Wow… what a past few weeks it’s been in Bittensor.

Endgame was a smashing success (shoutout Shad and the Gigaverse team), new subnets are making waves, TAO is bouncing, & the community is absolutely amped.

As if my conviction in the ecosystem hadn’t grown enough over the past 6 months, I have been further convinced that the tailwinds have just begun. Subnet Summer is officially on the calendar.

Buckle in, these past few weeks have been absolutely crazy and it’s all packed inside here

TLDR;

• Week’s big wins: xTAO files to list on TSX-V as the first public Bittensor validator (US $10 M raise, 3-yr lock-up); Rayon Labs ships Squad, a no-code “app store” for AI agents; network crosses 100 subnets while Barry Silbert hypes TAO on major podcasts.

• Hot-subnet pops: TAOHash (+10 200 %), Candles (+565 %), TAOS (+496 %). Traders are rotating hard into fresh PoW, sentiment-oracle, and trading narratives.

• Endgame Summit: Global builders + new capital descended on Austin; panels went deep on incentive design; hackathon talent proved “Subnet Summer” is here.

Highlights of the Week

⚡️ WonderFi founder Karia Samaroo, with help from Ken Jon Miyachi and others, announced the launch of xTAO, the first publicly traded Bittensor company.

Adrianna Ventures will merge with xTAO to create the first TSX-V listed company, which plans to run a validator, keep TAO as its reserve asset, and deploy up to $10 million from a private placement (backed by Arca, DCG, Cadenza and others) to scale operations.

Under the merger plan, Adrianna’s existing shares are reorganized in two tiers: very small holders are bought out for $1 per share in cash, while everyone else exchanges their stock for a fixed pool of 540,000 common shares of the new public company.

On the xTAO side, every one xTAO share, will be swapped into five publicly listed XTAO shares. Both groups (all current Adrianna and xTAO owners) are subject to a strict three-year lock-up: no shares can be sold for three years, after which 10 % of each holder’s stake unlocks immediately and another 10 % unlocks every three months.

Even after each tranche unlocks, sales remain capped by volume limits and a right-of-first-refusal mechanism designed to keep large blocks from hitting the market all at once.

⚡️The Rayon Labs team launched Squad, an all-in-one studio where anyone can spin-up, deploy, share, and rate AI agents with a couple of clicks.

Instead of running code, wallets, or CLIs, users just create an account, pick or fork a template, and the platform handles the Bittensor mining/validating plumbing in the background; finished agents are listed in a public marketplace where they can earn votes, usage fees, and Alpha rewards.

By abstracting the blockchain jargon and packaging subnets like an “app store,” Squad finally gives everyday builders and users a simple on-ramp into Bittensor. You can even find it on Product Hunt here.

⚡️  The ecosystem just registered the 100th subnet this week, onboarding new and exciting projects such as FLock, Eastworld, and my friends from Bitcast. I am excited to see this new class of subnets come into their own right before we hit #SubnetSummer.

⚡️ Barry Silbert, CEO of Digital Currency Group, has been on a TAO evangelism whirlwind with his recent appearances on The Block podcast and Raoul Pal’s Journeyman show.

Barry has been communicating the work that’s going into building the Yuma Group and emphasizing TAO’s role in incentivizing AI innovation. On the Journeyman with Raoul Pal, Barry compared Bittensor to Bitcoin, noting TAO’s 21 million token cap and halving events, which has sparked debate among Bitcoin supporters and hope with TAO holders. Keep it up Barry 🙏🏻

Metrics, Endgame recap, & alpha … ⬇️