Subnora turns Bittensor subnet Alpha tokens into ERC-20s on Ethereum Mainnet, lets anyone launch a token against one, and uses a market maker to keep the token price close to the real Alpha price.
A subnet-token is called an SNx. Subnet 64 becomes SN64x. One token equals one Alpha token, always.
Not an offer of securities.
Four subnets ship at launch, backed and pooled from day one. Selected by market capitalization from the top Bittensor subnets.
| Subnet | Name | Ticker | Market Cap | Category |
|---|---|---|---|---|
| SN64 | Chutes | SN64x | $109M | Compute / GPU |
| SN51 | Lium | SN51x | $106M | AI Infrastructure |
| SN4 | Targon | SN4x | $83.5M | AI Inference |
| SN44 | Score | SN44x | $54.8M | Data / Analytics |
After launch, new subnets are added weekly through the auction. Launching a token against any live subnet is always free and open to everyone.
One token equals one real Alpha token. The bridge contract locks the Alpha on Bittensor, then mints the SNx token against it on Ethereum Mainnet. Minting needs no ETH collateral.
Only the bridge / market maker mints and redeems, exactly like an ETF's authorized participant. You never mint or redeem yourself: you buy and sell SNx on the open Uniswap V4 pool, and the market maker keeps that price glued to the real Alpha price.
| Action | Who | What happens |
|---|---|---|
| Mint | Bridge / MM only | Locks Alpha on Bittensor, mints one SNx against it. |
| Redeem | Bridge / MM only | Burns SNx, unlocks Alpha on Bittensor. Closes arbitrage. |
| Trade | Anyone | Buy or sell SNx on Uniswap V4 pool. Never touches custody. |
There can never be more tokens than Alpha tokens held. On-chain attestation verifies backing. Mint reverts if supply would exceed attested reserves. Anyone can check coverage live on the backing page.
Anyone launches a token. It is priced in an approved subnet token (SNx), not in ETH. It sells on a bonding curve, so the price rises as more people buy.
When the bonding curve sells out, the liquidity moves into a real Uniswap V4 pool and is locked for good.
Graduated liquidity can never be pulled out. No rug. The launched token is always denominated in the subnet token, which itself is pegged to the real Alpha token. These markets inherit the liquidity depth of the underlying subnet.
Every token picks one graduation hook at launch. The hook attaches to the Uniswap V4 pool the moment the bonding curve fills, and stays in place for the life of the pool, locked with the liquidity and never changed after.
| Hook | What it does | Key params |
|---|---|---|
| Sniper Shield | Launch tax starts at 99% and decays to 0% over the first 10 seconds after graduation. Collected tax is added to pool liquidity. | Start tax 99%, decay 10s |
| Anti-Sandwich | Every swap in a block fills at the block-open price. Frontrun and backrun profit is zero by construction. | Block-open price |
| Bid Wall | Trade fees fund a standing buy order just below spot. The wall only moves up as fees accumulate. | Fees to buy order |
| Floor Defense | Sell tax ramps from 1% to 10% as price moves below the rolling floor. Part of every below-floor sell is burned. | Sell tax 1% to 10% |
| Diamond Hands | 0% fee on buys. Sell fee scales from 0.5% to 10% with rolling one-hour sell pressure, then relaxes as pressure fades. | Sell 0.5% to 10% |
| Jackpot | Qualifying buys enter a draw settled two blocks later. A slice of trade fees funds the pot. Winner takes it all. | Settles in 2 blocks |
| Holder Rewards | Swap fees stream pro-rata to current holders, paid in the subnet token. Claim any time. | Pro-rata to holders |
| Limit Orders | Place on-chain limit orders directly in the pool. Filled automatically when price crosses, no bots or keepers needed. | On-chain, auto fill |
Hook choice does not change the graduation mechanics. The curve still fills at 80% sold, 20% pooled, and the resulting Uniswap V4 position is still locked forever.
A market maker closes any gap between the SNx token price on-chain and the real Alpha price on Bittensor.
| If the token is | The market maker | Price then |
|---|---|---|
| Too expensive | Mints new tokens and sells them | Goes down |
| Too cheap | Buys tokens and redeems them | Goes up |
The profit from selling when the token is expensive pays for the next batch of real Alpha tokens. That is how the system funds itself. The bridge operates continuously, so arbitrage opportunities close quickly.
The market maker is the only entity that mints and redeems. Regular users trade on the Uniswap V4 pool. This separation ensures custody is never exposed to open-market participants.
New subnets are not added by the team picking them. They are won at auction. Four subnets ship pre-bridged at launch. After that, one auction per week decides which Bittensor subnet gets bridged next.
| Parameter | Value |
|---|---|
| What is won | The right to bridge the next subnet, and to choose its ticker |
| Paid in | ETH |
| Format | Sealed bids. Commit hidden bid, then reveal. Highest wins, pays second-highest price. |
| Frequency | Weekly |
Sealed bids rather than a countdown, because this prevents bot racing and ensures the auction finds a real price rather than rewarding speed.
Proceeds do not sit in a treasury. They go to the market maker, which uses them to:
A new subnet arrives backed one for one and with real liquidity from its first day, paid for by the person who wanted it listed.
SUBNORA is the token of the protocol. Fixed supply. The contract has no owner and no mint function, so no more can ever be created.
The token is not required to use the protocol. It captures value through buyback and burn from protocol revenue.
Three revenue streams, and only these three:
| Stream | Amount |
|---|---|
| Launch fee | 0.0005 ETH per token launch |
| Trading fee on bonding curve | Protocol's 30% of the 1% fee |
| Pool fee after graduation | Protocol's 30% of the 1% fee |
The remaining 70% of trading fees goes to liquidity providers. No hidden fees. No fee-on-transfer tokens.
Most of what the protocol earns is used to buy SUBNORA on the open market and burn it.
The 20% operations share is stated openly rather than folded into the buyback number, so the buyback figure means what it says.
Smart contracts are currently in development. Addresses will be published here before launch.
| Contract | Address | Status |
|---|---|---|
| Bridge | 0x...TBD | IN DEV |
| Launchpad | 0x...TBD | IN DEV |
| Graduation Migrator | 0x...TBD | IN DEV |
| Liquidity Locker | 0x...TBD | IN DEV |
| Buyback | 0x...TBD | IN DEV |
| SUBNORA Token | 0x...TBD | IN DEV |
| SN64x (Chutes) | 0x...TBD | IN DEV |
| SN51x (Lium) | 0x...TBD | IN DEV |
| SN4x (Targon) | 0x...TBD | IN DEV |
| SN44x (Score) | 0x...TBD | IN DEV |
Chain: Ethereum Mainnet. Bridge endpoint: Bittensor Network.
| Question | Answer |
|---|---|
| Is this a security? | No. Not an offer of securities or advice. |
| Do I need ETH to mint SNx? | No. Only the bridge / market maker mints. You buy SNx on the Uniswap pool. |
| Can the liquidity be rugged? | No. Graduated liquidity is locked in Uniswap V4 forever. |
| What chain is it on? | Ethereum Mainnet. Bridge from Bittensor Network. |
| How is the peg maintained? | Market maker arbitrage. Mints when expensive, redeems when cheap. |
| Which subnets are live? | SN64 (Chutes), SN51 (Lium), SN4 (Targon), SN44 (Score) at launch. New ones via auction. |
| How do new subnets get added? | Weekly sealed-bid auction. Winner pays second-highest price. |
| Can I launch a token for free? | Launch fee is 0.0005 ETH. Trading existing tokens has no entry fee. |
| What happens when a token graduates? | Liquidity moves to Uniswap V4, locked permanently. No rug. |
| Where is the entity based? | Zug, Switzerland. Crypto Valley. |
| Is there a token? | SUBNORA. Fixed 1B supply. No owner, no mint function. Revenue = buyback & burn. |
| What if no one bids? | If no bids two weeks running, auction pauses for a month. |