# Into: Memo

Netuid 116 now carries a new on-chain identity, Memo, registered on 2026-05-30. Beyond the name, the current owner has not published a repository, documentation, or website, so what Memo builds is not yet established.

// Claimed on-chain, undocumented so far

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### What is Memo?

As of 2026-07-08, subnet 116's on-chain identity is registered under the name "Memo", owned by 5F48aA3Pw1vFRfnhhfu7EJKqzrj8y9VBWtS4PE9xJ1chHXqB and carrying the alpha ticker ъ. The registration is dated 2026-05-30. The on-chain identity record lists no description, no website, and no GitHub repository, and we found no readable docs or product surface for it. What the subnet builds, and how its miners and validators would work, are therefore not established here. We are not inferring a purpose from the name.

Netuid 116 was re-registered on 2026-05-30 under this new owner. The slot previously hosted a different project. On Bittensor, deregistration is automatic once the network's 128 slots are full, and a freed netuid can be claimed by a new registration, so a slot can change hands. That is what happened here.

As neutral on-chain readings only: the alpha token trades at 0.05213 TAO for a market cap near 20,311 TAO, with about 4,238 TAO of depth in the AMM pool and roughly 2,875 TAO of net inflow over the past seven days. The subnet's on-chain emission share currently reads 0%. Under the current price-based model, a subnet's emission share follows root_prop x EMA price x (1 - miner_burn), so a 0% reading means the weighted price share rounds to zero or emission is switched off for the slot. Memo sits inside its four-month network immunity window, which ends 2026-09-27, so it cannot be deregistered before then.

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### Risk Factors

- **Limited public documentation:** with no registered repository, docs, or website, there is no primary source to verify what Memo does or how it would distribute rewards. Treat the identity as claimed but unproven until the owner publishes something readable.
- **Early-stage liquidity:** pool depth is modest at roughly 4,238 TAO, so larger stakes or exits can move the price and incur slippage.

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We'll revisit Memo with a full writeup once it publishes a repository, docs, or a product.