Alpha tokens on Bittensor (1 alpha token / subnet, non-transferable and only acquirable by staking / unstaking $TAO) have 21m finite supply. They inflate at 1-2X (max) the rate of $TAO which follows the emission curve of Bitcoin and is just under 1 year from first halving… this means that many subnet alpha tokens will have FDVs (not circulating valuations) that far surpass the total market cap of Bittensor itself — but those alpha tokens are actually locked within the network by virtue of only being trade-able with $TAO, so they do in essence represent the market cap of Bittensor. By example, on the first few moments of the dTAO merge a few hours ago, many subnets were trading at $10-20 billion FDVs… bringing the “total synthetic” FDV of Bittensor itself to well over $100B. We will continue to see extreme inflation curve “fractal” asymmetry as new subnets get registered over the coming days and weeks, as lock costs drop precipitously. For a gross over-simplification of totally evenly distributed pricing across all subnets, and a fixed number of subnets, every day there will be 64 x 7,200 (tokens emitted per day) = 165.8M alpha tokens by February 13th, 2026. At a price of 1 $TAO (fixed at $400 / token) / Alpha token, this dynamic would add $67 billion to the “synthetic” circulating (non-diluted) market cap of Bittensor. That’s a 20X from today. It is extremely unlikely (near impossible) that the market will play out like this, but this offers an intuitive lens into how price discovery could unfold.