Happy @bittensor halving day!
In an hour, emissions drop from 7,200 to 3,600 $TAO per day. This is the first real supply shift since genesis.
But 90% of you are getting the mechanics wrong.
THE MISCONCEPTION: People think "halving = half rewards". Well, not really.
- Miner rewards? Unchanged. They earn subnet tokens.
- Staking APR? Unchanged.
- The Change: Less TAO flows into subnet liquidity pools.
MY TAKE: Some are positioning for a quick "halving pump". I think they are wrong. These effects will play out over time, so I don’t expect much immediate volatility in TAO. But I do expect it to be bullish over the mid-term.
THE SUBNET SQUEEZE :This is where it gets interesting. With less TAO hitting liquidity pools, it will force subnets to become "businesses" focused on real utility, rewarding top performers more and filtering out low-value ones. This is good.
Institutional attention is also rising. @Grayscale just published a full report on the halving, and a few funds have started taking structured subnet exposure. So the halving arrives right as outside interest is picking up.
Good times in 2026?
