Bittensor Subnet 67:Tenex

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Subnet 67

Tenex

Tenexium operates as a spot margin protocol within the Bittensor ecosystem, serving as the core infrastructure for the Tenex subnet.

SN67:Tenex

SubnetDescriptionCategoryCompany
SN67:TenexLeverage tradingDeFi
Tenex

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Tenexium operates as a spot margin protocol within the Bittensor ecosystem, serving as the core infrastructure for the Tenex subnet. The protocol enables users to establish leveraged long positions on subnet tokens using TAO as collateral, while providing TAO liquidity providers with sustainable yields through both Bittensor miner emissions and protocol-generated fees from trading, borrowing, and liquidations.

Key Features

  • TAO-Only Liquidity Pool: Liquidity providers supply TAO exclusively, earning both miner emissions and protocol fee shares without direct alpha volatility exposure
  • Long-Only Design: Deliberately prohibits short positions to prevent artificial sell pressure in dTAO markets
  • Tiered Leverage System: Maximum leverage (up to 10×) determined by Tenex alpha token holdings with on-chain enforcement
  • Dynamic Fee Structure: Trading and borrowing fees adjust based on utilization rates with tier-based discounts
  • Automated Buyback Program: A defined share of protocol fees fund programmatic buybacks to support Tenex alpha token demand
  • Circuit Breaker Protection: Multiple safety mechanisms including rate limiting, utilization caps, and emergency controls

How It Works

  1. Liquidity Providers deposit TAO into the protocol and earn:
    • Bittensor miner emissions
    • Share of trading, borrowing, and liquidation fees
  2. Traders can:
    • Deposit TAO as collateral
    • Borrow additional TAO against their position
    • Execute leveraged long positions on alpha tokens
    • Benefit from tier-based fee discounts and higher leverage limits
  3. Protocol automatically:
    • Maintains TAO liquidity for sustainable borrowing
    • Manages liquidations and risk parameters
    • Routes fees to buyback pool for Tenex alpha support