siamkidd

There are a few discussions about eTAO at the moment in various Bittensor groups. For the uninitiated, every subnet is emitted by the chain, 7200 alpha (subnet tokens) per day. It's always been split with 18% (1296 alpha) going to subnet owner, 41% (2952 alpha) to miners and 41% to validators. But the validators don't get all of that as it's from that chunk where subnet holders derive their APY. If you hold a subnet, most subnets give between 30-70% APY. My default action with any new Bittensor change is to just sit on hands and wait for the dust to settle. More info = more informed actions. Many subnet owners are battling with what to do now but it's important to note that these aren't static changes. You can change the splits dynamically. Once a week roughly. So if you are doing a push on miner activities like a new challenge or something, you could whack up the miner emissions to incentivise a flurry of good work. Then reduce it back to normal once you get the data you need. Or if you're running a bespoke competition or something. Also the vali segment for holder APY is a red herring (in my personal opinion). Chain data shows explicitly that the average dTAO holder does NOT hold for the long term. So the subnet APY is meaningless! Holder rotation is high in dTAO, so they're barely benefiting from the 30-70% yields of subnets. Seriously, it's a very small percentage of holders that actually HODL in dTAO. Which is why I've always said that timing entries is more important as entry and exit price really dictate how much your portfolios grows/tanks. So for subnet owners, a better move (again, in my opinion) is to have a Conviction Loyalty Programme. Loyal holders really do need to be rewarded over transient trend/hype rotators. Something like, if a holder convicts for 3 months, then at the end of that 3 month period, the subnet owner then rewards that wallet with x alpha from the owner key. To the point where that alpha bonus works out to way than the subnet APY. And if someone does a 6 or 12 month lock, make it so that the APY is north of 100% or something. It's very easy to create a script that does it automagically. So in order to facilitate that, you could dynamically adjust the owner key emissions percentage based on amount/size of convicted takers and then algorithmically move that surplus alpha to a public Loyalty Dispersion Wallet. That's a much better move in my opinion. Long term investors and long term vision-aligned miners are exactly what subnets need. Will make sure Mark and I have a chat about this the next time we do a Revenue Search. P.S. In order news, I finally got that neck/spine surgery. And I didn't die, so that's a bonus. Completely lost my voice for the meantime as they had to move around the larynx and trachea, so I guess I'm going to be hooked to my phone for the next couple of weeks!

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