Tenexium Subnet 67 — The First Native DeFi Layer on Bittensor

By: @CryptoZPunisher

Introduction

Within Bittensor, subnets are traditionally designed to distribute and monetize artificial intelligence. But with Tenexium (SN 67), a new direction emerges, the rise of native decentralized finance inside the network. The protocol aims to transform TAO, Bittensor’s coordination token, into a productive financial asset, creating a market for liquidity, leverage, and yield around subnet (alpha) tokens. In other words, Tenexium is to TAO-Fi what AMMs and margin protocols were to early DeFi, a foundational layer of financial utility aligned with network growth.

Purpose and Core Mechanism

Tenexium is a long-only margin protocol that lets users deposit TAO as collateral, borrow additional TAO, and open leveraged long positions on subnet tokens (“alphas”). Liquidity providers (LPs) deposit TAO only, earning:

• TAO emissions from the Bittensor network, and
• a share of protocol fees (trading, borrowing, and liquidation).

This TAO-only model eliminates impermanent loss and ensures tight alignment with the native Bittensor economy.

Technical Architecture

The official GitHub repository Tenexium defines the project as a “Decentralized Long-Only Spot Margin Protocol for the Bittensor Network.”

Key smart contract modules include:

• PositionManager.sol — handles opening and managing leveraged positions
• LiquidityManager.sol — manages liquidity deposits and withdrawals
• FeeManager.sol — tracks and distributes protocol fees
• BuybackManager.sol — executes automatic buybacks of the Tenex token

The architecture uses a UUPS upgradeable proxy pattern and interfaces directly with Bittensor primitives (IStaking, IMetagraph), providing deep native integration.

Multisig Governance

On October 13, 2025, Tenexium activated its multisignature governance system, marking a key step toward decentralized control. Multisig keys are held by four trusted and long-standing Bittensor contributors:

• Carroτ [τ, τ] — Supermod and core OTF figure, community guardian.
• junius — Leading EVM developer, technical anchor of Bittensor-EVM.
• Tegridy — Known for reliability and code quality; former SN 73 operator.
• Just — Builder behind Taofu Validator and AlphaYieldPool.

“It wasn’t easy and it took time, but it’s trustworthy.” — Tenexium Team

This setup ensures that every sensitive operation or contract upgrade requires multiple signatures, reinforcing both security and transparency.

Security Audit in Final Review

On October 25, 2025, @ScimpanzeS (who manages Tenexium’s social channels) shared the following update on Discord:

“We’ve completed the review of the preliminary audit report and settled everything with the audit team… You can probably count the days left on one hand 👀.”

This message confirms that all technical observations have been addressed and that the final audit report, the last step before full protocol activation, is imminent. In short: Tenexium is just days away from its complete go-live.

Roadmap

Phase 0 — Launch 🚀 (Sept–Oct 2025)

• ✅ Mainnet launch
• ✅ 1,000 TAO TVL milestone
• ✅ Website v1 launch
• ✅ 2,000 TAO TVL reached
• ✅ Multisig governance activation
• 🔄 External audit (in progress)
• 🔄 Protocol full go-live
• 🔄 Daily buybacks

🎯 Goal: Establish a secure, functioning base layer.

Phase 1 — Foundation 🧱 (Nov–Dec 2025)

• Whitepaper v1
• Bug bounty program
• One-click LP mining
• Alpha TWAP oracle
• Tenexium v2 (alpha collateral)
• Tenex-denominated fees
• Security re-audit

🎯 Targets: TVL > 10 K TAO · Monthly volume > 200 K TAO · Buyback ≥ 30 TAO/day · 20 + alphas listed

Phase 2 — Scaling ⚙️ (Q1 2026)

• Tenexium v3 (with short support)
• DAO governance activation
• Website v2 (CEX-like UI)
• Trading API + SDK (beta)
• First Tier-1 CEX listing for Tenex token

🎯 Targets: TVL 25 K · Volume 500 K/mo · Buyback ≥ 50 TAO · 50 + alphas listed

Phase 3 — Expansion 🚀 (Q2–Q3 2026)

• Tenexium v4 (perpetuals + x20 leverage)
• Whitepaper v2
• Copy-trading launch
• Full API + SDK release
• Multiple Tier-1 CEX listings

🎯 Targets: TVL 50 K · Volume 1 M/mo · Buyback ≥ 100 TAO · All alphas listed

Phase 4 — Ubiquity 🌐 (Q4 2026 →)

• Wrapped alphas
• Multichain bridges
• Cross-chain deposits
• AMM v2 + aggregator listings

🎯 Final Goal: Become Bittensor’s native liquidity backbone.

TL;DR

Tenexium works like a decentralized bank for TAO. You can either:

• deposit your TAO and earn yield, or
• borrow TAO to buy more subnet (alpha) tokens.

There’s no middleman, only smart contracts, audits, and shared governance. As Bittensor’s subnets expand, Tenexium becomes the financial engine that lets TAO circulate and grow in value.

Conclusion

Tenexium (Subnet 67) represents a turning point for Bittensor, where decentralized AI meets programmable finance. By introducing leverage, automatic buybacks, and community-secured governance, it redefines TAO as a dynamic financial asset rather than a static utility token. As the “TAO-Fi” ecosystem takes shape, Tenexium could become the structural bridge between subnet intelligence and network-wide liquidity.

Useful Links

• Official website: tenexium.io
• GitHub: github.com/Tenexium/tenex-subnet
• X : @Tenex_SN67 ▸ Socials managed by @ScimpanzeS
• TaoStats dashboard (SN 67): taostats.io/subnets/67/chart