we’re < 2 weeks away from the first $TAO halving. but this post isn't about that this’ll be a short one, about fundamentals regardless of what happens in the short term, i think Bittensor’s inevitably going to run because the (arguably) most important chain-level metric -- revenue -- is actually there. most people just haven't looked at the data fact: Bittensor’s been doing ~$78k in daily revenue over the past 6 months. that’s substantial, especially when you consider how the MC / revenue ratio stacks up against other leading chains... i asked ART Chat, "can you show me bittensor's market cap to revenue ratio, relative to other L1s?" here's what it told me: okay, maybe Bittensor shouldn't be compared to other L1s... so i asked again for comps in the AI / DePIN sector: for those not familiar with the MC/revenue metric, think of it like price-to-earnings. a lower number means the protocol is generating more value relative to what the market is pricing it at. from an investment standpoint, lower is better if Bittensor (currently at 197x) sees even a partial move towards the Livepeer (700x), Render (785x), or Akash (1,100x) valuations, we'd expect the price to go up – that’s just what fundamentals suggest quick note on how we calculate revenue for Bittensor (cc ART Chat): if you wanna dig deeper, we just launched full Bittensor coverage on our terminal, tracking flows, revenue, supply dynamics, staking metrics, and more (will link in reply) NFA