gm is Bittensor subnet 28 (SN28), a project in the Financial Forecasting and Trading Signals lane. S&P 500 predictions, decentralized
Bittensor's S&P 500 Oracle, built by Foundry Digital. Miners compete to predict the index price every five minutes using open-source neural networks, with all models and training data published to HuggingFace.
It is an educational deep dive, not a recommendation to stake. For live price, pool depth, and performance, always open the live subnet page.
What is gm (SN28)?
gm (SN28) is Bittensor's dedicated financial forecasting subnet, operated by Foundry Digital, one of the larger institutional participants in the Bittensor ecosystem. On-chain the subnet goes by "gm," but the product is the Foundry S&P 500 Oracle: a decentralized competition where miners build machine learning models to predict short-term S&P 500 price movements, with every model and dataset required to be published openly on HuggingFace.
In plain English: It's like a public quant research competition where participants submit their stock prediction models openly, and the most accurate models earn emissions.
Centralized reference points: Bloomberg Terminal, QuantConnect, Two Sigma (proprietary)
How miners and validators work
Like every Bittensor subnet, SN28 is a two-sided market: miners produce work, validators score it, and emissions follow those weights under the network’s dTAO economics.
- Miners build neural network models to predict the S&P 500 closing price for six five-minute intervals into the future. All models and input data must be open-sourced on HuggingFace to receive emissions.
- Validators send miners a future timestamp and collect their price predictions. Once the interval matures, validators score each prediction against the actual S&P 500 price using two metrics: Directional Accuracy and Mean Absolute Error. Miners are ranked relative to each other, creating a continuously competitive environment.
Mechanism and design
Miners on SN28 build neural network models that predict S&P 500 price movement over short horizons: the next six five-minute candles. A key design constraint is that all models and training data must be published openly to HuggingFace before miners can receive emissions. This prevents black-box gaming and creates an evolving public library of forecasting models.
Validators drive the competition by sending miners a future timestamp and collecting their price predictions. Once the prediction window matures, validators compare outputs against the actual S&P 500 price using Directional Accuracy and Mean Absolute Error. The external source of truth is Yahoo Finance's S&P 500 price, which makes the rewards mechanism objective and resistant to manipulation.
Price is up roughly 44% over the past 30 days and about 12% over the past seven days, with net positive inflows over the seven-day window. Pool depth sits around 14,900 TAO with a root proportion of approximately 0.16, indicating most of the pool comes from organic staking demand rather than protocol subsidy. Volume over the past 24 hours was around 3,260 TAO.
One data point that warrants monitoring: the snapshot shows zero active miners with 100% of the miner emission allocation being burned. The subnet's operation is tied to S&P 500 trading hours, so this may reflect an off-hours snapshot. Foundry's documentation explicitly warns that the base miner provided in the repo is not intended for mainnet, meaning competitive participants need to build their own custom models, which raises the bar for entry.
Why the project exists
- The problem it solves: High-quality financial market prediction models are expensive, proprietary, and concentrated at a handful of quantitative firms. Individual traders and researchers have little access to transparent, open-source forecasting tools.
- The opportunity: A continuously running, open-source prediction market for the world's most-watched equity index, where competition keeps accuracy improving and the best models are publicly available.
- The Bittensor advantage: Market-aligned incentives. Miners only earn based on accuracy, and the requirement to open-source all models on HuggingFace keeps the competition transparent and harder to game. The adversarial environment pushes miners toward differentiated architectures and datasets.
- Traction signals: The subnet has been running since February 2024. On-chain data shows zero active miners at the time of this snapshot, which may reflect market hours timing since the S&P 500 is only active Monday to Friday during U.S. trading hours. Developer activity on the official Foundry Digital repo is maintained and includes an active CI pipeline.
What stakers should check before buying alpha
Subnet storytelling is cheap. On-chain and product checks are not. Use the same framework as our subnet metrics guide:
| Check | Why |
|---|---|
| Real product / docs / repo | Separates shipping teams from narrative-only slots |
| Pool depth (TAO) | Your exit door: thin pools amplify slippage |
| Net flows (7d / 30d) | Under flow-based emissions, capital votes with its feet |
| Emission share | Whether the market is funding this subnet right now |
| Ownership concentration | Large holders can move a small alpha market |
| Immunity / deregistration | Post-immunity weak slots can lose the race (see immunity guide) |
Pull the live numbers on gm · SN28 rather than trusting any static screenshot in a blog post.
Risk factors
- Active miner gap: Current snapshot shows zero active miners with 100% of the miner emissions burned. The subnet only generates meaningful prediction activity during U.S. market hours. Sustained absence of miners during live market hours would signal real ecosystem attrition and is worth monitoring.
- Market hours dependency: Unlike most Bittensor subnets that run continuously, SN28 is fundamentally tied to U.S. equity market hours (Monday to Friday, 9:30am to 4:00pm ET). This creates predictable operational dead zones and may limit miner participation.
- High entry bar for miners: Foundry explicitly says the base miner will not earn on mainnet. Competitive participation requires building custom neural network models and publishing them to HuggingFace. This keeps noise out but also limits the miner pool.
- Thin on-chain identity: The on-chain identity fields for gm are unpopulated: no website, GitHub, or Discord linked. New participants have to find Foundry Digital's GitHub independently, creating discovery friction.
How this fits a TAO portfolio
Many holders keep a root vs subnet split: root for calmer TAO exposure, subnets like gm for thematic upside (and higher variance). If you use TaoScale, you can size SN28 from your wallet without handing over custody. See non-custodial staking.
- Live market: SN28 on TaoScale
- Browse and stake: /invest
- More subnet explainers: /blog/subnets
FAQ
What does gm do on Bittensor?
It's like a public quant research competition where participants submit their stock prediction models openly, and the most accurate models earn emissions.
What is the SN28 alpha token?
When you stake TAO into subnet 28, you receive that subnet’s alpha. Its price versus TAO moves with the subnet’s pool (see what is dTAO).
How do I research gm before staking?
Read the mechanism above, open the official repo/docs when available, then verify pool depth, flows, and activity on SN28. Cross-check with the metrics checklist.
Is this financial advice?
No. TaoScale publishes educational explainers and live tools. Decisions to stake are yours alone.
Not financial advice. Educational overview of gm (SN28) compiled from public project materials and ecosystem documentation. Mechanisms and market structure change, so verify live data and official sources before acting.
