Bittensor has seen major developments over the past 14 months, including the launch of subnet tokens, a growing number of subnets (now 128), and a halving. • Staking Dynamics: Subnet staking participation is rising, although only around 20% of TAO circulating is in subnets, vs the 50% of TAO staked to root. • The "Barbell" Approach: Subnet allocations are moving to extremes. Top TAO holders are either largely avoiding subnets or allocating heavily. For the top 5K holder cohort, average subnet allocations grew from 31% to 39% YTD. • New Network Mechanics: Bittensor’s emission model was updated to consider TAO flows into subnets. Subnet deregistrations were also reintroduced. • Ecosystem Risks: The sudden exit of AI lab Covenant, which operated 3 of the top 15 subnets, highlighted the risks of subnets leaving the network, though many subnets have stated staying on the network is key to their success. Full breakdown in the report by Senior Crypto Market Strategist, @martin_gaspar1, and @SubnetStats. Read here: