), navigating crypto's highs and lows, including the 2022 crash, and the lessons learned from Grayscale, FTX fallout, and personal trials. The conversation culminates in Silbert’s excitement around Bittensor, discussing its architecture, the TAO token, and how decentralized AI networks could reshape the future of intelligence.

⚡️ Sami Kassab announced Unsupervised Capital, a liquid token fund solely focused on Bittensor, co-founded with Seth Bloomberg and backed by Crucible Labs. Rooted in a belief that Bittensor represents a new frontier in tokenized intelligence, the fund aims to back early builders and uncharted opportunities where traditional investment frameworks fall short.

⚡️ This past week, Chutes surpassed 1 trillion processed tokens and is now offering access to over 91 models, with DeepSeek-V3 remaining as the most popular.

⚡️ 0xJeff dove deep into Bittensor, explaining why it's one of the most exciting and investable frontiers in DeAI. He covers the strengths of Bittensor's Darwinian model, where subnets compete for emissions, and highlights standout teams like Rayon Labs (Chutes, Gradients, Nineteen) and Sportstensor for their real-world traction, market dynamics, and user-aligned incentives, positioning TAO as both a high-APY yield and capital appreciation play during its early “PvE” phase.

Additional alpha, insights & media below… ⬇️