kraken just listed 7 bittensor subnet tokens at once. lium, score, hippius, vanta, ridges, chutes, targon. first time a tier-1 exchange validated the subnet token model. here's the problem: most of these subnets emit 20-40% token supply annually. combined subnet revenue across the entire network is likely under $10m/yr. at those emission rates you need revenue to 2-3x every single year just to hold earnings per token flat. the listing creates a liquidity event and a hype window but the dilution math is merciless. check emission schedules before you touch any individual subnet token. if you believe in the thesis but can't underwrite individual subnet revenue growth, TAO captures upside from all surviving subnets without the single-subnet dilution risk. 5 of these 7 probably go to zero. the 2 that find real product market fit compound for years