Top 3 Bittensor Subnet Ecosystem Tokens to Watch

Monicah W

Bittensor’s (TAO) subnet ecosystem continues to capture attention with its impressive performance amidst broader market volatility. The market cap has shown substantial growth. Additionally, the total number of subnets has increased threefold over the past year. At present, there are 95 subnets on the network.

Interestingly, the top three subnet tokens—Chutes (SN 64), Gradients (SN 56), and Targon (SN 4)—have posted strong monthly gains. While the momentum has slowed recently, the tokens’ fundamentals and community support remain important factors for consideration.

Chutes

Chutes is a serverless AI compute subnet on Bittensor. The platform offers tools for deploying AI models directly through their platform or via an API, making it simple for developers to integrate AI into their applications without needing to manage the underlying infrastructure. 

In terms of performance, the token’s price has increased by approximately 170% over the past month. Since late March, the subnet token has seen a substantial rally, driving its market capitalization to surpass $100 million.

“Bittensor TAO has its first $100 million subnet, just 9 weeks after dTAO launch. Congrats Chutes (SN64)! Chutes is ‘serverless AI’ providing ‘instant on’ AI model hosting (DeepSeek, Mistral, etc.) for 85% less cost than AWS,” a user highlighted on X.

Nonetheless, the high was followed by a slight correction. Since mid-April, the token has been trading more steadily. At press time, it traded at $115.4 (0.35 TAO), representing a weekly decline of 12.1%. In addition, its market cap has also dipped to $93.7 million.

Chutes Subnet Performance
Chutes (SN 64) Token Performance. Source: Tao Stats

It is worth noting that Chutes is one of three subnets developed by Rayon Labs on Bittensor, alongside Gradients and Nineteen. The former is next on the list.

Gradients

The Gradients subnet is designed to make AI model training accessible to everyone. It leverages the Bittensor network’s decentralized infrastructure, allowing users to easily train AI models with minimal effort, even without prior AI knowledge. Its latest version (V3) was launched on April 15.

Impressively, its gains even surpass Chutes. Its price has appreciated by over 550% in the last month.

“Gradients has pumped 500%+ in just a couple of weeks,” an analyst observed on April 2.

Yet, much like Chutes, the subnet token also saw a correction, which caused it to shed 30.7% of its gains over the past week. At press time, Gradients’ trading price stood at $54.1 (0.16 TAO).

Gradients (SN 56) Token Performance
Gradients (SN 56) Token Performance. Source: Tao Stats

Despite this, the community’s optimism remains quite strong.

“Subnets created by Rayon Labs now account for over a quarter of emissions on Bittensor. This is what happens when a world class team builds with conviction and actually delivers. The network rewards those shipping real products and bringing real value,” the analyst added.

Targon

Lastly, the Targon subnet is a decentralized infrastructure within the Bittensor network, specifically designed to support a marketplace for digital commodities related to AI. As a decentralized system, Targon enables AI models to interact, process, and generate information across various data types and formats without relying on a centralized authority. 

This infrastructure enhances AI’s ability to understand context and relationships in data, leading to more effective and efficient human-AI interactions.

“Targon stands out as one of the strongest subnets in the ecosystem,” a user claimed.

Nevertheless, the subnet token has seen the smallest gains compared to its counterparts. Its value has appreciated by around 60% over the course of the last month. It faced a correction in early April. After a slight recovery, the declines resumed.

Targon (SN 4) Token Performance.
Targon (SN 4) Token Performance. Source: Tao Stats

At press time, the token’s price was $52.4 (0.15 TAO), a downtick of 19.3% over the past seven days.

As more developers and businesses explore decentralized AI solutions, Bittensor’s ecosystem is likely to expand. The ongoing evolution of these subnets will be crucial in shaping the future of AI infrastructure, and monitoring future developments could likely reveal new opportunities within the decentralized AI market.

The post Top 3 Bittensor Subnet Ecosystem Tokens to Watch appeared first on BeInCrypto.

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New USDi Stablecoin To be Pegged Against US CPI and Inflation Data

A group of veteran derivatives and FX traders in the US are launching USDi, a stablecoin designed to adjust its price in line with inflation. Its value will change regularly based on Consumer Price Index (CPI) data and the performance of Treasury Inflation-Protected Securities (TIPS).

Founder Michael Ashton aims to offer an asset that maintains purchasing power by minimizing exposure to inflation risk. However, with intense competition in the stablecoin market, USDi will need strong early traction to carve out its place.

A Stablecoin To Beat Inflation?

Stablecoins are in the spotlight right now, with friendly US regulation spurring a potential boom in trading volumes. Given the current pro-regulatory environment in the US and growing adoption, many new players are innovating.

Today, derivatives trader Michael Ashton announced USDi, a stablecoin built to fight inflation.

“The riskless asset doesn’t actually currently exist, and that’s inflation-linked cash. Holding cash is an option on future opportunities, and the cost of that option is inflation. If you create inflation-linked cash, that’s the end of the risk line,” Ashton claimed.

Investors have been using crypto to hedge against inflation for years, but USDi is a novel approach to the problem. Ashton joined two co-founders, an FX veteran, and a technical specialist, to create the firm USDi Partners LLC.

USDi is a stablecoin that is correlated with the dollar but isn’t pegged to it. Instead, it will loosely orbit the dollar, but its value will fluctuate alongside US inflation.

That prospect may seem convoluted, but a simple system defines the stablecoin’s value. Essentially, Ashton claimed that USDi would rise in accordance with regular CPI reports, calculating the total inflation since a predetermined start date.

This date is December 2024, so it’s still quite close to the dollar. Today, for example, USDi’s price is $1.00863.

The novel stablecoin is inspired by the Treasury Inflation-Protected Securities (TIPS), a government bond designed to protect against inflation. Since CPI reports only happen once per month, Ashton will adjust USDi’s price in accordance with more frequent data used by TIPS investors.

To maintain this system, Ashton will manage a fund that acts as the stablecoin’s reserves. USDi Partners will mint and burn tokens according to the daily level of inflation, plus a small transaction fee.

Only accredited investors can partake in the initial launch, but USDi Partners hasn’t announced an official release date.

In short, USDi seems like a unique approach to the crypto economy, but the stablecoin market is full of competition. Ideally, Ashton and his co-founders will be able to get some early traction to get this project off the ground.

If it proves successful, it can help demonstrate the versatility of crypto’s practical applications.

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Senate Vote Sets Stage for President Trump to Sign Bill Ending IRS DeFi Broker Rule

The US Senate has voted in favor of a motion to repeal an IRS rule targeting decentralized finance (DeFi) platforms. The motion now heads to President Donald Trump’s desk for his anticipated signature.

According to the latest reports, the resolution is close to becoming law, potentially by the end of this week.

Lawmakers Move to Overturn IRS DeFi Broker Rule

On March 26, the Senate voted 70-28 to pass H.J. Res. 25, introduced by Senator Ted Cruz and Representative Mike Carey. This vote marks the second time this month that the resolution has passed, following a 70-27 vote on March 4.

A procedural requirement regarding budget measures necessitated the re-vote after the House approved its version in a 292-132 tally.

“This clears the way for innovation in DeFi. This is bullish—less regulation, more growth, as we’ve been saying,” wrote Dan Gambardello on X.

Meanwhile, Eleanor Terrett, host of Crypto in America, revealed, citing a Republican Senate source, that the bill could become law as early as this Friday.

“Resolution to overturn IRS DeFi broker rule could become law by week’s end,” she stated.

Terrett added that if Trump signs the Congressional Review Act (CRA), it would be the first bill related to cryptocurrency to become law. Notably, earlier this month, David Sacks, White House’s AI and crypto czar, had declared support for the resolution. 

“If S.J. Res. 3 were presented to the President, his senior advisors would recommend that he sign it into law,” he posted

If passed, the resolution would mark a significant win for the cryptocurrency industry and a step toward reducing regulatory oversight in the DeFi sector.

The development comes amid a broader push for regulatory clarity. On March 26, the DeFi Education Fund, alongside a coalition of organizations, submitted a letter to leading US Senate and House Committees on Banking, Judiciary, and Financial Services members. 

The letter aims to address the Department of Justice’s (DOJ) misinterpretation of money transmission laws.

“We write to urge you to correct the Department of Justice’s (DOJ) unprecedented and overly expansive interpretation of the criminal code provision proscribing operating an “unlicensed money transmitting business” as applied to software developers,” the letter read.

The coalition argues that the DOJ’s interpretation creates ambiguity. This could criminalize software developers working in the blockchain space.

Specifically, it would impact those using non-custodial technologies who do not control or possess customer funds. This position could threaten the viability of US-based software development in the digital asset industry and beyond.

Furthermore, the letter emphasizes that the DOJ’s stance contradicts existing guidance from the Financial Crimes Enforcement Network (FinCEN) and previous legal interpretations. Thus, it could potentially lead to overreach and unfair treatment of blockchain developers. 

The signatories, including Paradigm, A16z Crypto, Polygon Labs, Coinbase, Kraken, and others, request that Congress urge the DOJ to clarify its position. They aim to ensure alignment with legal precedent and congressional intent and prevent the stifling of innovation in the US tech sector.

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