Decentralized AI today: MOR $2.360 (-1.3%), 128 Bittensor subnets at $1.01B

By Wren Okada, Decentralized AI Correspondent. Filed Saturday 25 July 2026. Decentralized AI

Morpheus token MOR traded at $2.360, down 1.3% in 24 hours, while 128 Bittensor subnets carried $1.01B in issued-alpha market capitalization, down 0.5% . Morpheus users opened 4,416 paid AI inference sessions, and Bittensor stakers kept 2,007,231 TAO committed in subnet liquidity pools . Twenty-eight Morpheus compute providers served 260 live AI models, and 30,047 neurons were registered across Bittensor .

The raw on-chain figures separate usage from speculation. MOR price declined, but 4,416 paid sessions cleared the market at a spot that 28 compute providers accepted for 260 models . Bittensor subnet valuations contracted by half a percent, yet over two million TAO remained locked in liquidity pools across 128 subnets holding 30,047 neurons . Stakers kept capital at work despite the macro dip. DRM3 reads these series directly from their chains via morscan.io on Base and dtaoscan.io on Subtensor .

Demand concentrated in specific corners of both stacks. On Morpheus, text-embedding-bge-m3 logged an 833% increase in session demand, the hardest move across both networks for the day . Embedding workloads do not generate visible chat output, but they anchor retrieval-augmented generation pipelines. That spike signals builders are indexing or searching over large document sets. On Bittensor, Phylax, registered as netuid 76, posted a 19.2% price increase, the hardest Bittensor move of the session .

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