When people talk about Bittensor, they usually focus on AI models, subnets, and incentives. What’s easier to miss is that a full financial system is starting to form around those incentives.

Subnet tokens are no longer just rewards that appear in your wallet. They are slowly becoming real assets with liquidity, price discovery, and markets built around them. This shift is happening because several teams are building the financial plumbing that Bittensor was missing.

Instead of one big platform doing everything, different projects are each solving a specific problem: how money moves in, how tokens are traded, how prices are discovered, and how risk is managed.

TaoFi: How Capital Enters Bittensor

Every financial system needs an on-ramp. TaoFi fills that role for Bittensor.

TaoFi connects Bittensor to other crypto ecosystems like Ethereum and Solana. It lets users bring in stablecoins or crypto and convert them into TAO or subnet tokens. This is important because most new capital doesn’t start inside Bittensor.

By introducing taoUSD and liquidity pools, TaoFi makes it possible for traders, investors, and even AI agents to move money in and out of Bittensor without friction. Without something like TaoFi, subnet tokens would remain isolated and hard to access.

As of late 2025, TaoFi has bridged over $10 million in assets, with taoUSD seeing strong adoption after the TAO halving.

Tenex: Turning Subnet Tokens Into Tradeable Markets

Tenex (Subnet 67), focuses on what happens after liquidity arrives.

Instead of treating subnet tokens as passive rewards, Tenex turns them into active markets. Traders can take leveraged positions on subnet performance, while liquidity providers earn yield from fees and emissions.

This matters because it introduces price discovery. Markets decide which subnets are valuable, which ones are risky, and which ones are underperforming. Over time, this feedback helps capital flow toward the most useful subnets.

Tenex launched in September 2025 and has already integrated with Backprop Finance for seamless trading. The subnet’s alpha token (SN67) has a 21 million hard cap and follows the same halving schedule as TAO. LP yields have hit 150% APY during periods of high volatility, especially around the halving.

0x Markets: Connecting TAO to Global Markets

0x Markets takes Bittensor a step further by linking it to macro-level trading.

Using Cartha (Subnet 35) as its execution engine, 0x Markets is building perpetual markets around FX, commodities, and crypto. Instead of only trading subnet tokens against each other, TAO starts interacting with global financial markets.

This gives TAO a role beyond internal incentives. It becomes something traders can use for broader strategies, which increases its relevance and demand.

The Cartha testnet launched in early December 2025, with a USDC faucet for traders to test the perp interface. The team is targeting $7.5 trillion in daily FX volume as the addressable market, positioning Cartha as core infrastructure for decentralized macro trading.​​

Minotaur: Making Trades Efficient

As more venues appear, trading becomes fragmented. Minotaur solves this problem.

Minotaur (Subnet 112) acts as an aggregator. When someone wants to trade TAO or a subnet token, Minotaur searches across different platforms to find the best route and price. This reduces slippage and improves execution.

This kind of infrastructure usually appears later in an ecosystem’s life. Its presence shows that Bittensor trading is becoming complex enough to need optimization.

Minotaur launched in November 2025 and quickly secured 350 TAO (~$100K) in funding from ROKO DAO and private backers, signaling strong ecosystem support. The subnet is still early with only one active miner as of December 2025, but it’s already listed on CoinGecko and integrated with Backprop Finance for trading.

Backprop Finance: Where Users Actually Trade

Backprop focuses on usability.

It gives users a clean interface to trade subnet tokens, view analytics, and track performance. For many people, Backprop is where they first interact with subnet markets without needing to understand the technical details behind them.

This matters because adoption doesn’t come from infrastructure alone. It comes from tools people are comfortable using.

VoidAI: Taking Bittensor Cross-Chain

VoidAI (Subnet 106) handles interoperability. 

It is a multi-chain liquidity protocol that wraps TAO and subnet alpha tokens so they can be traded on external chains like Solana. It uses Chainlink CCIP for secure bridging and has launched wTAO (wrapped TAO) liquidity pools on Raydium, Solana’s leading DEX.

VoidAI allows TAO and subnet tokens to move across chains like Solana and Base through wrapped assets. This brings in outside liquidity while keeping Bittensor as the settlement layer.

Without this, TAO would remain confined to its own ecosystem. With it, TAO can participate in multi-chain DeFi while still anchoring back to Bittensor.

More on wrapped tokens in this TaoDaily article.

The Vision

All of these projects are doing different things, but they point in the same direction. Bittensor is evolving from a network that only rewards AI work into one with real markets and real liquidity.

This financial layer makes subnet tokens easier to buy, sell and compare. Over time, that creates pressure for subnets to prove real value. Useful subnets attract capital and attention, while weak subnets lose rewards and liquidity. This is how decentralized AI becomes investable, and how Bittensor builds stronger financial rails for the future of AI.