Bittensor’s TAO token is starting to catch the eye of many in the crypto world. According to Satoshi Flipper, a top analyst, TAO is one of the most undervalued tokens out there right now.
In a tweet, he shared that people haven’t fully realized its potential yet, but once they do, the token could see a big rise in value. Meanwhile, Wajahat Mughal, another prominent voice in the space, shared his insights on the TAO token.
Moreover, Mughal emphasized that Bittensor is far more than just an AI-focused project. He believes it deserves recognition as a Layer 1 (L1) blockchain due to its expanding ecosystem and growing infrastructure.
Bittensor is incorrectly valued, it is not an AI coin. Bittensor has been one of the most innovative networks coming out of this cycle, many treat it as THE AI coin of the cycle, which I agree with, however, in this post, we'll cover why I think $TAO is so much more than just… pic.twitter.com/SehowYHpYp
— Wajahat Mughal (@0xMughal) October 2, 2024
Bittensor’s Growing Ecosystem
Bittensor is not simply an AI coin, as some believe. Mughal highlighted the network’s current and future innovations, which include 45 active decentralized applications or “subnets.”
With many more in development, these subnets offer services across sectors like finance, healthcare, and AI development, setting the stage for Bittensor to function much like other L1 chains such as Ethereum and Solana.
The network’s ecosystem plans to grow further, with the number of subnets expected to reach 128 in the future. Mughal stressed that subnets must remain competitive and valuable, as only the most efficient will remain.
The diversity of these subnets, which cover areas like AI-powered trading, healthcare, and DeFi, positions Bittensor as a robust network, far beyond a simple AI coin.
Comparing TAO to Other L1 Chains
Wajahat Mughal also made a case for TAO’s valuation by comparing it to existing Layer 1 blockchains. Currently, TAO’s market capitalization sits around $3.8 billion, placing it near projects like Avalanche and Polkadot.
Mughal predicts that Bittensor’s growing ecosystem and upcoming upgrades will help it rival larger networks, potentially placing it just below Solana. Mughal further explained that Bittensor’s innovative structure, especially with upcoming changes like “Dynamic TAO,” could allow it to outshine many Layer 1 networks.
Besides, he suggests that TAO has the potential to attract interest and investment, pushing it higher in the ranks.
Read also: Best Altcoins to Buy on The Dip – Which Cryptos Will Skyrocket in October?
Subnets Driving Innovation
Several subnets have already emerged as standout performers within the Bittensor ecosystem. Subnet 10, known for its AI-powered yield optimization in decentralized finance, has interested the DeFi community. This subnet allows miners to compete in developing the best AI-based asset allocation algorithms.
Another notable example is Subnet 25, which focuses on protein folding using AI models. This innovation has implications for medical research, providing insights into new treatments and cures for various diseases.
Subnet 8, meanwhile, applies AI to proprietary trading, offering miners rewards for accurate predictions on financial markets.
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Show more +Show less – The Future of TAO and Its Ecosystem
Bittensor’s upcoming upgrade, Dynamic TAO, is expected to further enhance the network’s potential. This upgrade will allow users to delegate TAO tokens to specific subnets, incentivizing the most successful ones.
Each subnet will also have its own token, offering more opportunities for users to speculate on individual projects within the ecosystem. With Bittensor still advancing, many in the crypto community, including Mughal and Satoshi Flipper, believe it has the potential to be treated like a Layer 1 blockchain.
Besides, with a diverse and expanding ecosystem, TAO could emerge as one of the most valuable cryptocurrencies in the coming cycles.
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