subINDEX mark subINDEX V1 · TRACKED DAILY

THE SUBNET INDEX

The S&P 500 of
machine intelligence.

One number for subnet season. The top 20 Bittensor subnet alphas,
market-cap weighted, rebalanced monthly.

— CONNECTING
READING THE CHAIN · 24H —

V2 PUSH IN

CONSTITUENTS

20

WEIGHTING

MCAP · 15% CAP

REBALANCE

MONTHLY

BASE

1,000

CONSTITUENTS

What the index holds.

Every constituent is a subnet alpha token, weighted by its on-chain market cap. No committee, no discretion — the chain decides.

#SUBNETALPHA PRICEALPHA MCAPWEIGHT

METHODOLOGY · V1.0

Rules, published.

A TAO-denominated benchmark of the 20 largest Bittensor subnet alphas. Every input is read directly from chain — no API key, no aggregator, no estimates.

  1. 01
    Universe. Every subnet on the chain registry, netuid 1 and up. Root (netuid 0) is excluded — it is not a subnet alpha. A subnet that can't be priced is excluded from that print — never zero-filled, never stale-filled.
  2. 02
    Price. P = pool TAO ÷ pool alpha — the subnet AMM pool ratio, read from SubnetTAO / SubnetAlphaIn storage.
  3. 03
    Supply. S = pool alpha + staked alpha — staked is the sum of neuron alpha_stake from the subnet metagraph.
  4. 04
    Market cap. M = P × S, in TAO. Selection: top 20 by M.
  5. 05
    Weighting. w = M ÷ ΣM, with a 15% single-constituent cap — excess redistributed pro-rata, iterated to convergence.
  6. 06
    Daily print. I(t) = I(t-1) × Σ w·(P(t) ÷ P(ref)). One print per day. Base 1,000.00 at inception.
  7. 07
    Rebalance. Monthly, on the first print of the month: basket re-selected and re-weighted, chain-linked on the pre-rebalance basket — the rebalance itself never jumps the level.
  8. 08
    Failure mode. If the chain can't be read, the print aborts and the page is left untouched. A missing print is never backfilled.

Full scientific report: subINDEX Methodology v1.0 (PDF). Independent tracker. Not affiliated with the Bittensor Foundation or the Opentensor Foundation. Nothing here is investment advice.

V2 — THE TOKEN

The index becomes
one token.

One token = the whole index. Instead of buying 20 subnet alphas, you hold a single ERC-20 and you've got the basket — top 20 by alpha market cap, 15% cap per subnet, rebalanced monthly.

  1. 01
    Mint. You put value in, you get index tokens out.
  2. 02
    Redeem. You burn index tokens, you get the underlying value back. That's what keeps the token glued to the index level.
  3. 03
    Trade. It trades like any token — full subnet-alpha exposure without touching Bittensor directly.

V2 is a concept in design. No contract exists and nothing is live — this page describes an idea, not a launch.

IN DESIGN