TAO Has Been Silently Working, and We Feel That Some Subnet Projects Might Become Important Later

This is not investment advice. Do note that investing in dTAO subnets is risky, as liquidity is thin.

TAO has been silently working, and we feel that some subnet projects might become important later. (This is not investment advice. Do note that investing in dTAO subnets is risky, as liquidity is thin.)

However, we would still like to share our research with you, as the dTAO hype has died down. This might present some opportunities for you (if you’re a risk-taker) in the TAO ecosystem.

How to Research Subnet Activity On dTAO

To research subnet activity, you only need to look at two sites (for now):

On the Leaderboard tab above, you can use it to sieve out subnet owners which’re selling their alpha tokens for $TAO. To do this, click on “Subnet Owner” and check the “Realised PNL” column. For research purposes, we will exclude subnets from our research if they have a high positive realised PNL (indicating that they’ve sold their alpha tokens before).

Top Subnets with the Most Potential Right Now

Next, let us take a look at some subnets with the most activity. They are, in no particular order:

1. Chutes – SN 64

Chutes provides text/image to video AI generation services. It integrates with leading AI companies like DeepSeek to process its requests. The project has had strong organic growth, and revenue earned accrues to its Alpha token.

Chutes is now processing over 5 Billion Tokens every single day on OpenRouter.

This is a 2.5x increase from just over a week ago and is showing no signs of slowing down.

The most organic traffic of any subnet on Bittensor.

Try us out on @OpenRouterAI through the link below:… pic.twitter.com/mnEtQT6fwE

— Rayon Labs (@rayon_labs) February 26, 2025

2. Gradients – SN 56

Gradients trains State-of-the-Art (SOTA) AI models with over 118 trillion parameters trained. It recently released its image models as well. Its training capabilities compare well with centralized competitors like Google, as it has a lower rate of Test Loss.

It’s Official. Gradients is the Best 0-Click Training Platform in the World. 🌍

Based on recent testing, Gradients beats out other top 0-click training providers such as togetherai and Google to produce fine-tuned models with the lowest test loss.

Not only that, it’s free, easy… pic.twitter.com/kOj5cnD4e2

— Rayon Labs (@rayon_labs) February 14, 2025

3. Proprietary Trading Network – SN 8

Proprietary Trading Network uses AI-powered advanced trading strategies and insights. It integrates with Glitch Financial and together, recently launched its product and made its first winning trade on $BTC. The team has committed to buybacks of its Alpha token. And they’ve got a clear path to monetizing their product.

Bittensor Fund I has acquired a ~100T position in @taoshiio‘s theta token (θ; subnet 8).

I meant to DCA but I couldn’t wait. The potential here is just too massive. $500mm FDV is FUD for what they have built already.

They have everything I want to see in a subnet:

✅ cracked…

— Michael D. White (@here4impact) February 14, 2025

4. BitMind – SN 34

BitMind is a deepfake detection model. In short, it scans content and decides if the content was generated via AI or not. With this, BitMind has won the CoinBase Best Infrastructure Award. Furthermore, it has an ongoing partnership with Kite AI to power deepfake detection.

5. Neural – SN 46

Neural is an AI product suite for end-to-end game creation with dynamic virtual worlds. Recently, they’ve launched SentiOS, which creates autonomous virtual agents in games. Think about an NPC within the games you’ve always played. Now, imagine them as agents that’ve got their character. That’s what Neural is making possible today.

🟢First SentiOS Video Teaser

Infinitely extendable AI agents for gaming, trading, social interaction and more, at your fingertips. Welcome to SentiOS.

With @SentiosAI, anyone can transform digital assets into Autonomous Virtual Agents (AVA) using AI with real-time processing.… pic.twitter.com/AFW5GV6fOW

— NeuralAI (@GoNeuralAI) February 20, 2025

6. Dataverse- SN 13

Dataverse provides real-time data on demand to support AI applications. It has developed Gravity and Nebula, its two main