In this episode, Lex chats with Evan Malanga — Chief Revenue Officer of Yuma, a subsidiary of Digital Currency Group focused on growing the Bittensor ecosystem. They discuss how Bittensor's $6 billion protocol incentivises AI builders worldwide through token emissions across 128 competing subnets, and why the network has produced real commercial outputs — including a 72 billion parameter model trained on-chain and a coding agent rivalling Claude at a fraction of the cost. Evan explains Yuma's role as the institutional gateway to Bittensor through its validator, accelerator, and asset management products, and they explore why the concentration of AI in OpenAI and Anthropic is a systemic risk, and whether Bittensor's future extends beyond AI into a broader coordination engine for decentralised work.

NOTABLE DISCUSSION POINTS:

Bittensor has crossed from experimentation into shipping benchmark-competitive work at a fraction of centralized cost. Three recent proof points: Templar (subnet 3) completed the largest decentralized pre-training run of a 72B parameter model using only the network’s token incentives. Ridges, an AI agent platform, is hitting 88–90% on software engineering benchmarks, on par with Claude-class agents at ~5x cheaper, built by a 3-to-5-person team under $10M of token emissions. Score (subnet 44) is doing computer vision 200x faster than centralized counterparts. Small distributed teams are producing outputs competitive with frontier labs without raising venture capital or hiring staff.
Dynamic TAO restructured emissions from validator-curated to market-curated, making each subnet its own tradeable asset. Previously, dominant validators assigned weights that determined how the 7,200 daily TAO emission flowed across subnets. Under Dynamic TAO, each of the 128 subnets has its own token denominated in TAO, and any holder can buy or sell into specific subnets, pricing them like a market rather than a committee vote. Subnet owners, miners, and validators earn fees in the respective subnet token. Distribution has settled into a power law: the top ten subnets hold ~80% of market cap. This is the move that turned Bittensor from “decentralized AI protocol” into a financial hyperstructure with hundreds of tokenized work markets layered on top.
The economics for subnet owners are genuinely unusual — hundreds of millions in annual incentives, fully subsidized labor, no fundraising. A subnet owner gets access to up to ~256 miners globally competing to satisfy their problem statement, with miner compensation paid by protocol emissions rather than the subnet owner. At current TAO prices, annual incentives across the network run into hundreds of millions; at higher prices, this approaches $1B/year up for grabs. No hiring, no benefits, no recruiting, the network runs as a continuous adversarial competition where validators rank miner outputs. This is the mechanical answer to “why would an AI researcher choose Bittensor over Silicon Valley”, and explains why researchers at Meta and Google reportedly mine Bittensor on nights and weekends, with top miners on subnets like Ridges earning ~$30,000/day.

TOPICS

Yuma, Bittensor, Digital Currency Group, DCG, OpenAI, Anthropic, Foundry, Templar, Ridges, Bitcoin, Meta, Google, BlackRock, JPMorgan, Decentralized AI, Crypto, Blockchain, AI, Tokenomics, Decentralized Science, DeSci, AI Agents, Computer Vision, Proof of Work, Tokenization, Real World Assets, RWA, Machine Economy

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TIMESTAMPS

1’09: The World Wide Web of Intelligence : How Bittensor Turns AI Into Open Competition

9’48: Decentralized AI or Financial Hyperstructure : Unpacking Bittensor's Tokenomics and the Shift to Dynamic TAO

15’04: 256 Miners, Zero Payroll : How Bittensor Subsidizes the Labor Behind Every Subnet

18’03: The Olympics of AI : How Subnet Competitions Replace Bitcoin's Proof of Work

20’09: The Grayscale Playbook for Bittensor : How Yuma Is Building the Institutional On-Ramp

23’19: AI Is the Wedge, Not the Ceiling : Bittensor's 3-to-5-Year Path to Coordinating All Work

28’03: Right but Early : Why the Vision for Decentralized AI May Take 15 Years to Realize

30’52: Decentralized Science as the Next Wedge : Why DeSci Could Be Bittensor's Most Underrated Use Case

34’10: $30,000/Day Mining on Nights and Weekends : Why Meta and Google Researchers Are Quietly on Bittensor

35’56: The channels used to connect with Evan & learn more about Yuma and Bittensor

Disclaimer here — this newsletter does not provide investment advice and represents solely the views and opinions of FINTECH BLUEPRINT LTD.

Contributors: Lex, Laurence, Matt, Farhad, Mike, Daniella

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