The ecosystem's smaller tokens are acting as leveraged bets on TAO, with multiple subnet tokens posting 200-400% monthly gains. Bittensor's TAO token has surged about 90% in March, while subnet tokens in its ecosystem have rallied even more sharply, lifting their combined market value to roughly $1.47 billion. The gains are fueled in part by Subnet 3's Covenant-72B model, a permissionlessly trained large language model that posted a competitive 67.1 MMLU score, and by public endo…
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