Greg Schvey

Tech, markets, history, MMA

[Greg Schvey @GSchvey]

Sincere thanks today - and every day - to our veterans for the sacrifices they made so we can live in the greatest civilization mankind has ever known.

[Yuma @YumaGroup]

Fugal is joining the Yuma Accelerator.

Not every query needs the most powerful model. Sending every token through frontier inference means overpaying for intelligence that smaller models handle perfectly.

@fugal_ai (SN70) is building a LLM routing subnet that matches each query with the lowest-cost model capable of answering it correctly. Miners compete to improve the routing layer, continuously optimizing the tradeoff between complexity and cost.

Many of the world’s largest companies build these optimizations in-house. Fugal is building them for everyone, turning efficient model routing into an open market on Bittensor. $TAO

[Gyles | TAO.com @Gylez]

$1M+ in week-on-week volume through https://t.co/rX30CH22YX Intents on ALPHA ↔ USDC since launch, and so far, that's come entirely through the simple swap frontend.

Incredible early signs of what's to come as we start onboarding more partners through the SDK over the coming weeks as well as enabling iOS to be multi-chain.

Successful subnets should ultimately sell themselves through token buybacks and burns that offset miner sell pressure, creating self-sustaining economies and powerful flywheels.

Our job is to build the distribution rails to make these accessible to every market.

[Yuma @YumaGroup]

The SEC’s proposed Regulation Crypto Assets is meaningful progress toward a clearer framework for digital assets, and we support it. Work remains on how token issuers can transact in secondary markets.

Yuma submitted a comment letter today proposing a framework based on disclosure and discretion, with objective standards designed to give issuers and market participants greater clarity.

[Greg Schvey @GSchvey]

This is long-term capital going into subnets at scale.

These funds have a min 12mo holding period and most of Yuma's investors have an investment horizon far beyond that.

That's capital directly supporting Bittensor's builders, and $TAO in general, for the long haul.

[Yuma @YumaGroup]

At the close of September, Yuma Asset Management's funds held 2.0% of Bittensor's total subnet market cap. The same week, AUM reached a new all-time high of $34.4M across our three funds and SMA. $TAO

[Greg Schvey @GSchvey]

Once again we see Bittesnor's Sum of Subnets dominated by small, outlier subnets.

SoS is up 5.5% in the last 10 days (3.8x relative to YCX), with 79% of that move from just two subnets - both of which are in the bottom quartile by market cap.

[Greg Schvey @GSchvey]

Well said

[mikecontango | τ,τ @mikecontango]

Protocol Whitespace: a simple, yet counterintuitive lesson learned from the architects of the internet.

$TAO https://t.co/L95SyO51MF

[Greg Schvey @GSchvey]

@NeilGlencannon @danpfeiffer 250 G.W.

[Greg Schvey @GSchvey]

George Washington was known for making examples of traitorous soldiers via public execution.

Most famously, in 1776, Thomas Hickey (in Washington's own guard), was caught trying to enlist Continental soldiers for the British.

Washington not only ordered him to be hung, but also commanded all soldiers from four brigades to march him to the gallows and witness the event.

The greatest leader our country has ever known employed intentional theatrics to send an unavoidable message: traitorous behavior by American soldiers will be punished with death.

[New York Post @nypost]

Army mass shooter Nadal Hassan's execution will be public, carried out by 'soldiers with rifles' at Fort Hood: Hegseth https://t.co/MzTwlWzQUX

[Greg Schvey @GSchvey]

Notably, basket claims are still a relatively small portion of overall subnet flow.

The mid-Sept drop in subnet prices likely had a greater overall impact on validator basket value than claims had on subnet prices.

[Greg Schvey @GSchvey]

The cumulative size of all Bittensor validator baskets has levelled off at ~25K $TAO value since mid-Sept

When RR launched, subnet tokens stayed in baskets, reducing sell pressure relative to auto-swaps to $TAO that used to be common.

As more stakers began claiming, latent selling pushed value out of subnets into root, which seems to have generally levelled off at 200-500 TAO/day

[Greg Schvey @GSchvey]

Yuma Large Cap Fund up 64.6% since launch, vs 48% for $TAO

This fund has done particularly well in the last few months with the increasing concentration of emissions to the highest price (generally largest) subnets

[Yuma @YumaGroup]

The Yuma Large Cap Fund gained 29.0% in September on a USD basis, as its larger subnet holdings outperformed the broader subnet market. It was Yuma's strongest fund in Q3, up 64.6% vs. 48.0% for bittensor:native.

The fund's composition is analogous to how the Mag 7 represent a concentrated allocation to dominant technology companies in public markets.

Learn more about Yuma Asset Management funds at https://t.co/pFKFRVoZsc

Disclosure in thread.

[Gordon Frayne @gordonfrayne]

Building a successful subnet takes more than a good AI idea.

I sat down with @LindsMikeStone from @YumaGroup at @ExploitSummit to hear more about how their accelerator helps Bittensor teams launch, grow and build businesses around their technology.

[Greg Schvey @GSchvey]

The Yuma Composite Fund is up 30.2% since launch vs $TAO down 3.9%.

The difference is driven by highly diversified subnet exposure, which reliably generated ~35% annualized yield from emissions over the last year while also directly supporting Bittensor's builders.

[Yuma @YumaGroup]

The Yuma Subnet Composite Fund rose 26.9% in September on a USD basis, its second-best month of 2026, while $TAO gained 30.9%.

Subnet tokens trailed TAO’s recent rally, but over Q3 the fund returned 52.5% versus 48.0% for TAO. Since launch it is up 30.2%, while TAO is down 3.9%.
(All changes on a USD basis)

The fund provides indexed, weighted exposure across Bittensor subnets, analogous to how the S&P 500 provides diversified exposure to the U.S. equity market.

Learn more about Yuma Asset Management at https://t.co/pFKFRVoZsc

Disclosure in thread

[Trishool | SN23 @trishoolai]

A month ago we showed you the first version of our output guard. 73.9% F1. We said it was the floor, not the ceiling.

Two weeks later it was at 78.53%.

Today it's at 81.87%, less than a point from SOTA.

Every one of those points came the same way. Miners across the network attacked the guard week after week, every successful attack became something it learned from, and each new version came back harder to break.

We didn't hide the starting number and wait for a polished result to announce. We showed it to you at the bottom and let you watch it climb in the open, because the climb is the proof the whole system works.

The input guard already sits at the top of its class. The output guard is now right at the door.

Keep watching. The next update is the one we've been building toward.

[Greg Schvey @GSchvey]

This week I had the pleasure of moderating the closing panel at @ExploitSummit with some of the most influential leaders in Bittensor:

- @Gylez , Co-Founder of @taodotcom
- @jon_durbin , CEO of @chutes_ai
- @micaelabazo , CEO of @metanova_labs
- @KibibyteMe , CTO of @latentholdings

We reflected on learnings from the conference and past year in general, including:

- Product: The ecosystem has matured from "barely functional" codebases to real businesses whose products now reach well beyond Bittensor

- Gamma: consensus that more intra-network economic activity is worth pursuing, panelists awaiting more details to determine potential impact

- Protocol: While important to evolve the network, changes have a knock-on effect that impact productivity of all builders on the network as they have to redirect efforts to adapting to constant change. Strong alignment from the group that improved communication from core devs is warranted

- Economics: Data shows accelerating subnet token purchases by operators; a strong signal the economic engine is working as intended

My thanks to the panelists and conference organizers for a terrific event.

[Exploit Summit @ExploitSummit]

“The acceleration, to an extent, makes us pause and decelerate.”

@jon_durbin of @chutes_ai walks @GSchvey through the work behind Chutes’ move to conviction lock. He says the result is safer, but explains how protocol changes can interrupt product development.

A builder’s perspective from Exploit Summit’s closing panel.

[Yuma @YumaGroup]

We’ll share a preview of key points on liquidity, subnet price discovery, and ASMR (Alpha Subnet Market Reloaded) later this week.

The full analysis will publish in October.

[Greg Schvey @GSchvey]

Excellent work by @TargonCompute and @carromademethis

[Jay Anderson @TheProjectUnity]

If you're looking for something to watch this Sunday I just released my latest feature-length documentary taking you through some of the most mysterious ancient sites in Peru.

The highest quality footage you will find online for these
incredible places.

Link in the comments!