Swap
SN10Swap tokens and onboard new users into the Bittensor ecosystem
Swap turns idle TAO into a productive asset by rewarding miners who provide liquidity to the TAO/USDC pool on TaoFi. It's one of the few subnets where the output is directly measurable in fees earned.
// Liquidity mining on Bittensor
Swap (SN10) is a Bittensor subnet that incentivizes miners to provide liquidity to the TAO/USDC trading pool on TaoFi. Instead of running AI models, miners here are liquidity providers, staking assets into the pool and earning rewards based on the trading fees their positions generate.
The simple version: It's like being a market maker on a DEX, but Bittensor pays you extra rewards for doing it well.
Centralized equivalent: No direct equivalent, though Uniswap and Curve offer similar liquidity provision mechanics in traditional DeFi.
How it works:
- Miners provide liquidity to the TAO/USDC pool on TaoFi and are scored based on how much trading fees their positions generated in the past 24 hours
- Validators measure fee generation per miner position and set weights accordingly, distributing emissions to the most productive liquidity providers
- The problem it solves: TAO has historically lacked deep, reliable liquidity on-chain. Thin pools mean high slippage for anyone buying or selling, hurting the entire ecosystem.
- The opportunity: Every Bittensor transaction, stake, and unstake benefits from better liquidity. Swap creates a direct incentive to build that depth.
- The Bittensor advantage: Decentralized incentives attract liquidity providers globally without a single entity controlling pool management or fee structures.
- Traction signals: 727 commits across 9 contributors since launch, with the last commit in November 2025. Price is up 27% over 7 days and 49% over 90 days. Volume spiked 323% in the past 24 hours, suggesting renewed activity around the subnet.
Category: Storage and Data Availability | Centralized Competitor: Uniswap, Curve, Balancer
Bittensor's growth has created demand for deeper TAO liquidity. Without it, every large stake or unstake moves the price significantly, creating friction for everyone from small stakers to institutional players. Swap addresses this by making liquidity provision a competitive, incentivized activity on-chain.
Mechanism:
According to the main GitHub repository (github.com/Swap-Subnet/swap-subnet), miners provide liquidity to the TAO/USDC pool on TaoFi. Scoring is based on fees earned by each miner's position over the previous 24 hours. This means miners are rewarded not just for depositing capital, but for deploying it in ranges that actually capture trading volume.
Validators track fee generation per position and set weights that determine how emissions are distributed among miners. The more fees a miner's liquidity position generates, the larger their share of rewards.
With 17,163 TAO in the pool and a market cap of around 32,344 TAO, Swap sits at the smaller end of established subnets. The 7-day net flow of 1,779 TAO and 24-hour net volume of 1,006 TAO point to steady, growing interest. Chain buy rate stands at 2.44%, with an emission share of 1.60%.
Development has been quiet since November 2025, with no active miners currently registered on-chain. This is worth noting: the subnet may be in a transition period, or liquidity provision activity may be tracked differently than typical miner registration.
- Development stagnation: Last commit was November 2025, over 4 months ago. No active miners are currently showing on-chain. It's unclear whether the subnet is actively being maintained or if the mechanism has changed.
- Liquidity concentration: Gini coefficient of 0.68 suggests a moderately concentrated holder base. A few large positions could significantly impact the pool dynamics.
- Mechanism transparency: The subnet's scoring is fairly opaque externally. Without active documentation updates, it's harder to evaluate whether the current reward structure still matches the README description.
