[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  Mariuszek [@sobczak_mariusz](/creator/twitter/sobczak_mariusz) on x 3437 followers Created: 2025-07-23 15:30:43 UTC Are $TAO subnets startups or crypto, does it even matter? Subnets sit at the weird intersection of two worlds. On one hand, they behave like early stage tech startups. On the other, they trade like permissionless crypto tokens. Understanding this could be a key to making good investment decisions in our ecosystem. Startups are defined by vision, execution, and fundamentals. They have founders, burn rates, product market fit. They raise capital, build something, and try to create real world value. If you view a subnet through this lens, it makes sense to ask questions like: Who’s the team? What’s the moat? How big is the TAM? Where’s the revenue? That framing helps when you’re evaluating subnets like @metanova_labs , @tplr_ai , or @chutes_ai . They’re building IP, they have customers or soon will have. They are trying to replace legacy infrastructure with smarter agents and models. It’s fair to compare them to early Stripe, Snowflake, or even small biotech startups. Token is basically an equity tied to emissions instead of shares. Subnets also trade on chain. They emit tokens, have APYs and live inside AMMs. They’re governed by supply schedules and liquidity, not board meetings. That is essentially crypto, it’s DeFi with AI on top. The token is a financial instrument, not a stock. And that means things like emissions, staking incentives, price velocity, and float matter more than revenue at least in the short term. This is why so many people misprice subnets. They use crypto-style valuation FDV (which is absolutely retarded) on what is essentially a venture style entity. Or they use startup logic (growth at all costs) on something governed by token dilution. Neither works on its own, you need both lenses. In essence subnets are crypto native startups. They’re companies made out of smart contracts. They don’t ask for permission. They don’t need Series A funding. Their tokens are liquid from day one. The upside is venture scale. The risk is also crypto-scale. If you can underwrite both the startup and the token, you get asymmetric edge. You can spot the ones that have real-world utility and emissions-based yield. You can value them on cash flow while everyone else chases hype. You can identify which tokens act like equity, which act like infrastructure, and which act like noise. This is how $TAO wins. XXXXX engagements  **Related Topics** [tao](/topic/tao) [investment](/topic/investment) [$tao](/topic/$tao) [bittensor](/topic/bittensor) [coins layer 1](/topic/coins-layer-1) [coins dao](/topic/coins-dao) [coins depin](/topic/coins-depin) [coins oracle](/topic/coins-oracle) [Post Link](https://x.com/sobczak_mariusz/status/1948043102377087127)
[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]
Mariuszek @sobczak_mariusz on x 3437 followers
Created: 2025-07-23 15:30:43 UTC
Are $TAO subnets startups or crypto, does it even matter?
Subnets sit at the weird intersection of two worlds. On one hand, they behave like early stage tech startups. On the other, they trade like permissionless crypto tokens. Understanding this could be a key to making good investment decisions in our ecosystem. Startups are defined by vision, execution, and fundamentals. They have founders, burn rates, product market fit. They raise capital, build something, and try to create real world value. If you view a subnet through this lens, it makes sense to ask questions like: Who’s the team? What’s the moat? How big is the TAM? Where’s the revenue? That framing helps when you’re evaluating subnets like @metanova_labs , @tplr_ai , or @chutes_ai . They’re building IP, they have customers or soon will have. They are trying to replace legacy infrastructure with smarter agents and models. It’s fair to compare them to early Stripe, Snowflake, or even small biotech startups. Token is basically an equity tied to emissions instead of shares. Subnets also trade on chain. They emit tokens, have APYs and live inside AMMs. They’re governed by supply schedules and liquidity, not board meetings. That is essentially crypto, it’s DeFi with AI on top. The token is a financial instrument, not a stock. And that means things like emissions, staking incentives, price velocity, and float matter more than revenue at least in the short term. This is why so many people misprice subnets. They use crypto-style valuation FDV (which is absolutely retarded) on what is essentially a venture style entity. Or they use startup logic (growth at all costs) on something governed by token dilution. Neither works on its own, you need both lenses. In essence subnets are crypto native startups. They’re companies made out of smart contracts. They don’t ask for permission. They don’t need Series A funding. Their tokens are liquid from day one. The upside is venture scale. The risk is also crypto-scale. If you can underwrite both the startup and the token, you get asymmetric edge. You can spot the ones that have real-world utility and emissions-based yield. You can value them on cash flow while everyone else chases hype. You can identify which tokens act like equity, which act like infrastructure, and which act like noise.
This is how $TAO wins.
XXXXX engagements
Related Topics tao investment $tao bittensor coins layer 1 coins dao coins depin coins oracle