Neuron registration trends
The alpha price in τ, day by day, and what moved it each way.
Log change over the last 30 days −70.84%: protocol buys +0.12%, root sells −2.81%, users net −19.88%, cross-subnet −48.28%, unattributed +0.0001%.
The chart follows the alpha price in τ. Each period starts at its opening price and steps through the mechanisms below, in a fixed order, to its closing price: a step that rises pushed the price up, one that falls pushed it down, and its height is how far it moved the price. A thin line carries each close into the next period’s open; it is dashed where the two differ. The faint candle behind each period is the market’s own open, high, low and close, for context.
With many periods on screen (90 days, or hours), the steps would be too thin to read, so the chart draws the price as a line instead and colours each period by the mechanism that moved it most. Hover a period for the full step-by-step breakdown.
Not here, because they do not move the spot price: the per-block TAO injection into the pool, and burns.
All figures are log changes, not simple percentage changes, so the parts add up exactly to the total; on big moves the two differ (a 10% log fall is a 9.5% price fall).
2026-11-09 UTC, as of ≈12:34 UTC (block 9,468,658)
The day isn’t over yet, so these figures keep changing. They are in no daily total, average or rank.
Financial infrastructure in decentralized ecosystems often forces traders to choose between poor execution on automated market makers (AMMs) with high slippage and MEV exposure, or centralized custodial solutions that concentrate risk. Subnet tokens in particular face speculative volatility that discourages long-term investment and creates inefficient price discovery. Decentralized networks require infrastructure that rewards constructive participation — whether conviction-based holding or active liquidity provision — rather than speculation.
An incentivized order book exchange can address this by matching buyers and sellers directly through escrow mechanisms, eliminating slippage and MEV while rewarding liquidity providers (market makers) with emissions aligned to network growth. By making order matching non-custodial and direct, the infrastructure protects both user capital and price stability. Emissions that reward consistent liquidity provision — rather than passive holding or speculative trading — align participant incentives with network health.
HODL implements this through a two-phase model.
Phase 1 (ETF staking) rewards long-term conviction by distributing emissions based on staked amount and holding duration across diversified subnet indices. Phase 2 (HODL Exchange) is a live escrow-based order book where miners earn emissions as Incentivized Market Makers (IMMs) by filling orders for subnet alpha tokens. Each order generates a unique escrow wallet; miners transfer assets to escrow and earn emissions proportional to fill volume. Trading fees are ~85% cheaper than on-chain pools and are recycled as automatic token buybacks.
Auto-generated from the GitHub repository and may not reflect the latest changes.
HODL is a Bittensor subnet that provides financial infrastructure for the ecosystem through an ETF staking mechanism (V1) and an escrow-based order book exchange for alpha tokens (V2). Miners earn emissions by either staking TAO into TrustedStake indices with conviction-based rewards, or by providing liquidity as Incentivized Market Makers (IMMs) on the HODL Exchange. The subnet is transitioning from V1 to V2 over approximately four weeks, rewarding long-term investment conviction and reducing speculative volatility in subnet tokens.
The HODL subnet operates as a dual-mechanism financial infrastructure layer. V1 (ETF staking) is a zero-code mining model where miners register hotkeys and delegate TAO into one of five TrustedStake indices using the same coldkey, receiving emissions based on stake amount and duration. V2 (HODL Exchange) is an escrow-based order book where miners register hotkeys, link their ss58 wallet address, and earn emissions as Incentivized Market Makers (IMMs) by filling buy and sell orders for alpha tokens.
The validator continuously monitors miner performance and calculates emissions through the scoring formula. During the four-week transition, total subnet emissions are split between both mechanisms with a shifting ratio, transitioning from 75% ETF/25% IMM to 100% IMM. The exchange employs escrow wallets for non-custodial asset transfer and charges ~15% of what would be paid in pool slippage (~85% savings vs on-chain), with all fees after operating expenses used for automatic SN118 alpha token buybacks to create a value flywheel.
V1 Scoring: score = S × (1 + 0.25 × ln(1 + D/30)) where S is staked TAO and D is stake duration in days. V2 Scoring: Emissions_i = (FillVolume_i / Σ FillVolume_j) × Daily_IMM_Emissions. Planned expansions include SpreadQuality (rewards tighter fills relative to pool price), TwoSidedMultiplier (rewards both buy and sell side liquidity), and ConsistencyMultiplier (rewards persistent liquidity over sporadic bursts).
Total subnet emissions are divided between ETF (V1) and IMM (V2) based on a ratio currently set at ETF=0.75, IMM=0.25 during transition, moving to IMM=1.0 by week 4.
The sections above were auto-generated from the GitHub repository and may not reflect the latest changes. View repository (github.com, opens in a new tab, external site)
Open-Source Claude Cowork
The Ditto Agent OS and Harness enable SOTA memory, healing, and speed for 1/100th of the frontier cost.
This information was auto-extracted from the GitHub repository and may be incomplete or out of date. Always refer to the subnet's GitHub repository (github.com, opens in a new tab, external site) for the latest instructions.
Not yet verified: Notes
Ubuntu 22.04 is the only officially supported OS
Machine-extracted from the subnet's repository docs; may be wrong or out of date. Check the repository before buying or renting hardware. Open the repository (github.com, opens in a new tab, external site) · Extracted 28 Sep 2026
Install system dependencies: npm and pm2 process manager
sudo apt update && sudo apt install npm -y && sudo npm install pm2 -g
Clone the HODL subnet repository
git clone https://github.com/mobiusfund/etf && cd etf
Create and activate a Python virtual environment (optional but recommended)(optional)
python -m venv .venv && . .venv/bin/activate
Install the subnet package and dependencies
python -m pip install -e .
Register a hotkey on Subnet 118 using standard Bittensor commands
btcli subnet register --wallet.name <your_coldkey> --wallet.hotkey <your_hotkey> --netuid 118
Choose mining strategy: stake in TrustedStake index (V1) or become a market maker on HODL Exchange (V2)
For V1: Delegate TAO to a TrustedStake index (TSBCSI, Top 10, Full Stack, FinTech, or Bittensor Universe) using the same coldkey. For V2: Fill orders on the HODL Exchange (https://hodl.subnet118.com) using your miner coldkey.
Install system dependencies: npm and pm2 process manager
sudo apt update && sudo apt install npm -y && sudo npm install pm2 -g
Clone the HODL subnet repository
git clone https://github.com/mobiusfund/etf && cd etf
Create and activate a Python virtual environment (optional but recommended)(optional)
python -m venv .venv && . .venv/bin/activate
Install the subnet package and dependencies
python -m pip install -e .
Quick start the validator with default configuration
ETF/bin/validator
Start validator as a pm2 daemon with persistent process management
pm2 start neurons/validator.py --name etf-validator -- --wallet.name <coldkey> --wallet.hotkey <hotkey> --netuid 118
| Day (UTC) | Share |
|---|---|
| 2026-11-08 | 0.03% |
| 2026-11-07 | 0.04% |
| 2026-11-06 | 0.03% |
| 2026-11-05 | 0.04% |
| 2026-11-04 | 0.05% |
| 2026-11-03 | 0.05% |
| 2026-11-02 | 0.06% |
| 2026-11-01 | 0.02% |
| 2026-10-31 | 0.01% |
| 2026-10-30 | 0.0047% |
| 2026-10-29 | 0.0037% |
| 2026-10-28 | 0.0042% |
| 2026-10-27 | 0.0043% |
| 2026-10-26 | 0.0014% |
| 2026-10-25 | 0.001% |
| 2026-10-24 | 0.0009% |
| 2026-10-23 | 0.0007% |
| 2026-10-22 | 0.0008% |
| 2026-10-21 | 0.0009% |
| 2026-10-20 | 0.0009% |
| 2026-10-19 | 0.0011% |
| 2026-10-18 | 0.0012% |
| 2026-10-17 | 0.0014% |
| 2026-10-16 | 0.0017% |
| 2026-10-15 | 0.0023% |
| 2026-10-14 | 0.22% |
| 2026-10-13 | 0.32% |
| 2026-10-12 | 0.37% |
| 2026-10-11 | 0.33% |
| 2026-10-10 | 0.07% |
| 2026-10-09 | 0.03% |
| 2026-10-08 | 0.03% |
| 2026-10-07 | 0.04% |
| 2026-10-06 | 0.04% |
| 2026-10-05 | 0.04% |
| 2026-10-04 | 0.03% |
| 2026-10-03 | 0.30% |
| 2026-10-02 | 0.06% |
| 2026-10-01 | 0.00% |
| 2026-09-30 | 0.00% |
| 2026-09-29 | 0.00% |
| 2026-09-28 | 0.00% |
| 2026-09-27 | 0.00% |
| 2026-09-26 | 0.00% |
| 2026-09-25 | 0.00% |
| 2026-09-24 | 0.08% |
| 2026-09-23 | 0.33% |
| 2026-09-22 | 0.40% |
| 2026-09-21 | 0.44% |
| 2026-09-20 | 0.45% |
| 2026-09-19 | 0.40% |
| 2026-09-18 | 0.36% |
| 2026-09-17 | 0.44% |
| 2026-09-16 | 0.52% |
| 2026-09-15 | 0.56% |
| 2026-09-14 | 0.58% |
| 2026-09-13 | 0.55% |
| 2026-09-12 | 0.57% |
| 2026-09-11 | 0.57% |
| 2026-09-10 | 0.56% |
| 2026-09-09 | 0.60% |
| 2026-09-08 | 0.66% |
| 2026-09-07 | 0.74% |
| 2026-09-06 | 0.84% |
| 2026-09-05 | 0.90% |
| 2026-09-04 | 0.93% |
| 2026-09-03 | 0.97% |
| 2026-09-02 | 1.00% |
| 2026-09-01 | 0.87% |
| 2026-08-31 | 0.88% |
| 2026-08-30 | 0.92% |
| 2026-08-29 | 0.92% |
| 2026-08-28 | 0.96% |
| 2026-08-27 | 1.04% |
| 2026-08-26 | 1.05% |
| 2026-08-25 | 1.02% |
| 2026-08-24 | 1.11% |
| 2026-08-23 | 1.05% |
| 2026-08-22 | 0.97% |
| 2026-08-21 | 0.97% |
| 2026-08-20 | 0.90% |
| 2026-08-19 | 0.80% |
| 2026-08-18 | 0.82% |
| 2026-08-17 | 0.83% |
| 2026-08-16 | 0.83% |
| 2026-08-15 | 0.87% |
| 2026-08-14 | 0.83% |
| 2026-08-13 | 0.25% |
| 2026-08-12 | 0.26% |
| 2026-08-11 | 0.54% |
