Kai 👻

@CryptoTubeYT @DktradingDk @563defi @Grantblocmates

Great primer on Bittensor (TAO) from the @UnsupervisedCap team. One idea that provides the clearest understanding is: Subnets = open-source startups While DePins naturally encourage open-collaboration, Bittensor is a bit different: >Projects can join the network + access plug n play economics >Halvings set the stage for value accrual overtime >Startup funding is baked into the mech. design. Bittensor can likely become the kingmaker of DePins by making the OSS model sustainable (& even attractive) long-term —grabbing attention of top builders. Nice to see pragmatic approaches that address the needs of past industries and future.

Meanwhile, Discord members received early access to research you won’t see on the timeline, including @563defi’s latest hedging strategy for [redacted].

.@k_pangolin also discussed @PlayBabylon, a project intersecting prediction markets, AI Agents, x402, and all of that good stuff. Side note: The Babylon team is cracked (ElizaOS, ERC-8004 creators, etc.), and the project is currently in the waitlist stage. This offers plenty of time to do real DD before it gets crowded.

By October 2025, Token Metadata (primarily used for fungible tokens) became the dominant source of revenue, representing 77% of all revenue ($1.5M). During this period, Genesis was the second-largest contributor to revenue at $367k (18.42%), followed by Core NFTs at $72k (3.61%).

Early on, Metaplex’s activity was heavily dominated by NFTs through 2023. As market interest shifted toward memecoins and fungible tokens, naturally, usage followed. In April 2024, fungible and semi-fungible tokens surpassed NFTs in revenue, accounting for 55% of protocol revenue ($707k).

📕Metaplex token brief @Metaplex quietly generates 7-figures in monthly revenue while powering the creation of nearly every token and NFT on Solana. More recently, it expanded into launch infrastructure through Genesis, which has facilitated 8 launches since going live in July 2025. At its core is Metaplex’s Digital Asset Standard (DAS), implemented onchain via the Metaplex Program Library (MPL).

Here’s some new research to add to your reading list. This is what we shipped in the last half of November for @blocmates Meal Deal subscribers: