Maciej Kula: Bittensor Halvings, Chain Buys, TaoFlow, Latent Holdings, LearnBittensor | Ep. 76

Описание: In this episode, we are joined by Maciej Kula of Latent Holdings and founder of learnbittensor.org. This is Maciej's second appearance on the podcast, where he discusses his role in maintaining Bittensor docs, evolving LearnBittensor into a guided academy, common misconceptions like chain buys, detailed mechanics of halvings and alpha injections, the recent TaoFlow changes, MEV solutions, proxy wallets for security, root claim updates, and advice for deepening Bittensor knowledge through fundamentals.

In this episode, you’ll learn
Maciej’s transition to Latent Holdings and the vision for LearnBittensor as an accessible, guided learning platform starting from crypto basics
Key differences between developer-focused docs (with SDK examples) and LearnBittensor’s beginner-friendly breakdowns to reduce redundancy and improve onboarding
Common overlooked Bittensor features, such as chain buys existing since February, and how they create buy pressure through alpha recycling
In-depth explanations of alpha downscaling, pool injections, and how chain buys adjust prices without inflating tokens excessively
The estimated first TAO halving around December 15th, why it’s not bearish for participant rewards, and its effects on liquidity growth rather than incentives
Separate halving schedules for TAO (affecting pools) vs. alpha (affecting rewards), including caps on injections and fixes for compression issues
Maciej’s positive stance on TaoFlow, how it solves price-based emission problems by focusing on inflows, and EMA lookback periods for fair calculations
Remaining challenges like MEV front-running and the upcoming encrypted transaction solution to protect against sandwiches and slippage
Benefits of proxy wallets for secure staking/unstaking without exposing cold wallets, plus types like owner proxies, small transfers, and root claims
Upcoming root claim defaults shifting to "delegate" for validators to decide keep/swap on alpha dividends, and potential outflows impacting emissions
How root proportion decreases with less TAO on root or more alpha issuance, influencing subnet stakes
Reflections on Bittensor’s rapid evolution as the "fastest-moving blockchain," inspired by community involvement and constant updates
Advice for reaching expert-level understanding: Focus on fundamentals like incentive mechanisms and game theory rather than surface-level changes
Maciej’s emphasis on questioning core purposes (e.g., incentivizing TAO inflows) to adapt to shifts like from price-based to inflow-based emissions

Chapters
0:00 – Highlights
1:11 – Introduction
1:52 – Welcome Maciej
2:29 – Differences Between Docs and LearnBittensor
4:54 – Vision for Guided Learning Paths
6:14 – Common Misconceptions in Bittensor
7:26 – Chain Buys Mechanism Since Launch
9:50 – Alpha Downscaling and Pool Injections
11:45 – Recycling Alpha and Buy Pressure
13:47 – Alpha Injection When Prices Vary
14:44 – Estimated First TAO Halving
15:25 – Opinions on TAO Halving Impacts
17:22 – Rewards and Liquidity Growth Post-Halving
18:41 – Halving Schedules and Injection Caps
20:34 – Practical Effects on Alpha Injections
21:36 – Subnet Halvings and Registration Timing
24:11 – Fixing Halving Compression Issues
27:00 – TaoFlow Changes and Overall Stance
29:38 – How TaoFlow Addresses Price Problems
32:04 – EMA Lookback for Flow Calculations
34:00 – Unaddressed Problems in Bittensor
35:44 – Upcoming MEV Solution Details
37:49 – Proxy Wallets and Security Benefits
42:01 – Valuable Proxy Types and Use Cases
44:41 – Root Claim Default Changes to Keep/Swap
47:10 – New Delegate Claim Type Explained
49:31 – Outflows from Swaps and Emissions
50:22 – Effects on Root Proportion
52:16 – Advice for Reaching Expert Knowledge
55:10 – Fundamentals of Incentive Mechanisms