Bittensor Launches Smart Contracts and Ethereum Compatibility

The Opentensor Foundation has successfully brought Ethereum compatibility to the decentralized AI network, Bittensor.

The activation allows developers to deploy and interact with Ethereum-based smart contracts on the subtensor blockchain, combining AI and traditional DeFi. This move also comes alongside the launch of Bittensor EVM Testnet on Metamask.

The highly anticipated upgrade was initially teased in an update from the Opentensor Foundation and at a public talk at Token2049. Since the update on Sept. 15, Bittensor’s TAO token more than doubled to $673 from $293. TAO has retraced since, and is currently changing hands for $580.

Upon the upgrade, Daniel Cheung of Syncracy Capital said, “With TaoFi beginning to emerge and dTAO coming soon, I expect the Bittensor ecosystem to see a meaningful inflection in economic activity soon. Many are still in denial that Bittensor has the potential to become a leading L1 this cycle.”

The next major upgrade, which will implement dynamic TAO, or dTAO, will be a step forward for the decentralization of the network and its emissions.

In a blog post, Bittensor founder Jacob Steeves, also known as Const, said, “Dynamic TAO directly decentralizes the computation of the flow of emissions, offloading the responsibility to the market, whilst introducing consequences for bad speculation, lethargy, apathy, and self-interest.”

“As a byproduct, this brings more pressure to subnet owners to perform well…they must impress the market, rather than a few entities,” said Steeves.