Merit PriceSN73

What is Merit (SN73)?

This article covers Merit, Bittensor subnet 73 (SN73). Some aggregator pages use the SN73 ticker for a different "Merit" described as a stablecoin-based payment network on Base; that description is inconsistent with the Bittensor/open-source positioning documented elsewhere and should be treated with caution.

Merit (SN73) is a token issued on the Bittensor network rather than the native coin of its own blockchain; transfers are paid in the network's own currency, TAO. It is positioned as "a new economy for open source," with the stated potential to compound open source software development velocity while improving quality and long-term sustainability. The project seeks to create economic incentives around open source software development, leveraging the Bittensor network's decentralized machine learning infrastructure. According to project-side materials, the maximum supply is 21,000,000 SN73. CoinMarketCap's static data, by contrast, records a total supply of 888,224 with 0 in circulation; the discrepancy between the two accounts remains unresolved. The project is in an early stage of development, with a portion of its total supply currently unlocked and circulating. Merit is referenced across multiple crypto data platforms. The project's source code is published at github.com/fx-integral/merit. The project represents an effort to align developer incentives with the long-term health and growth of open source ecosystems.

Key Specifications & Tokenomics

• Name: Merit
• Ticker / Symbol: SN73
• Platform / Blockchain: Bittensor
• Category: Decentralized Cryptocurrency, Open Source Economy
• Max Supply: 21,000,000 SN73
• Circulating Supply: Project-side materials cite a circulating supply of approximately 4.1 million SN73 (about 19.47% of total supply unlocked), while CoinMarketCap records 0 circulating.
• Unlock Status: Approximately 19.47% of total supply unlocked
• FDV: FDV is approximately 4.9x market cap, indicating a heavy future dilution and unlock overhang.
• Launch: 2025 (CoinMarketCap listing date 2025-06-20; Yahoo Finance lists a 2025-06-20 start date for the SN73-USD pair).
• Subnet identifier: 73 (Bittensor subnet 73).
• Repository: github.com/fx-integral/merit
• Explorer: taostats.io
• Wallets: Talisman, SubWallet, Ledger

Who created Merit?

Merit was co-founded by Sam Ragsdale, who serves as CEO, and Ryan Sproule, who serves as CTO. Both are described as exceptionally talented engineers and Blockchain Capital alumni, as well as longtime friends. Blockchain Capital published a blog post titled "Merit: A New Economy for Open Source" on January 16, 2025, outlining the project's vision. Trevor Cornwell is also associated with Merit on LinkedIn. The project lists Andreessen Horowitz (a16z), Greylock, Experian, Snowflake, and ServiceNow among its backers, according to project-side materials. The founding team's background in engineering and venture capital provides a strong foundation for Merit's development and strategic direction.

How does Merit work?

Merit operates on the Bittensor platform, which is a decentralized network designed to incentivize the production of machine learning models and digital commodities. Within this framework, Merit functions as a subnet focused on open source software development. The project aims to create economic mechanisms that reward contributions to open source projects, thereby accelerating development velocity while maintaining code quality and long-term sustainability. By leveraging Bittensor's decentralized infrastructure, Merit seeks to coordinate incentives among developers, users, and stakeholders in the open source ecosystem. The network utilizes a subnet-specific token, SN73, to facilitate transactions, rewards, and governance within its ecosystem. Tokenomics changes are tracked through governance proposals, and a buyback program exists to manage supply dynamics. Because SN73 is issued on Bittensor rather than on its own blockchain, transfers are paid in the network's own currency, TAO, and the token's fate is tied both to Bittensor and to the Merit project itself.

What makes Merit unique and valuable?

Merit distinguishes itself through its specific focus on the open source software economy, an area that has traditionally struggled with sustainable funding and incentive alignment. By building on the Bittensor platform, Merit taps into a broader decentralized machine learning network while applying its principles to software development. The project's stated goal of compounding development velocity while improving quality and sustainability addresses a critical need in the technology sector. The involvement of experienced founders and backing from prominent venture firms adds credibility. Additionally, Merit's tokenomics include mechanisms such as buyback programs and governance-driven supply adjustments, which aim to create a balanced and responsive economic model. The project's positioning within the growing Bittensor ecosystem also provides it with access to a community of developers and researchers interested in decentralized technologies.

Risks: only about 20% of the maximum supply is circulating per project-side materials, leaving a large unlock overhang; FDV is roughly 4.9x market cap. The token trades far below its all-time high and has seen a maximum drawdown of about -93%. CoinMarketCap notes its team has not verified the project, and public information beyond market metrics is limited.

What is Merit used for?

The SN73 token serves multiple purposes within the Merit ecosystem. Primarily, it is used to incentivize and reward contributions to open source software development, aligning the interests of developers with the long-term success of the projects they build. Token holders may participate in governance processes, influencing decisions about tokenomics, project direction, and resource allocation. The token also facilitates transactions and interactions within the Bittensor subnet, enabling participants to access services, stake tokens, or engage in other network activities. A buyback program exists to manage supply dynamics, and tokenomics changes are tracked through governance proposals. As the project develops, additional use cases for SN73 may emerge, potentially including access to premium features, community initiatives, or integration with other decentralized applications and services.

How Is the Merit ecosystem developing?

The Merit ecosystem is in an active development phase, with ongoing work documented in its GitHub repository. The project maintains a presence across various cryptocurrency data platforms. The token is tracked on price-tracking platforms including CoinMarketCap, CoinGecko, The Block, Bybit, Yahoo Finance, Crypto.com, Coinlive, TokenToria, Coinfolytics, CoinCarp, and CryptoBubblemap. The project's association with Bittensor connects it to a wider network of subnets and decentralized applications. Community engagement and governance activities are facilitated through these platforms, with tokenomics changes logged chronologically. As an early-stage project, Merit continues to refine its technology and economic model, with future developments likely to focus on expanding its open source incentive mechanisms and integrating more deeply with the Bittensor ecosystem.

How to mine Merit?

Merit does not use proof-of-work mining. It runs as subnet 73 on Bittensor, a network that rewards participants for contributing computational resources and machine learning models. SN73 is used to incentivize and reward contributions within the Merit ecosystem and to facilitate transactions, rewards, and governance. Specific emission and staking rules for subnet 73 are not documented in the available sources; consult the project's repository at github.com/fx-integral/merit.

How to keep your Merit Coin safe?

To keep your Merit (SN73) tokens safe, it is recommended to use compatible wallets such as Talisman, SubWallet, or Ledger. These wallets support the Bittensor platform and provide secure storage options for your digital assets. Always ensure that you download wallet software from official sources and verify the authenticity of any applications before use. For long-term storage, consider using a hardware wallet like Ledger to protect your tokens from online threats. Enable all available security features, such as two-factor authentication and strong passwords, where applicable. Be cautious of phishing attempts and never share your private keys or seed phrases with anyone. Regularly update your wallet software to benefit from the latest security patches. Additionally, when interacting with decentralized applications or smart contracts, double-check the contract addresses and only use official links provided by the Merit project.