Metagraph Capital · Bittensor Signal Board

19 – 20 October

One card per story, grouped by what kind of story it is. Sourcing quality runs across the top of every card.

2
Leads
12
Watch
276
Posts
Full
Coverage

Leads

2
Tier A On chain (TensiaBot events) + release notes read directly

eTAO is live: subnet owners now set their own emission split, and seven changed it within hours

The fixed 18 / 41 / 41 split is gone: owners choose within owner 0–33%, validators ≤50%, miners ≥33%, once a week, with root paid off the top (release notes, @taostats). Four of the first seven movers went straight to the 33% owner maximum; SN103 was deregistered eight hours later (@TensiaBot).

0–33%
Owner range
≤50%
Validator cap
≥33%
Miner floor
7
Splits changed in 6 h
4
At the 33% max
Opentensor runtime v481 — live by 19 Oct 18:13 UTC; movers 19:00–00:20 UTC
Tier A Team post, confirmed by the on-chain event

Almanac (SN41) cuts its own share to 10% and lifts miners to 50%

Set at 20:00 UTC, two hours after eTAO went live: "we're cutting our own take by almost half" as a bet that higher miner rewards bring better miners; validators lose one point, so staker yield is essentially unchanged (@almnc_ai, chain event).

18 → 10%
Owner
41 → 50%
Miners
41 → 40%
Validators
SN41 Almanac — @almnc_ai 19 Oct 20:13 UTC

Material change

1
Tier B Split on chain; buyback and trader figures are the team's own

Vanta (SN8) drops the owner share to 0% and claims record October buybacks

Owner 0 / validators 50 / miners 50 ("removing owner emissions is part of a subnet's maturation"); the team also says October's first 18 days of buybacks already beat all of September and 5,000+ traders have registered since February (@0xarrash, buybacks, traders).

0%
Owner share
5,000+
Traders since Feb
100% m/m
Claimed growth
SN8 Vanta — @0xarrash 20 Oct 00:14 UTC; chain event 00:20 UTC

Revenue & traction

4
Tier B Team thread; no contract values

SWARM (SN124) raises €370K and signs two drone contracts

Quarterly update: €370K from EverBlueGreen, a lab in Andorra opened 15 Oct, a CTO hired; contracts with German Solar Power (docked drone patrols of Greek solar plants, on-site test Q1 2027) and MEVI Drons (avalanche control at Andorra's largest ski resort) (@SwarmSubnet).

€370K
Raised
2
Contracts signed
Q1 2027
First on-site test
SN124 Swarm — @SwarmSubnet 19 Oct 12:28 UTC
Tier B Company deck, founder thread

xTAO publishes an updated investor deck: 63,242 TAO held, US$321K quarterly revenue

TAO holdings up more than 6x since March 2025; last quarter's staking revenue covered operating costs 2.7x at an 8.0% annualised yield; no debt, no preferred shares (@kariasamaroo).

63,242
TAO held
US$321K
Q1 FY27 revenue
US$121K
Q1 FY27 opex
8.0%
Staking yield
US$18.26M
Equity value, 8 Oct
xTAO (TSXV: XTAO.U) — @kariasamaroo 20 Oct 14:52 UTC
Tier B Team posts only; no customer yet

Perturb (SN26) prices its first product at $99 a scan and pledges 100% of revenue to buybacks

AI Safety Score (robustness score, adversarial testing, reports) from $99; the roadmap adds fine-tuning, CI/CD testing and paid datasets. A same-day "partnership" with Bitcast (SN93) names no action by either side (pricing, pledge, Bitcast).

$99
Per scan
100%
Revenue to buybacks
0
Customers named
SN26 Perturb — @perturbaix 19 Oct 20:42–20:53 UTC
Tier B Team posts; customer claim unverified

REAX (SN92) opens an inference-engine competition and cites organic paying customers

The REAX engine serves Perplexity's Decider v1.1 up to 6x faster than its reference server, whose author replies the public code was "deeply unoptimized"; the engine track opens 20 Oct 18:00 UTC, and the founder says a new EU-tier customer needed 1,200 requests a minute (@reaxlabs, @airesearch12).

6x
Speed-up claimed
1,200 rpm
Customer rate limit
SN92 REAX — @reaxlabs 19 Oct 18:00 UTC; @airesearch12 20 Oct 10:09 UTC

Product

5
Tier B Team-measured; const amplified

IOTA (SN9) merges ~5x faster and trains ~20% cheaper

A tree-structured merge replaces the all-to-all wait on the slowest member; 4-bit compression and straggler skipping show no loss penalty (4.04 vs 4.05 at 3.3B tokens); SDK beta access is open (@IOTA_SN9, const).

~5x
Faster merges
~20%
Cheaper training
191
Likes on const's post
SN9 IOTA — @IOTA_SN9 19 Oct 18:30 UTC
Tier B Team post

SayGM (SN28) ships Sign in with SayGM

Third-party apps run on a user's SayGM balance through scoped permissions, a per-app key and a monthly spend cap the user sets; no usage figure (@say_gm_).

SN28 SayGM — @say_gm_ 20 Oct 08:00 UTC
Tier B Taostats launch post

Taostats Actions puts every btcli transaction in the browser, proxies and multisig included

Built for everyone who is not a terminal user; the same custody flow the fund is building (@taostats, @mogmachine).

Taostats — @taostats 20 Oct 09:00 UTC
Tier B tao.media story

Mentat launches a robotics index holding OpenRoboto (SN80), Swarm (SN124) and Nepher (SN49)

Three subnet tokens in one index product from the lending and analytics shop already on record (tao.media, @taomedia_).

3
Subnet holdings
Mentat Minds — tao.media 19 Oct
Tier B Team post, Lean-verified proof published

Conjectures (SN66) miners resolve a 1997 open question in dimension eight

Every polynomial solution to the minimal-graph question is affine, every degree covered, verified in Lean; the fourth such result since September (@conjectures_io).

1997
Problem posed
8
Dimension settled
SN66 Conjectures — @conjectures_io 20 Oct 14:00 UTC

Protocol & governance

2
Tier B On chain (TensiaBot, Subnet Radar); linkage is a third-party investigation

Four linked subnets max the owner cut at 33% within 12 minutes; SN103 is deregistered eight hours later

SN103 Consted, SN70 Consted 2.0, SN35 and SN36 Epago moved to the 33% owner maximum between 19:00 and 19:11 UTC; on chain three of them pay each other and share a treasury. SN103 lost its slot at block 9,321,589, bought for 435 τ by an unnamed registrant (@TensiaBot, Subnet Radar, Tensia thread).

33%
Owner cut, all four
12 min
Window
435 τ
SN103 slot price
SN103 / SN70 / SN35 / SN36 — 19 Oct 19:00 UTC; dereg 20 Oct ~02:00 UTC
Tier B On-chain event; trigger and rule not stated

Noah (SN82) emissions cut to zero

The cut landed at 16:10 UTC on 19 Oct, a day after a third-party thread said ten wallets hold 97.89% of counted stake and no external revenue has been shown (@TensiaBot).

0
Emissions
97.89%
Stake in 10 wallets, per critic
SN82 Noah — chain event 19 Oct 16:10 UTC