Bittensor

Bittensor is a Layer 1 blockchain designed to create a decentralized marketplace for machine learning and artificial intelligence. Rather than centralizing AI development inside a single company, it connects machine learning models run by independent participants worldwide, allowing them to collaborate and compete within a common network. The protocol is aimed at both producers of AI models, who contribute computing power and intelligence, and consumers who want to access or direct that intelligence.

Participants in the network run machine learning models that are evaluated by peers on the quality and informational value of their outputs; models that contribute more useful information earn a larger share of newly issued TAO tokens as a reward. TAO is the native token of the Bittensor blockchain and serves two roles: it is the unit of reward distributed to model contributors, and it is the means by which external users gain access to and can influence the network's outputs. The data records the network's own chain as its fundamental settlement layer, with a block time reported as effectively continuous.

The data provided does not record a fee revenue stream for Bittensor, so fee-based measures such as fee yield or protocol revenue are not available on this page. The token economics are instead driven by issuance: TAO has a maximum supply of 21,000,000 tokens, of which approximately 45.7% — roughly 9,597,491 tokens — are currently in circulation at this point in time, leaving a dilution overhang of about 118.8% of the current circulating supply still to be issued. The fully diluted valuation is approximately 2.19 times the current market capitalization, reflecting that more than half of all tokens have yet to enter circulation.