Bittensor still mints thousands of TAO every day.

That emission creates constant sell pressure — miners liquidating within 48 hours, repeatedly.
The root governance redesign is quietly inverting that structure.
Stakers must now lock TAO into specific subnets with 21-day unbonding. Subnets that fail to generate real API revenue or usage get their emissions slashed or cut entirely.
30-40% of the 64 live subnets will likely not survive this model.
What that means structurally:
Emissions consolidate into 20-25 winning subnets. $5-7M in daily sell pressure exits the market. Miners who dumped daily get replaced by stakers locked for 21 days.
The token shifts from mint-and-dump to productive staking asset.
Early signals confirm the thesis is already working.
Corcel processing 2.4M+ inference queries. Masa generating structured datasets with 70% revenue flowing directly to stakers.
Real usage. Real revenue. Real reason to hold.
Testnet is live. Mainnet expected Q3.
The market is still pricing TAO on the old tokenomics.
The new structure is already running.
$TAO