Liquidity
Incentivised market making for alpha token pairs.
Synthetic shape · 14 sample points, not observed trading sessions
Sample 7d change: -6.1% · volatility proxy: 14.9%. Neither is measured from this illustrative line.
Bull case / bear case
Bull case
- A 29.4% delegation APY is at the top of the range, so the position pays you while the thesis plays out.
- Category tailwind: market making is one of the clearer demand stories on Bittensor, and Liquidity is the higher-beta way to own it.
Bear case
- Down 6.1% on the week — a compounding APY does not save you from an alpha price that keeps sliding.
- APY rose 1.7pp in 24h. Rising yield on a falling price usually means stake is leaving, not that returns improved.
- Daily volume of $1.09M against a $11.8M cap means exiting size will move the price against you.
- Emissions are set by network consensus and can be reweighted; 1.2% today is not a contract.
What this means for you
If you are delegating TAO, SN77 reads as a middle sleeve — yield with some price risk. You are buying top-of-range yield (29.4%) plus exposure to market making demand. A 30–40% drawdown in this alpha token would be unremarkable, so size it at a level where that outcome is survivable. Model the compounding before you commit — a 29.4% APY at quarterly compounding is materially different from the same rate compounded daily.
Risk classification: Higher risk — thin liquidity, large drawdowns possible
Sample data. Figures for SN77 on this page are synthetic and internally consistent for demonstration; they are not chain state. Live TAO price elsewhere on the site comes from CoinGecko.