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.

Protocol buy: The chain spending excess emission TAO to buy alpha from the pool. A permanent protocol buyback; it pushes the price up.
Root sell: Root-dividend claims sold into the pool; they push the price down.
User buy / sell: Staking into and unstaking from this subnet.
Cross-subnet: Swaps from other subnets routed through this pool.
Residual: What the decomposition cannot attribute to a mechanism. It is always shown, never folded into another part.

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).

Today so far

2026-11-09 UTC, as of ≈19:31 UTC (block 9,470,746)

Price, today so far: 0.02609 τ
Volume, today so far: 3.62K τ
Market cap incl. burned, today so far: 144.34K τ
TAO in pool, today so far: 26.16K τ
Emission share, today so far: —not available yet

The day isn’t over yet, so these figures keep changing. They are in no daily total, average or rank.

Subnet Configuration

Pool & Mechanism

AMM Pool

Balancer

Mechanism

dTAO

Access

Registration

Open

Neurons

256/256Competitive

Validators

10/6454 open

Economics

Owner Cut

18.00%

Weights

Commit-Reveal

Enabled (v3, 1 epochs)

Liquid Alpha

Disabled

Weights Version

Weights Range

1–65535

Timing

Tempo

360~1.2h

Immunity Period

3,600~12.0h

Activity Cutoff

360~1.2h

Market & Economics

Market

Market Cap

96.14K τ

FDV

170.50K τ

TVL

52.32K τ

Lifetime Volume

6.89M τ

Holders

2,774

Owner Locked

15,192.8121 ד(0.41% of circulating)Perpetual

14d price

Revenue / Recycle

No recycle

last day

Emissions

3.68%of network emissions

TAO emitted to this subnet

Sent into its pool each day: its share of network emissions

132.3649 τ/day

132.3649 τ per day

Daily distribution

Alpha paid out each day, valued at the pool price

7,200.0000 ד/day

≈ 187.8573 τ·187.8573 τ per day

Miners43.88%

3,159.5115 ד ≈ 82.4357 τ/day

Validators38.12%

2,744.5215 ד ≈ 71.6081 τ/day

Owner18.00%

1,295.9670 ד ≈ 33.8135 τ/day

Stake 1,000 τ here

104.9103 ד/day≈ 2.7372 τ·2.7372 τ per day

From the validator share, before commission

25.90%staker APY

· 30d avg 25.90% · Stable

90d

Pool emits 1.0000 ד/block at 0.02609 τ/ד. Yield varies with stake weight, pool price, and emission rate.

For Miners

43.88% of emission

Slots

256/256Competitive

Burn Cost

0.1973 τ

Est. per Miner

1.2638 ד/epoch≈ 0.0330 τ

Pool / Epoch

157.9756 ד≈ 4.1218 τ

For Validators & Stakers

38.12% of emission

Validator Slots

10/6454 open

Est. per Validator

13.7226 ד/epoch≈ 0.3580 τ

Registration Activity

Neuron registration trends

This Interval

24h: 5 registrations (5 burn · 0 PoW)

Target / Interval

Slots Available

Competitive

256/256

Neurons

256

Development Activity

taostat/gm-minerRust

266 contributors92 commits/30dLast commit 1d ago

NOASSERTION

Top Contributors

Recent Releases

v0.5.223d ago v0.5.22-dev3d agopre v0.5.215d ago v0.5.21-dev5d agopre v0.5.20-dev5d agopre

What SayGM does

LLM inference costs are concentrated with a small number of providers, and accessing multiple upstream providers requires separate integrations and account management. Buyers pay retail prices with no competition; providers face high fixed deployment and compliance costs. A decentralized inference network can distribute capacity across independent operators while letting buyers use standard SDK clients unchanged, creating transparent competition and allowing suppliers to operate at lower margins by serving multiple buyers from a single upstream account.

Bittensor subnet 28 (gm) implements this as an incentivized network where individual operators supply inference capacity by running a container image in a confidential VM. Each operator brings their own API keys to one or more upstream providers (Anthropic, OpenAI, Google, AWS, Azure, or specialized providers like DeepInfra, Engy, Chutes, or KubeTEE).

Buyers send requests through a gateway that routes to operators' workers based on price and capability; operators earn the spread between upstream costs and buyer retail prices.

The network enforces operator compliance through attestation in Intel TDX TEE hardware: upstream API keys never leave the encrypted VM, operators cannot access buyer requests, and the registry tracks which workers run which approved image versions. Operators declare which models they serve and at what discount; the gateway handles routing, response validation, and settlement accounting.

Auto-generated from the GitHub repository and may not reflect the latest changes.

About

active

gm is a Bittensor subnet (netuid 28 mainnet, 482 testnet) where miners supply inference capacity from upstream model providers (Anthropic, OpenAI, Google, and others) by running a miner image in a confidential VM (Intel TDX TEE). Buyers point existing SDK clients at the gm gateway and receive identical behavior to direct provider APIs, while miners earn the spread between their provider costs and buyer retail prices.

How it works

The gm subnet uses a confidential TEE gateway (Intel TDX) to mediate between buyers using standard SDK clients and miners supplying capacity from upstream providers. Miners run a container image in Phala Cloud CVMs with provider API keys encrypted inside the TEE. The miner image includes Envoy for request routing, attestation verifiers for specialized upstreams (NEAR, Chutes, KubeTEE, Bedrock Mantle), and slots for multi-key upstream credential management.

The gateway forwards requests to miner workers, which proxy to configured upstream providers (direct APIs or cloud transports like Azure OpenAI/Foundry). Responses are validated for model identity before returning to buyers. The registry tracks approved images (via compose_hash + os_image_hash), worker capabilities, and offer pricing.

Earnings settle per token on buyer retail minus miner discount.

Incentive mechanism

Each request routes to one worker's cheapest qualifying route per buyer product. Workers compete on price (discount percentage) and route availability. Settlement is per token dimension on the buyer retail less miner discount.

The registry tracks served earnings per hotkey at finalized epochs. Miners must maintain provider account compliance and hold provider relationship responsibility; gm is not liable for provider account actions.

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)

On-Chain Identitysigned on-chain by subnet owner

SayGM

Dalet · Hebrew letter · pronounced “dalet”

Drop-in access to Claude, GPT, and Gemini.

Owner: 5CA6r…xm45
Hotkey: 5Evgh…co3P
Owner Cut: 18.00%
Contact: [email protected]

Registered: 1y 8mo ago(Feb 7, 2025)
Block: 4,878,363
Slot history: Every subnet in SN28
Neurons: 256/256
Tempo: 360 blocks

Your prompts routed through a verifiable TEE.

Website

URL: https://saygm.com/ (saygm.com, opens in a new tab, external site)
Status: Up200
TLS: Valid
Title: SayGM — Claude, GPT & Gemini API below list price
Checked: 2026-11-09 04:06 UTC

Domain registered after this subnet started · May 20, 2026

Changes (10)

2026-11-09 04:06 UTCUp200SayGM — Claude, GPT & Gemini API below list price
2026-11-08 04:07 UTCUp200SayGM — Claude, GPT & Gemini API below list price
2026-11-07 04:06 UTCUp200SayGM — Claude, GPT & Gemini API below list price
2026-11-06 04:05 UTCUp200SayGM — Claude, GPT & Gemini API below list price
2026-11-05 04:06 UTCUp200SayGM — Claude, GPT & Gemini API below list price
2026-11-04 04:05 UTCUp200SayGM — Claude, GPT & Gemini API below list price
2026-11-03 04:08 UTCUp200SayGM — Claude, GPT & Gemini API below list price
2026-11-02 04:06 UTCUp200SayGM — Claude, GPT & Gemini API below list price
2026-11-01 04:06 UTCUp200SayGM — Claude, GPT & Gemini API below list price
2026-10-31 04:06 UTCUp200SayGM — Claude, GPT & Gemini API below list price

Subnet History

SubnetIdentitySet 2026-09-02 07:40 UTC

Block 8,978,169Extrinsic

SubnetIdentitySet 2026-06-23 09:21 UTC

Block 8,468,907Extrinsic

SubnetIdentitySet 2026-06-12 10:32 UTC

Block 8,390,153Extrinsic

SubnetOwnerHotkeySet 2026-06-08 14:05 UTC

Block 8,362,424Extrinsic

SubnetIdentitySet 2026-04-15 22:28 UTC

Block 7,976,722Extrinsic

Recent Activity

SubnetIdentitySet Block 8,978,169 Extrinsic2026-09-02 07:40 UTC
SubnetIdentitySet Block 8,468,907 Extrinsic2026-06-23 09:21 UTC
SubnetIdentitySet Block 8,390,153 Extrinsic2026-06-12 10:32 UTC
SubnetOwnerHotkeySet Block 8,362,424 Extrinsic2026-06-08 14:05 UTC
SubnetIdentitySet Block 7,976,722 Extrinsic2026-04-15 22:28 UTC

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.

Hardware Requirements

Miner

GPU—

CPU Cores1

Not yet verified: RAM, Recommended RAM, OS, Network, Notes

Validator

Not found in the repository docs.

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 9 Nov 2026

Miner Setup

Install Phala CLI 1.1.19+ and authenticate with a funded Phala Cloud account

npm i -g phala && phala auth login

Install gmcli binary

curl --proto '=https' --tlsv1.2 -LsSf https://github.com/taostat/gm-miner/releases/latest/download/gmcli-installer.sh | sh

Run guided onboarding (registers hotkey, logs in, sets provider keys, deploys, declares products)

gmcli init

gmcli register-hotkey --hotkey-ss58 <ss58_address>

Authenticate with Taostats via device-code OAuth(optional)

gmcli login

Set provider API keys for upstream services (Anthropic, OpenAI, Google, Chutes, Z.ai, Moonshot, DeepInfra, KubeTEE, Engy, Moonmath, NEAR)

gmcli set-api-keys --anthropic <key> --openai <key> --google <key>

Run preflight checklist before deploying(optional)

gmcli doctor

Deploy miner CVM to Phala Cloud

gmcli deploy

Declare models and prices (discount as percentage off retail)

gmcli declare-products --provider anthropic --discount-pct 5

Check registration state and declared product eligibility(optional)

gmcli status

Monitor earnings and served value(optional)

gmcli earnings

No hardware? Back this subnet by staking instead New to mining? Start with the setup guide Validator setup guide

Day (UTC)

2026-11-08

3.68%

2026-11-07

3.55%

2026-11-06

3.71%

2026-11-05

3.93%

2026-11-04

3.49%

2026-11-03

4.14%

2026-11-02

4.21%

2026-11-01

4.27%

2026-10-31

4.44%

2026-10-30

4.21%

2026-10-29

4.31%

2026-10-28

4.36%

2026-10-27

4.21%

2026-10-26

4.06%

2026-10-25

3.86%

2026-10-24

3.89%

2026-10-23

4.01%

2026-10-22

4.23%

2026-10-21

4.35%

2026-10-20

4.26%

2026-10-19

4.08%

2026-10-18

4.15%

2026-10-17

4.16%

2026-10-16

4.13%

2026-10-15

4.14%

2026-10-14

3.85%

2026-10-13

3.55%

2026-10-12

3.17%

2026-10-11

3.04%

2026-10-10

2.97%

2026-10-09

3.00%

2026-10-08

2.98%

2026-10-07

2.88%

2026-10-06

2.48%

2026-10-05

1.94%

2026-10-04

1.86%

2026-10-03

1.95%

2026-10-02

1.79%

2026-10-01

1.85%

2026-09-30

1.80%

2026-09-29

1.93%

2026-09-28

1.80%

2026-09-27

1.98%

2026-09-26

2.31%

2026-09-25

2.39%

2026-09-24

1.76%

2026-09-23

1.45%

2026-09-22

2.20%

2026-09-21

2.19%

2026-09-20

2.07%

2026-09-19

2.22%

2026-09-18

2.26%

2026-09-17

2.38%

2026-09-16

2.51%

2026-09-15

2.52%

2026-09-14

2.75%

2026-09-13

2.41%

2026-09-12

2.24%

2026-09-11

1.92%

2026-09-10

2.26%

2026-09-09

2.68%

2026-09-08

2.94%

2026-09-07

2.90%

2026-09-06

2.96%

2026-09-05

2.77%

2026-09-04

2.65%

2026-09-03

2.20%

2026-09-02

2.27%

2026-09-01

1.86%

2026-08-31

2.07%

2026-08-30

1.31%

2026-08-29

0.74%

2026-08-28

1.97%

2026-08-27

1.23%

2026-08-26

1.83%

2026-08-25

1.66%

2026-08-24

1.68%

2026-08-23

1.71%

2026-08-22

1.86%

2026-08-21

1.80%

2026-08-20

1.80%

2026-08-19

1.56%

2026-08-18

1.72%

2026-08-17

1.40%

2026-08-16

1.54%

2026-08-15

1.61%

2026-08-14

1.71%

2026-08-13

1.67%

2026-08-12

1.77%

2026-08-11

1.75%

What moved the price

Overview

Today so far

Subnet Configuration

Market & Economics

For Miners

For Validators & Stakers

Registration Activity

Development Activity

What SayGM does

About

Website

Subnet History

Recent Activity

Participate

Hardware Requirements

Miner Setup

What moved the price

Today so far

Subnet Configuration

Market & Economics

For Miners

For Validators & Stakers

What SayGM does

About

Website

Subnet History

Hardware Requirements

Miner Setup