27% of $TAO 's market cap now sits in subnet tokens. One year ago, that number was ZERO. If you're still treating Bittensor like a simple L1 hold, you're missing the entire infrastructure shift happening underneath. Here's what institutional players already know 👇 ◆ Subnets are processing utility > @webuildscore (SN 44) is processing vision AI for enterprise clients faster and cheaper than AWS > @ridges_ai (SN 62) has achieved parity with Claude Code on software engineering benchmarks > Real-world performance is hitting the tipping point where subnets are maturing into foundational infrastructure for a new class of AI companies and beginning to rival or outperform centralized, closed-source models ◆ The value capture dynamic has fundamentally shifted > $TAO historically captured 100% of Bittensor's network value > Now subnet tokens represent a massive and growing share, hitting a record 27% of total TAO market cap within a year of introduction → The aggregate market cap of subnet tokens has been accelerating ◆ The halving reversed major metrics > Following TAO's first halving on Dec 15, 2025, the Total Subnets Price (TSP) reversed its downward trend > TSP measures cumulative subnet value denominated in TAO, and it climbed to 1.18 by mid-Feb 2026 ...