Subnet Summer said the August edition of its SubConnect Bittensor Revenue Index shows Bittensor has officially entered a "revenue era." According to PANews, 24 to 25 subnets are currently generating real commercial revenue, with that number expected to rise to 35 to 40 by the end of the year.

The report estimated annual ecosystem revenue at between $28 million and $35 million, and said it is expected to exceed $100 million by the end of 2026. It also said revenue is beginning to directly fund token economics, with about 14 subnets already running revenue-driven Alpha token buyback programs and that figure projected to reach 20 to 25 by year-end.

Commercial activity is concentrated in infrastructure, enterprise AI, and application AI. The report said subnet maturity is increasingly being measured by customer adoption rather than benchmark scores. It added that emissions funded Bittensor's first phase, while customers are beginning to fund the next phase.