Bittensor 日报｜2026年10月29日

起点 · 18:21 UTC

针对10-27提出的 emission-decay 机制提案——该提案主张将成熟 subnet 的资金与其回馈的价值挂钩——一位成员直接回复称这个问题其实已经在被处理了:The dTAO market does this, and it's doing it a lot better now than it did in the first half of the year

展开 · 18:22 UTC

同一位成员将此与一个自己表示已不再推动的机制联系起来:It's one of the reasons I haven't been banging the drum on Burnweight much, the market is finally doing the work its supposed to be doing,并将其归功于一个具体变化:The shift from net flow to price-weighted has very clearly improved market efficiency

结论 · 18:25 UTC

对方进一步指出了这对依赖补贴的 subnet 意味着什么:Now that there's a much smaller incentive to chase flows rather than diligence fundamentals, the market can determine whether the businesses are profitable without subsidies.

起点 · 04:29–10:53 UTC

一位成员以 Lium 为例质疑生态系统的价值流动:Most of revenue of Lium comes with tao since most of customers are miners. And the tao was taken from mining. Miners are selling subnet alpha to buy lium credits. Tbh, Lium is absorbing tao from other subnets. 另一位成员反驳道 Lium brings money from offchain too. Platforms dont have compute but Lium has so anyone looking for a gpu can end up on Lium

争议 · 15:17–16:55 UTC

在一位 Lium 团队成员发布 >40m run rate now 🙂 后,另一位成员问道 Is that $40m revenue or just what renters pay, 95% going to miners? 并主张 Its not revenue to lium if it goes to miners,对方回应 yes it is 并补充 check GAAP。该质疑者继续追问:Most people think of revenue as what is received to offset miner payout. I think a lot of people may be confused about lium's rental spend numbers, thinking that is revenue to lium. How much are you actually offsetting? Best I can discern is under 10%,随后又说:You are indeed thinking of revenue wrong. Airbnb doesn't count rent paid to homeowners as revenue. Check GAAP

回应 · 17:15–17:23 UTC

Lium 团队成员承认了其中的复杂性:We do all the provisioning and add services to the compute, which may make it principal accounting under GAAP, different from airbnb which doesn't do anything to the houses it rents, making it agent-based accounting,并补充道 it's ambiguous。第三位成员提出了一个区分框架,将 It's Intercompany Revenue 与 It's external Revenue 区别开来,并主张后者 creating buying pressure on TAO overall

反驳 · 17:31–17:49 UTC

争议在 miner 分成问题上进一步升级:一位成员说 Its not remotely like that. Its a pass through on a brokered transaction. Miners are getting paid double what you would think compared to every other subnet. I don't think people realize lium miner coverage is less than 10% while chutes, targon, vanta are in the 30% to 50% range.,Lium 团队成员对此完全否认:that's not true. miner coverage on lium is higher than any other subnet。质疑者回应道 But the number is secret. Publish an actual revenue number please, not bookings. The top subnet should be held to a high standard.,而另一位成员则将这一说法斥为 Sounds like FUD to me.

结论 · 18:28–19:07 UTC

Lium 团队成员最终披露 our take rate is 5%, it's all public on our docs,但仍坚持 but I still think we should consider total volume of rentals as revenue。一位成员总结了问题的核心:This is the number that any serious investor wants to know before subnets scale to infinity. Unit economics need to make sense.,另一位成员也认同这种划分很重要 from a subnet perspective, would still want to get a view on unit economics before we scale stuff to infinity. Especially since we see more and more subnets maturing and scaling.