The Bittensor network today: 128 subnets, $1.00B in alpha market cap; Pareton (netuid 10) led the movers at +11.9%

By Wren Okada, Decentralized AI Correspondent. Filed Sunday 26 July 2026. Decentralized AI

Bittensor carried 128 subnets with a combined issued-alpha market capitalization of $1.00B on 2026-07-26 . Total alpha market capitalization fell 0.2% from $1.01B the prior day and dropped 3.4% from $1.04B over the week starting 2026-07-20 . Pareton (netuid 10) led the daily movers at +11.9% .

The $1.00B aggregate masks a widening divergence between the top capital sinks and the long tail of depreciating subnets. Chutes (netuid 64) holds $91.39M in market cap, followed by lium.io (netuid 51) at $64.28M and Targon (netuid 4) at $61.80M . These three subnets alone account for roughly 21.7% of the network's total issued alpha. Meanwhile, 22 subnet owners materially unwound Conviction locks, a supply-overhang signal that introduces sell pressure into the alpha markets . Subnet liquidity pools hold 2,006,632 TAO in total, backing 30,059 registered neurons across the network .

The day's gainers clustered in the mid-range netuids. Pareton (netuid 10) added 11.9%, Subnet 94 (name pending) gained 8.4%, and SOMA (netuid 114) rose 5.0% . The losses hit harder and faster. Memo (netuid 116) shed 74.4% of its value, Babelbit (netuid 59) fell 13.8%, and Compelle (netuid 82) dropped 8.7% . The Memo collapse stands out: a single-day 74.4% decline wipes out the majority of a subnet's issued-alpha pricing and signals a rapid exit or a fundamental failure in incentive distribution.

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