# Into: Liquidity Subnet 77 turns Bittensor incentives into a liquidity machine, paying miners to park real capital in Uniswap pools that the community votes to prioritize. // Vote-directed liquidity mining on Bittensor --- > New to Bittensor? Start here. Experienced users can skip to the full analysis. ### What is Liquidity? Liquidity (SN77) is a Bittensor subnet that incentivizes people to supply liquidity to external on-chain markets, primarily Uniswap V3 pools. Voters who hold the subnet token decide which pools matter, and miners earn by actually providing liquidity to those pools. According to the subnet's repository, the goal is to let any project bootstrap liquidity by directing subnet rewards toward its pool. **The simple version:** It is like a liquidity mining program you would see on a DeFi exchange, except the rewards budget comes from a Bittensor subnet and the community votes on where that budget points. **Centralized equivalent:** Think of the market-maker incentive and liquidity mining programs run by centralized exchanges and DeFi protocols, but governed by token-weighted community votes rather than a single company. **How it works:** - **Miners** provide liquidity to designated Uniswap V3 pools and register a link between their Bittensor hotkey and an Ethereum address so their positions can be credited. - **Validators** fetch calculated weights from the project's server and set those weights on-chain, after votes and liquidity positions are scored. --- ### Why This Matters - **The problem it solves:** New tokens and pools struggle to attract deep, sticky liquidity. SN77 tries to use Bittensor emissions as a recurring incentive budget to pull liquidity toward chosen pools. - **The opportunity:** Directing liquidity is one of the most valuable levers in DeFi. A subnet that can route incentives to any pool, governed by votes, is aiming at a real and persistent need. - **The Bittensor advantage:** Instead of one protocol funding its own liquidity mining out of treasury, the incentive budget comes from subnet emissions and the targeting is decided by token-weighted community votes rather than a central team. - **Traction signals:** The data here is mixed and worth flagging. TaoSwap reports roughly 11,400 TAO of root liquidity in the pool and positive net inflows over the trailing week, but public development signals are thin (see Risk Factors). Be skeptical and verify before drawing conclusions. --- ## Full Analysis **Category:** Other (DeFi and Liquidity Provisioning) | **Centralized Competitor:** Uniswap incentive programs, exchange market-maker programs Liquidity provisioning is foundational plumbing for any on-chain market, and the question of who decides where incentives flow is one of the most contested in DeFi. SN77 places that decision in the hands of its token voters and uses a Bittensor subnet as the funding source, which is an unusual and interesting framing for a subnet to take. **Mechanism:** Per the subnet's repository README, the system runs through a server operated by the project at `77.creativebuilds.io`. Voters submit weighted votes for liquidity pools, with their token balance setting their voting power and each vote signed and verified cryptographically. The server processes those votes alongside miners' on-chain liquidity positions and calculates final miner weights. Validators then fetch those weights from the server and set them on subnet 77. Miners register a mapping from their Bittensor hotkey to an Ethereum address, then provide liquidity to the relevant Uniswap V3 pools to earn. This is a server-centric design: the README is explicit that vote collection and weight calculation happen on the project's server, and validators read the results from it. That is a meaningful architectural detail, because it means the scoring logic does not run fully on-chain or independently inside each validator. Readers should weigh how much that centralizes trust in the operator's infrastructure. On the market side, TaoSwap shows a price near 0.00545 TAO and a market cap around 26,054 TAO, with the subnet drawing a fraction of a percent of total network emissions. Net TAO flows over the trailing week were positive, which under the current Taoflow model is what keeps emissions pointed at a subnet. Price was up over the past month on TaoSwap's figures. These are small absolute numbers, consistent with a niche subnet rather than a large one. On development, the public picture deserves a direct caveat. A live GitHub API check on the repository declared in the subnet's on-chain identity, `github.com/creativebuilds/sn77`, shows the most recent public commit dated 2025-09-01, across 46 commits from a single listed contributor in TypeScript. Public commit activity has slowed since that date. A Desearch scan of the past month surfaced no subnet-specific release notes, roadmap posts, or development updates for SN77. This may reflect a move to private development, a stable codebase that needs little change, or genuinely reduced public activity. The public data alone cannot distinguish between these, so treat the gap as unresolved rather than conclusive. --- ### Risk Factors - **Development Stagnation:** The public GitHub repository's most recent commit is dated 2025-09-01 via a live API check, and Desearch surfaced no subnet-specific development updates in the past month. This may reflect private development or a stable build, but the public signal is quiet and should be verified directly before relying on it. - **Concentration:** TAO.app reports a top-100 gini coefficient around 0.87, indicating ownership is concentrated. Concentrated stake can mean a small number of participants steer the vote-weighting that this subnet is built around. - **Liquidity:** Pool depth and market cap are small in absolute terms (roughly 11,400 TAO in the pool against a market cap near 26,054 TAO), so entries and exits can move price and incur slippage. - **Multi-Chain Dependency:** The mechanism depends on external infrastructure, Uniswap V3 pools and Ethereum-side addresses, plus the project's own server for vote collection and weight calculation. Faults or changes in any of those layers affect the subnet directly. - **Execution:** The public repository lists a single contributor, so the project's continuity is tied closely to one operator. --- Another subnet, unpacked. We will revisit SN77 when the public development picture is clearer.