Why Bittensor Subnet Tokens May Be the Next Bitcoin | Mark Jeffrey on Valuation, APY & Alpha Plays

Описание: In this in-depth discussion, Mark Jeffrey lays out a compelling case for why Bittensor subnet tokens may be dramatically undervalued. He draws comparisons between early-stage subnet assets and legacy crypto like Bitcoin, exploring how subnet “alpha tokens” offer a radically different value proposition—closer to AI-enabled equity than digital gold.

Jeffrey explains that many subnets are producing AI capabilities on par with billion-dollar venture-backed startups, yet their market caps remain under $30M, creating what he believes is an asymmetrical investment opportunity.

Tokenomics Breakdown:

Bitcoin: Fixed supply, mined via proof-of-work, value driven by scarcity and adoption.

Subnet Alpha Tokens: Emission-based, often yield-generating (APY), with value tied to network utility, validator incentives, and future AI product potential.

Valuation Methods Discussed:

Circulating Market Cap vs. Fully Diluted Valuation (FDV)

Revenue-based valuation for subnets with real-world products (e.g., AI agents, pharma research)

APY impact on token value—yield generation can either support price or dilute supply depending on sustainability

Key Opinion from Mark:

“We’ll wish we could go back in time to today—these valuations are absurdly low for what these networks are doing.”

He believes current subnet tokens are deeply mispriced and that many will evolve into serious AI-native protocols with real-world demand, revenue, and tokenholder incentives (including possible future buybacks or revenue sharing).

Subnet Highlights:

Nova: AI drug discovery with moonshot upside

Chutes: No-code AI agent platform

Hippias: Filecoin-style decentralized storage

Templar, Gradient, Kato, Tensorplex: Each backed by notable figures and delivering AI-driven utility

Recommended Reading:
Check out this detailed tokenomics analysis by Unsupervised Capital:
https://rebrand.ly/unsupervised_capital

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