With the amount of new subnets being added it can be hard to get up to date information across all subnets, so data may be slightly out of date from time to time
With the amount of new subnets being added it can be hard to get up to date information across all subnets, so data may be slightly out of date from time to time
HODL – The ETF Subnet (Subnet 118) is a specialized FinTech-style subnet on Bittensor designed to incentivize long-term holding (HODLing) of the TAO token through index-based staking strategies. In the current dynamic-TAO (dTAO) environment, many investors rapidly rotate capital across subnets chasing short-term hype and rumors, leading to instability and fragmented liquidity. HODL ETF aims to “flip that mentality on its head” by rewarding true long-term conviction. In essence, it encourages TAO holders to stake their TAO into curated index funds and hold for extended periods, rather than constantly trading between subnets. By doing so, HODL ETF creates a more stable capital base within Bittensor and aligns incentives toward sustained ecosystem growth.
The subnet’s purpose is to act like a decentralized exchange-traded fund (ETF) within Bittensor. Instead of trading AI work or providing machine learning services, this subnet’s “work” is long-term TAO staking. Miners on HODL ETF don’t run heavy models – it’s a zero-code mining subnet – they simply stake TAO (the Bittensor token) into predefined index pools and maintain that stake. The HODL subnet then pays out mining rewards to these long-term stakers, effectively boosting yields for those who HODL their TAO. This design directly addresses the “short-term speculation, hype-driven trading, rapid capital rotation across subnets, and weak incentives for true long-term conviction” that plague the dTAO market. By financially rewarding patience and stability, HODL ETF’s tokenomic design seeks to dampen FOMO-driven boom-bust cycles and foster a “blue-chip” investor mentality in the Bittensor ecosystem.
HODL – The ETF Subnet (Subnet 118) is a specialized FinTech-style subnet on Bittensor designed to incentivize long-term holding (HODLing) of the TAO token through index-based staking strategies. In the current dynamic-TAO (dTAO) environment, many investors rapidly rotate capital across subnets chasing short-term hype and rumors, leading to instability and fragmented liquidity. HODL ETF aims to “flip that mentality on its head” by rewarding true long-term conviction. In essence, it encourages TAO holders to stake their TAO into curated index funds and hold for extended periods, rather than constantly trading between subnets. By doing so, HODL ETF creates a more stable capital base within Bittensor and aligns incentives toward sustained ecosystem growth.
The subnet’s purpose is to act like a decentralized exchange-traded fund (ETF) within Bittensor. Instead of trading AI work or providing machine learning services, this subnet’s “work” is long-term TAO staking. Miners on HODL ETF don’t run heavy models – it’s a zero-code mining subnet – they simply stake TAO (the Bittensor token) into predefined index pools and maintain that stake. The HODL subnet then pays out mining rewards to these long-term stakers, effectively boosting yields for those who HODL their TAO. This design directly addresses the “short-term speculation, hype-driven trading, rapid capital rotation across subnets, and weak incentives for true long-term conviction” that plague the dTAO market. By financially rewarding patience and stability, HODL ETF’s tokenomic design seeks to dampen FOMO-driven boom-bust cycles and foster a “blue-chip” investor mentality in the Bittensor ecosystem.
Technical Architecture: HODL ETF’s architecture is straightforward: no machine learning model is required. Instead, the validator node on Subnet 118 continuously calculates miners’ scores based on their staked TAO and how long it’s been staked. Miners join this subnet by registering a hotkey (identity) on netuid 118 (just like any Bittensor subnet) and then linking their coldkey to one of the supported index strategies. Because miners aren’t performing inference or serving data, mining on SN118 is “zero-code” – once registered and configured, there’s no custom model to run. The validator node (which runs the neurons/validator.py code in the repo) fetches the staking information for each miner’s coldkey and computes a score that determines that miner’s share of block rewards.
Index Strategy Logic & Platform Integration: The subnet is powered by the TrustedStake platform’s index funds. TrustedStake is a non-custodial staking app that offers curated baskets of subnets (indexes) for TAO holders to stake into. HODL ETF currently supports five index strategies: TSBCSI (TrustedStake Blue Chip Subnet Index), Top 10, Full Stack, Fintech, and Bittensor Universe. Each miner on SN118 must choose one of these indexes and stake some TAO into it via TrustedStake’s interface. For example, a miner could stake 500 TAO into the Fintech index (which allocates that stake across a selection of finance-related subnets), or into TSBCSI (a “blue chip” index covering core Bittensor subnets) . The TrustedStake app remains non-custodial – it can enact stake/unstake transactions on behalf of the user’s wallet, but it cannot transfer or seize funds, so the coldkey owner retains full control. HODL’s validator interacts with TrustedStake (via on-chain data or API) to retrieve each miner’s current index stake and duration.
Importantly, TrustedStake deliberately excludes Subnet 118 itself from all indexes to avoid self-dealing. No index will stake into HODL ETF, ensuring the subnet doesn’t indirectly fund itself. Likewise, because members of the HODL team were involved in Subnet 88 (Investing88), the TrustedStake indexes currently exclude Subnet 88 as well to prevent any conflicts of interest. These measures enforce that HODL ETF miners are genuinely staking in other projects, not recycling stake internally or favoring the team’s own subnets.
Validator–Miner Mechanics: Once a miner’s coldkey is staked in an index, the HODL validator assigns that miner a score each block based on two factors: the size of their TAO stake (S) and the duration D (in days) that the stake has been continuously held. In practical terms, every ~30 days of holding yields an incremental boost (diminishing over time). For example, after ~180 days (6 months) of continuous stake, a miner’s score would be about 1.5× their raw stake, meaning 100 TAO held for six months is scored equivalently to about 150 TAO freshly staked. At 1 year (~365 days), the multiplier is ~1.64×. This logarithmic growth ensures diminishing returns for extremely long holds (preventing any single miner from gaining an infinite advantage), while still continually incentivizing longer-term commitment. Notably, if a miner unstakes or moves their funds, the duration $D$ would reset – thus, hopping between indexes or subnets forfeits the time-based score bonus, reinforcing the HODL behavior.
Emissions Structure & Incentives: The total TAO block reward allocated to Subnet 118 is split evenly among the supported indexes. In the current configuration with five index categories, each index is allocated 20% of SN118’s emissions. Miners compete only within their chosen index for those emissions. In other words, all miners staking via the Fintech index share 1/5 of the subnet’s TAO rewards, distributed proportionally to their score, and similarly for each other index. This design encourages a healthy distribution of miners across different sectors of the Bittensor ecosystem; no single index (e.g. just the “Top 10” subnets) can monopolize all the rewards. It effectively balances incentives so that capital is spread across various subnet groups, supporting diversity in the network.
System behavior: Each block (or each emission cycle), the validator computes scores for every active miner and assigns TAO rewards accordingly. A miner who increases their stake $S$ or simply remains staked longer will see their score grow, yielding a larger share of the next emission slice. Conversely, if a miner withdraws stake or if others in the same index out-hold/out-stake them, their relative score – and thus reward share – will drop. The mining process requires minimal user intervention beyond maintaining the stake: miners can run a lightweight client to register and keep a heartbeat on the network (ensuring they remain in the subnet’s miner set), but there is no neural network or query answering needed. This makes HODL ETF one of the most accessible Bittensor subnets, effectively turning the act of investing (staking TAO) into the work that is rewarded.
Finally, because the TrustedStake platform handles the actual staking to underlying subnets, the arrangement is non-custodial and secure. The user’s TAO never leaves their wallet except as a on-chain staking operation – neither the HODL subnet nor TrustedStake can arbitrarily move those funds. TrustedStake also provides a security guide outlining how it manages permissions safely. Additionally, to maintain fairness over time, the composition of indexes (which subnets are included in, say, Full Stack or Bittensor Universe) can be adjusted based on objective criteria. The team has stated that “no subnet will receive special treatment” – index inclusion will depend on performance/metrics, and previously excluded subnets (like 88) might be re-included if appropriate in the future.
Technical Architecture: HODL ETF’s architecture is straightforward: no machine learning model is required. Instead, the validator node on Subnet 118 continuously calculates miners’ scores based on their staked TAO and how long it’s been staked. Miners join this subnet by registering a hotkey (identity) on netuid 118 (just like any Bittensor subnet) and then linking their coldkey to one of the supported index strategies. Because miners aren’t performing inference or serving data, mining on SN118 is “zero-code” – once registered and configured, there’s no custom model to run. The validator node (which runs the neurons/validator.py code in the repo) fetches the staking information for each miner’s coldkey and computes a score that determines that miner’s share of block rewards.
Index Strategy Logic & Platform Integration: The subnet is powered by the TrustedStake platform’s index funds. TrustedStake is a non-custodial staking app that offers curated baskets of subnets (indexes) for TAO holders to stake into. HODL ETF currently supports five index strategies: TSBCSI (TrustedStake Blue Chip Subnet Index), Top 10, Full Stack, Fintech, and Bittensor Universe. Each miner on SN118 must choose one of these indexes and stake some TAO into it via TrustedStake’s interface. For example, a miner could stake 500 TAO into the Fintech index (which allocates that stake across a selection of finance-related subnets), or into TSBCSI (a “blue chip” index covering core Bittensor subnets) . The TrustedStake app remains non-custodial – it can enact stake/unstake transactions on behalf of the user’s wallet, but it cannot transfer or seize funds, so the coldkey owner retains full control. HODL’s validator interacts with TrustedStake (via on-chain data or API) to retrieve each miner’s current index stake and duration.
Importantly, TrustedStake deliberately excludes Subnet 118 itself from all indexes to avoid self-dealing. No index will stake into HODL ETF, ensuring the subnet doesn’t indirectly fund itself. Likewise, because members of the HODL team were involved in Subnet 88 (Investing88), the TrustedStake indexes currently exclude Subnet 88 as well to prevent any conflicts of interest. These measures enforce that HODL ETF miners are genuinely staking in other projects, not recycling stake internally or favoring the team’s own subnets.
Validator–Miner Mechanics: Once a miner’s coldkey is staked in an index, the HODL validator assigns that miner a score each block based on two factors: the size of their TAO stake (S) and the duration D (in days) that the stake has been continuously held. In practical terms, every ~30 days of holding yields an incremental boost (diminishing over time). For example, after ~180 days (6 months) of continuous stake, a miner’s score would be about 1.5× their raw stake, meaning 100 TAO held for six months is scored equivalently to about 150 TAO freshly staked. At 1 year (~365 days), the multiplier is ~1.64×. This logarithmic growth ensures diminishing returns for extremely long holds (preventing any single miner from gaining an infinite advantage), while still continually incentivizing longer-term commitment. Notably, if a miner unstakes or moves their funds, the duration $D$ would reset – thus, hopping between indexes or subnets forfeits the time-based score bonus, reinforcing the HODL behavior.
Emissions Structure & Incentives: The total TAO block reward allocated to Subnet 118 is split evenly among the supported indexes. In the current configuration with five index categories, each index is allocated 20% of SN118’s emissions. Miners compete only within their chosen index for those emissions. In other words, all miners staking via the Fintech index share 1/5 of the subnet’s TAO rewards, distributed proportionally to their score, and similarly for each other index. This design encourages a healthy distribution of miners across different sectors of the Bittensor ecosystem; no single index (e.g. just the “Top 10” subnets) can monopolize all the rewards. It effectively balances incentives so that capital is spread across various subnet groups, supporting diversity in the network.
System behavior: Each block (or each emission cycle), the validator computes scores for every active miner and assigns TAO rewards accordingly. A miner who increases their stake $S$ or simply remains staked longer will see their score grow, yielding a larger share of the next emission slice. Conversely, if a miner withdraws stake or if others in the same index out-hold/out-stake them, their relative score – and thus reward share – will drop. The mining process requires minimal user intervention beyond maintaining the stake: miners can run a lightweight client to register and keep a heartbeat on the network (ensuring they remain in the subnet’s miner set), but there is no neural network or query answering needed. This makes HODL ETF one of the most accessible Bittensor subnets, effectively turning the act of investing (staking TAO) into the work that is rewarded.
Finally, because the TrustedStake platform handles the actual staking to underlying subnets, the arrangement is non-custodial and secure. The user’s TAO never leaves their wallet except as a on-chain staking operation – neither the HODL subnet nor TrustedStake can arbitrarily move those funds. TrustedStake also provides a security guide outlining how it manages permissions safely. Additionally, to maintain fairness over time, the composition of indexes (which subnets are included in, say, Full Stack or Bittensor Universe) can be adjusted based on objective criteria. The team has stated that “no subnet will receive special treatment” – index inclusion will depend on performance/metrics, and previously excluded subnets (like 88) might be re-included if appropriate in the future.
The team is a collaboration between members of TrustedStake and Investing88. The HODL ETF GitHub lists three contributors: the organization Mobius Fund, and two individuals – “cisterciansis” (Douglas) and “A-kiriakides”. Douglas (alias cisterciansis) appears to be a lead developer; his GitHub bio reads “building a neural Internet and playing with magic numbers”, which aligns with Bittensor’s vision of a decentralized “neural internet.” He was deeply involved in prior Bittensor projects – notably, Douglas was a key figure in Subnet 88 (Investing) and even curated a TrustedStake index called “Doug’s Picks” when the index platform launched. The other contributor, A. Kiriakides, likely brings additional expertise (possibly financial or technical), though less is publicly known about them aside from their GitHub handle.
Investing88 was envisioned as the world’s first decentralized asset-under-management platform, leveraging both human and AI intelligence across Bittensor. Its mission was to provide investment services for both retail and institutional investors through Bittensor, effectively crowd-sourcing trading strategies on-chain. The initial phase of SN88 (deployed April 2025) focused on optimizing staking strategies in the TAO/alpha ecosystem – community members could submit strategies for how to allocate stake across subnets, and the best strategies (by performance) earned rewards. The roadmap for Investing88 was ambitious, planning to incorporate U.S. equities (Phase II by mid-2025) and multi-asset global portfolios (Phase III/IV) into the platform. In practice, SN88 included advanced features like a strategy dashboard (at investing88.ai), daily performance scoring, and a complex Kelly criterion-based scoring formula to evaluate strategies on return vs. risk. This prior work demonstrates the Mobius Fund team’s capability in building sophisticated, finance-oriented subnet mechanics. It also established the reputation of the team within Bittensor’s community, likely paving the way for the creation of HODL ETF. (Notably, due to the team’s involvement, SN88 was temporarily removed from certain TrustedStake indexes to ensure no bias with SN118’s launch, reflecting the team’s transparency and focus on fairness.)
Beyond Bittensor subnets, Mobius Fund’s contributors have shown thought leadership bridging crypto and finance. For example, the MobiusFund GitHub contains a repository for a crypto mining profit calculator, accompanying a paper on profit projection and risk hedging published in the Journal of Investing. This indicates the team’s strong analytical background and commitment to open research.
The team is a collaboration between members of TrustedStake and Investing88. The HODL ETF GitHub lists three contributors: the organization Mobius Fund, and two individuals – “cisterciansis” (Douglas) and “A-kiriakides”. Douglas (alias cisterciansis) appears to be a lead developer; his GitHub bio reads “building a neural Internet and playing with magic numbers”, which aligns with Bittensor’s vision of a decentralized “neural internet.” He was deeply involved in prior Bittensor projects – notably, Douglas was a key figure in Subnet 88 (Investing) and even curated a TrustedStake index called “Doug’s Picks” when the index platform launched. The other contributor, A. Kiriakides, likely brings additional expertise (possibly financial or technical), though less is publicly known about them aside from their GitHub handle.
Investing88 was envisioned as the world’s first decentralized asset-under-management platform, leveraging both human and AI intelligence across Bittensor. Its mission was to provide investment services for both retail and institutional investors through Bittensor, effectively crowd-sourcing trading strategies on-chain. The initial phase of SN88 (deployed April 2025) focused on optimizing staking strategies in the TAO/alpha ecosystem – community members could submit strategies for how to allocate stake across subnets, and the best strategies (by performance) earned rewards. The roadmap for Investing88 was ambitious, planning to incorporate U.S. equities (Phase II by mid-2025) and multi-asset global portfolios (Phase III/IV) into the platform. In practice, SN88 included advanced features like a strategy dashboard (at investing88.ai), daily performance scoring, and a complex Kelly criterion-based scoring formula to evaluate strategies on return vs. risk. This prior work demonstrates the Mobius Fund team’s capability in building sophisticated, finance-oriented subnet mechanics. It also established the reputation of the team within Bittensor’s community, likely paving the way for the creation of HODL ETF. (Notably, due to the team’s involvement, SN88 was temporarily removed from certain TrustedStake indexes to ensure no bias with SN118’s launch, reflecting the team’s transparency and focus on fairness.)
Beyond Bittensor subnets, Mobius Fund’s contributors have shown thought leadership bridging crypto and finance. For example, the MobiusFund GitHub contains a repository for a crypto mining profit calculator, accompanying a paper on profit projection and risk hedging published in the Journal of Investing. This indicates the team’s strong analytical background and commitment to open research.
HODL ETF is being rolled out in three major phases (per the whitepaper and project documentation). Each phase expands the platform’s functionality, evolving it from a simple incentive subnet into a full-fledged financial marketplace within Bittensor:
V1 – HODL ETF (Stake-and-Hold Incentive) – Live at Launch (2025): This is the current phase. The product is the incentive subnet itself, rewarding users for staking and holding TAO in index pools. The core features of V1 are the long-term staking rewards (via the score formula and index-linked emissions) described above. Essentially, V1 establishes HODL ETF as a “stake-to-mine” subnet where conviction = rewards. During this phase, the only way to “profit” from HODL ETF is by mining TAO through long holds. There is no trading of index positions yet – if a user wants to exit, they simply unstake from the index (losing future HODL rewards). V1’s goal is to bootstrap a community of long-term stakers and start generating more stable network behavior. Until the later phases go live, HODL ETF’s token (SN118 alpha) mainly functions as a mining reward and proof of one’s staking commitment; there isn’t an on-chain mechanism to freely swap those index stakes. The motto of this phase could be summed up as “hold TAO, earn more TAO.”
V2 – ETF Exchange (Planned Q1 2026): In the second phase, HODL ETF will introduce an exchange platform for index tokens. This can be thought of as a secondary market for the index positions that were purely held in V1. Practically, the ETF Exchange will likely allow users to trade their staked index “shares” (alpha tokens) without un-staking from the underlying subnets. For example, if a user has a position in the Bittensor Universe index but wants to rotate into Fintech index exposure, the exchange would let them swap or trade the respective tokens representing those index stakes. This adds liquidity and flexibility – participants can rebalance or exit their HODL positions by trading with others, rather than withdrawing stake (which would reset their holding duration). The introduction of the exchange effectively turns the previously static index stakes into tradable ETF tokens, much like shares of an ETF can be bought or sold. According to the team, this phase will monetize the platform via transaction fees, but crucially, “transaction fees generated from V2… will have a major percentage committed to automatic buybacks” of the HODL subnet’s token. In other words, the exchange’s revenue will be used to buy back SN118’s alpha tokens on the open market, creating buy pressure and value for long-term holders. This mechanism is akin to an ETF doing share buybacks – it should support the price of HODL ETF’s token as adoption of the exchange grows. By the end of V2, HODL ETF will have transformed from a pure incentive layer into an interactive marketplace, where index-based TAO stakes are liquid and can be allocated efficiently by the community.
V3 – Futures & Options (Planned Q3 2026): The third phase is the most innovative: launching derivatives (futures and options) on Bittensor’s alpha tokens and indexes. This means users will be able to trade futures contracts and options contracts tied to either specific subnet tokens or entire index baskets. For example, one could imagine a futures contract on the TSBCSI index allowing someone to go long or short the performance of “blue chip” subnets, or an options contract to hedge against downside of the Top 10 index. Introducing futures/options brings sophisticated hedging and speculative tools into the TAO ecosystem. It enables participants to express negative views (shorting) on overvalued subnets, or to lever up on bullish bets, or insure their positions – all of which can greatly increase market stability and maturity. Subnet 118 is one of the first to formalize such capital-markets infrastructure around Bittensor’s alpha tokens. The presence of derivatives could reduce volatility by letting the market correct exuberance (through shorting) and by providing risk management (through options). Just like in V2, fees from the futures/options platform will largely fund buybacks of SN118, further tying the token’s value to platform usage. By Q3 2026, if Phase 3 is successful, HODL ETF will have evolved into a comprehensive decentralized finance hub for Bittensor – complete with index funds, an exchange, and a derivatives market, all revolving around TAO-based assets.
Implications for the TAO Ecosystem: The full roadmap of HODL ETF represents a paradigm shift for subnet investing in Bittensor. In early Bittensor, dTAO “alpha” tokens have been mostly speculative, with chaotic trading and little utility beyond proxying a subnet’s value. HODL ETF’s phases systematically add structure and utility: first by encouraging holding (reducing speculative churn), next by adding liquidity and price discovery via the exchange, and finally by enabling sophisticated capital flows and risk management via derivatives. This could lead to more stable funding for quality subnets (as indexes direct long-term stake to them) and a more efficient market for TAO in general. The automatic buyback program is particularly noteworthy – it means value generated by the ecosystem (fees) cycles back to reward HODL ETF stakeholders, introducing a kind of shareholder value paradigm uncommon in typical subnets. As the team puts it, HODL is “one of the first subnets to formalize capital-markets infrastructure around alpha tokens”, potentially setting the stage for Bittensor to behave more like a mature financial network than a collection of isolated projects. If successful, Subnet 118’s model could improve investor confidence (knowing there are viable long-term investment avenues), attract fresh capital (including institutional interest who see familiar ETF-like instruments), and ultimately fortify the TAO economy against the “brutal, hype-fueled chaos” of short-term speculation. The roadmap paints a future where participating in Bittensor isn’t just for AI enthusiasts or speculators, but also for disciplined investors employing index strategies, trading hedges, and reaping the benefits of a growing decentralized AI economy in a sustainable way.
HODL ETF is being rolled out in three major phases (per the whitepaper and project documentation). Each phase expands the platform’s functionality, evolving it from a simple incentive subnet into a full-fledged financial marketplace within Bittensor:
V1 – HODL ETF (Stake-and-Hold Incentive) – Live at Launch (2025): This is the current phase. The product is the incentive subnet itself, rewarding users for staking and holding TAO in index pools. The core features of V1 are the long-term staking rewards (via the score formula and index-linked emissions) described above. Essentially, V1 establishes HODL ETF as a “stake-to-mine” subnet where conviction = rewards. During this phase, the only way to “profit” from HODL ETF is by mining TAO through long holds. There is no trading of index positions yet – if a user wants to exit, they simply unstake from the index (losing future HODL rewards). V1’s goal is to bootstrap a community of long-term stakers and start generating more stable network behavior. Until the later phases go live, HODL ETF’s token (SN118 alpha) mainly functions as a mining reward and proof of one’s staking commitment; there isn’t an on-chain mechanism to freely swap those index stakes. The motto of this phase could be summed up as “hold TAO, earn more TAO.”
V2 – ETF Exchange (Planned Q1 2026): In the second phase, HODL ETF will introduce an exchange platform for index tokens. This can be thought of as a secondary market for the index positions that were purely held in V1. Practically, the ETF Exchange will likely allow users to trade their staked index “shares” (alpha tokens) without un-staking from the underlying subnets. For example, if a user has a position in the Bittensor Universe index but wants to rotate into Fintech index exposure, the exchange would let them swap or trade the respective tokens representing those index stakes. This adds liquidity and flexibility – participants can rebalance or exit their HODL positions by trading with others, rather than withdrawing stake (which would reset their holding duration). The introduction of the exchange effectively turns the previously static index stakes into tradable ETF tokens, much like shares of an ETF can be bought or sold. According to the team, this phase will monetize the platform via transaction fees, but crucially, “transaction fees generated from V2… will have a major percentage committed to automatic buybacks” of the HODL subnet’s token. In other words, the exchange’s revenue will be used to buy back SN118’s alpha tokens on the open market, creating buy pressure and value for long-term holders. This mechanism is akin to an ETF doing share buybacks – it should support the price of HODL ETF’s token as adoption of the exchange grows. By the end of V2, HODL ETF will have transformed from a pure incentive layer into an interactive marketplace, where index-based TAO stakes are liquid and can be allocated efficiently by the community.
V3 – Futures & Options (Planned Q3 2026): The third phase is the most innovative: launching derivatives (futures and options) on Bittensor’s alpha tokens and indexes. This means users will be able to trade futures contracts and options contracts tied to either specific subnet tokens or entire index baskets. For example, one could imagine a futures contract on the TSBCSI index allowing someone to go long or short the performance of “blue chip” subnets, or an options contract to hedge against downside of the Top 10 index. Introducing futures/options brings sophisticated hedging and speculative tools into the TAO ecosystem. It enables participants to express negative views (shorting) on overvalued subnets, or to lever up on bullish bets, or insure their positions – all of which can greatly increase market stability and maturity. Subnet 118 is one of the first to formalize such capital-markets infrastructure around Bittensor’s alpha tokens. The presence of derivatives could reduce volatility by letting the market correct exuberance (through shorting) and by providing risk management (through options). Just like in V2, fees from the futures/options platform will largely fund buybacks of SN118, further tying the token’s value to platform usage. By Q3 2026, if Phase 3 is successful, HODL ETF will have evolved into a comprehensive decentralized finance hub for Bittensor – complete with index funds, an exchange, and a derivatives market, all revolving around TAO-based assets.
Implications for the TAO Ecosystem: The full roadmap of HODL ETF represents a paradigm shift for subnet investing in Bittensor. In early Bittensor, dTAO “alpha” tokens have been mostly speculative, with chaotic trading and little utility beyond proxying a subnet’s value. HODL ETF’s phases systematically add structure and utility: first by encouraging holding (reducing speculative churn), next by adding liquidity and price discovery via the exchange, and finally by enabling sophisticated capital flows and risk management via derivatives. This could lead to more stable funding for quality subnets (as indexes direct long-term stake to them) and a more efficient market for TAO in general. The automatic buyback program is particularly noteworthy – it means value generated by the ecosystem (fees) cycles back to reward HODL ETF stakeholders, introducing a kind of shareholder value paradigm uncommon in typical subnets. As the team puts it, HODL is “one of the first subnets to formalize capital-markets infrastructure around alpha tokens”, potentially setting the stage for Bittensor to behave more like a mature financial network than a collection of isolated projects. If successful, Subnet 118’s model could improve investor confidence (knowing there are viable long-term investment avenues), attract fresh capital (including institutional interest who see familiar ETF-like instruments), and ultimately fortify the TAO economy against the “brutal, hype-fueled chaos” of short-term speculation. The roadmap paints a future where participating in Bittensor isn’t just for AI enthusiasts or speculators, but also for disciplined investors employing index strategies, trading hedges, and reaping the benefits of a growing decentralized AI economy in a sustainable way.
3000 TAO staked.
The pace accelerates. Another 1000 TAO in less than a month.
The market doubts. The believers build.
Merry Christmas to the conviction holders.
We build the infrastructure for the believers.
HODL exchange launching very soon. 🚀
2000 TAO staked.
Less than one month from launch.
Doubled.
The conviction is real. The momentum is undeniable.
Subnet 118 is building the infrastructure for long-term dTAO stability.
HODL exchange coming soon. 🚀
After years of weathering volatility and change, this network has blossomed into a thriving intelligence economy—stronger than ever, bringing together incredible people to solve hard problems.
The future looks bright for Bittensor. Happy Halving.
New: Subnet 118 Mining Dashboard
Huge thanks to community member @taoleeh for building this visual dashboard that lets miners and holders track:
→ Active miners in real-time
→ Total staked TAO across @TrustedStake indices
→ Index distribution by miner count
→ Top miners
By popular demand: Subnet 118 now has a CLI interface.
Mine and interact with incentivized @TrustedStake indices directly from the command line.
No app. No extension wallet. No proxy setup through our front end.
For the miners who live in the terminal. 🖥️
2000 TAO staked.
Less than one month from launch.
Doubled.
The conviction is real. The momentum is undeniable.
Subnet 118 is building the infrastructure for long-term dTAO stability.
HODL exchange coming soon. 🚀
1000 TAO staked.
In 4 days.
1000 TAO invested with conviction.
Injected into only Bittensor’s finest subnets.
Rewarding conviction.
Countering the war that is the trenches.
Bittensor forged the perfect incentive flywheel.
Protect its best by incentivizing conviction.
With
@Subnet118 [combo service with @TrustedStake]
is a credible experiment in building the alpha token capital stack (indexes → exchange → derivatives).
The mechanism today is deliberately simple—pay people to hold—and that aligns incentives but leaves the token unanchored until…
