Subnet 10: Swap
Swap is Bittensor Subnet 10 (SN10). Rather than coordinating AI inference or model training, the subnet bridges the Bittensor token economy to decentralized finance: it distributes TAO emissions to participants who provide real on-chain liquidity to a TAO/USDC pool on TaoFi. The codebase is maintained at Swap-Subnet/swap-subnet.
How the Mechanism Works
According to the official repository, Swap’s scoring is grounded in fee revenue rather than subjective output quality. TaoFi uses a concentrated liquidity model where providers choose a price range within which their capital is active and earns fees from traders. Every 24 hours, validators measure how much trading fee income each registered position collected during that window. Miners whose positions generated the highest fees earn a proportionally larger share of the epoch’s emissions through Yuma Consensus and Dynamic TAO.
This design aligns miner behavior directly with pool health. Positions that stay within the active price range, are sized appropriately, and sit in fee tiers that attract real swap volume earn more. Positions that drift out of range or are placed in low-traffic tiers earn proportionally less. Scoring is entirely objective and on-chain — validators derive weights solely from fee-collection records, not subjective judgment.
Validators query fee history for each registered pool position, normalize the results across all active miners in the epoch, and submit the resulting weight vector to Yuma Consensus.
Participating as a Miner
Miners on Swap are liquidity providers. Their economic role is to deploy TAO and USDC into TaoFi’s TAO/USDC pool in a way that maximizes trading fee revenue. TaoFi uses a concentrated liquidity model, so each position covers a price range chosen by the provider — fees accumulate only while the market price is within that range. Miners who maintain positions that stay in-range, are sized appropriately, and sit in fee tiers that attract real swap volume earn the most. A position that drifts out of range earns nothing.
A position’s cumulative fee income over each 24-hour window is the direct input to scoring. The competition is for fee revenue, not for raw capital size. Miners who consistently earn top-decile fees earn top-decile subnet emissions.
Participating as a Validator
Validators on Swap score miners by measuring the fee income accumulated by each registered liquidity position over the prior 24-hour window. The official repository describes this as objective on-chain data rather than subjective output quality: validators compute per-miner fee scores, normalize the results across the active miner set, and submit the resulting weight vector to Yuma Consensus.
On-Chain Identity
Swap is registered at netuid 10 on Bittensor with 256 neurons, verifiable via
taostats.io/subnets/10. The subnet owner coldkey is
5GbcimKjp17QPUoS568DBSMNqV2pmDetBf3xyC15vh4bTFE1. The codebase is at
Swap-Subnet/swap-subnet and the liquidity interface is
at taofi.com/pool.
Relationship to Yuma Consensus
Subnet 10 uses Yuma Consensus to convert the fee-based weight vectors that validators submit into the emission shares distributed to miners and validators within the subnet each tempo. The Yuma Consensus documentation describes how validator weight submissions are aggregated into consensus weights for each miner registered on the subnet.
In Swap’s context, validator scoring is entirely objective: validators query the fee income accumulated by each registered liquidity position over the prior 24-hour window, normalize the results across the active miner set, and submit the resulting weight vector. Because scoring depends on on-chain trading-fee records rather than subjective judgment, the consensus mechanism aggregates weight submissions from all active validators into a single consistent ranking. The Emission documentation describes how those consensus weights determine each participant’s share of the subnet’s accumulated emission each tempo.
Miner and Validator Roles
Subnet 10 operates under the standard Bittensor two-role structure. Miners supply the subnet’s capability and validators evaluate those contributions and set weights. Reward distribution follows Yuma Consensus.
Reader Boundary
Subnet 10 Swap should not be read as generic Bittensor subnet documentation, a guarantee of current fee results, or proof that every subnet scores liquidity providers the same way. It names one subnet’s fee-based incentive context on netuid 10 (Understanding Subnets, Glossary: Netuid).
Validator fee scores still flow through Yuma Consensus before emissions are allocated. Fee income vocabulary and consensus reward vocabulary answer different questions (Yuma Consensus).
Fee Scoring Uses On-Chain Trading Records
According to the Swap repository, validators measure fee income accumulated by each registered liquidity position over a 24-hour window, normalize the results across active miners, and submit the resulting weight vector. Scoring depends on on-chain trading-fee records rather than subjective output judgment (Yuma Consensus).
Emissions Follow Consensus Weights
Subnet 10 uses Yuma Consensus to convert validator weight submissions into emission shares for miners and validators within the subnet each tempo (Emission, Yuma Consensus).
Development Stage Context
The Introduction to Bittensor describes subnet development as moving from localnet to testnet and then mainnet. For Subnet 10 Swap on netuid 10, that sequence changes how readers should interpret liquidity-position examples, fee measurements, and validator weights.
In localnet, Swap examples can help explain development behavior in an isolated environment. Localnet fee scoring does not represent production subnet performance on live networks.
On testnet, Subnet 10 activity can be observed in a shared, non-production network. Testnet miner fee scores and validator weights on netuid 10 are separate from mainnet subnet state (Understanding Subnets).
On mainnet, Subnet 10 Swap is a live Bittensor subnet whose fee-based validator weights and Yuma Consensus emissions apply on the production network (Yuma Consensus).
The Bittensor Networks reference separates mainnet, testnet, and localnet. A netuid 10 example from one environment should not be read as representing production Swap performance or emissions in another environment.