01
About
SEC-01
Subnora turns Bittensor subnet Alpha tokens into ERC-20s, lets anyone
launch a token against one, and uses a market maker to keep the token
price close to the real Alpha price. A subnet-token is called SNx.
Subnet 1 becomes SN1x. One token equals one Alpha token, always.
Four subnets ship at launch, backed and pooled from day one.
New subnets added weekly through sealed-bid auction.
THE LOOP
Bridge locks Alpha on Bittensor → Attest on-chain →
Mint SNx on Ethereum → Launch tokens priced in SNx →
Graduate to Uniswap V4 pool → Locked forever. The market maker
keeps the peg. Fees fund buyback and burn. No custodians, no trust
assumptions. Swiss entity, Zug.
GLOBAL
SINCE
DAY 1
02
Products
Token Launchpad
Anyone launches a token priced in a subnet token, not ETH. Sells on a bonding curve. When curve fills, liquidity graduates to Uniswap V4 and locks forever.
Auction
Four subnets live at launch. After that, weekly sealed-bid auction decides the next. Winner pays second-highest price. Proceeds seed the new pool with real depth.
Bridge
Real Alpha tokens, tokenized one to one. The bridge locks the Alpha, then mints SNx against it. There can never be more tokens than Alpha held.
Portfolio
Market maker keeps the price honest. Too expensive -- mint and sell. Too cheap -- buy and redeem. The spread funds the next batch of real Alpha backing.
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HOW IT WORKS
01
Pick Subnet
Four subnets live at launch, ready to trade. After that, weekly sealed-bid auction decides which subnet gets bridged next. Winner pays second-highest price.
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02
Bridge Locks Alpha
Auction proceeds buy real Alpha tokens. Bridge contract locks them on Bittensor. On-chain attestation confirms backing.
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03
Mint SNx
ERC-20 minted 1:1 against locked Alpha. Only the bridge / market maker mints and redeems. You buy and sell on the open pool.
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04
Launch Tokens
Anyone launches a token priced in the subnet token. Bonding curve: 80% sold, 20% kept for pool. 1% trade fee.
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05
Graduate
When curve sells out, liquidity moves to Uniswap V4 pool and locks forever. No rug. Graduated liquidity can never be pulled.
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MECHANICS
Holding the Peg
Market maker closes any gap between SNx price and real Alpha price. Token too expensive -- mint new tokens, sell. Too cheap -- buy tokens, redeem. The spread funds the next batch of real Alpha. Runs continuously.
ARBITRAGE
Backing Rule
Token supply can never exceed Alpha in custody. Only bridge / market maker mints and redeems, exactly like an ETF's authorized participant. You never mint yourself -- you buy and sell SNx on the open pool.
BRIDGE
Weekly Auction
Four subnets pre-bridged at launch. New subnets added via sealed bids -- commit, reveal, highest wins at second-highest price. Proceeds go to market maker to buy Alpha, seed pool. Arrives backed 1:1 with real depth.
AUCTION
Tokenomics
SUBNORA token. Fixed supply, no owner, no mint function. Revenue: launch fees, trading fees, pool fees. 75% buyback and burn, 20% operations, 5% protocol-owned liquidity. Buyback figure means what it says.
SUBNORA
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PROTOCOL
MINT
Bridge / market maker only. Locks Alpha on Bittensor, mints one SNx against it. Like an ETF authorized participant. Minting needs no ETH collateral.
REDEEM
Bridge / market maker only. Burns SNx tokens, unlocks Alpha on Bittensor. Closes arbitrage. You never redeem yourself.
TRADE
Anyone. Buy or sell SNx on Uniswap V4 pool. This never touches custody. Market maker keeps pool price glued to real Alpha price.
FEES
Launch fee per token. 1% trading fee on bonding curve. 1% pool fee after graduation. Protocol takes 30% of fees. Rest to LPs.
GRADUATION
Bonding curve sells out. Liquidity sealed. Moves to Uniswap V4 pool. Locked forever. Graduated liquidity can never be pulled. No rug.
ZUG / CH
Swiss entity. Crypto Valley. Not an offer of securities. Operations stated openly. Buyback figure means what it says.
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SUBNETS INDEX