The halving mechanism of Bittensor will be launched in mid-December, directly reducing the average daily token supply by 50% — from 7,200 TAO to 3,600 TAO. This is a typical supply-side tightening. However, the key here is not just the scarcity of tokens; the network's average daily revenue remains stable at around $78k, indicating that the halving has not diminished the actual value output of the network. From another perspective, this means that the Incentive Layer has become more efficient. Furthermore, it is noteworthy that the staking rate of TAO as an L1 network has reached 76.8%, which is a rare high in the mainstream public chain ecosystem — fully reflecting the confidence of validators and token holders in the network. During the same period, a leading asset management firm launched a TAO trust product for trading in the OTC market, further confirming institutional-level market interest. Supply shock + stable revenue + high staking ratio, this combination showcases Bittensor's unique competitive edge in economic model design.