Chutes (SN64): What It Is, Uses and Risks

Chutes is a decentralized, serverless AI inference platform that runs as subnet 64 (SN64) on Bittensor. Developers send requests to open AI models through an API that follows the OpenAI format, and they pay per token processed rather than renting a server by the hour. The platform was built by Rayon Labs, according to public write-ups.

In practice, "serverless" means a developer does not manage hardware. Chutes routes each request to GPU capacity supplied by independent operators on the Bittensor network, who are rewarded through the subnet's incentive system. The pitch is lower-cost access to models without depending on one cloud provider.

The SN64 token is the subnet's own asset inside Bittensor. It is separate from TAO, Bittensor's main token, though the two are linked through how Bittensor handles subnets. At the time of writing, the token ranks around 275 by market capitalization and is classed under AI tokens and Bittensor subnets.

The platform and the token are different things. The platform sells AI compute to users. The token reflects how the market values the subnet's share of Bittensor's rewards and its prospects. Holding SN64 does not give you a claim on Chutes' customer revenue unless the protocol is designed that way, and the public public information here do not say that it is.

Public sources we have do not spell out a formal utility for SN64 beyond its role as a Bittensor subnet token, so this section sticks to what is generally understood about how these tokens work.

In Bittensor's subnet model, each subnet has its own token that people obtain by staking TAO into that subnet. Holding it signals support for the subnet, and it is tied to the share of network emissions the subnet receives. Subnets that attract more stake tend to get a larger share of newly issued rewards, which are then distributed to miners (the compute providers), validators and the subnet's stakers.

For Chutes, the miners are GPU operators who serve model requests. Developers paying for inference is the product side of the project. The token side is mostly about staking, emissions and market pricing of the subnet.

One research write-up from March 2026 argued that Chutes' low end-user prices are largely subsidized by network issuance, and that Chutes took about 14.4% of total Bittensor issuance at that point, the highest of any subnet. That is one analyst's view, but it shows why SN64's economics are closely tied to Bittensor's reward system rather than to customer payments alone.

The data lists a maximum supply of 21,000,000 SN64, the same cap style used by Bittensor's TAO and its subnet tokens. As of 2026-11-05, circulating and total supply are both listed at about 6.34 million tokens, so roughly 30% of the cap is in existence. Because new tokens arrive through emissions over time, the circulating figure should be expected to grow.

The listed price is about $15.69, giving a market capitalization of about $99.4 million. The same source shows fully diluted value equal to market cap, which looks like it uses current total supply rather than the 21 million maximum. If all 21 million were outstanding at the same price, the implied value would be larger, but that is arithmetic rather than a forecast.

Trading volume over 24 hours was about $507,000, which is small next to the market cap. Low volume relative to size can mean prices move sharply on modest orders.

The data does not describe a team allocation, vesting schedule or pre-mine for SN64, and we do not guess at one. For subnet tokens, the emission schedule is set by Bittensor's protocol rules and the market's allocation of stake across subnets, not by a single issuer.

SN64 is not issued on a separate blockchain and is not the native coin of any chain in our data. It exists inside the Bittensor network, which has its own chain. Subnet tokens there are generally acquired by staking TAO into a subnet, and they can be swapped back through the subnet's liquidity pool.

The simplest way to hold it is in a Bittensor-compatible wallet, where you manage staking positions directly. Some centralized exchanges and aggregators also list subnet tokens, and the data tracks SN64 under a general market listing, so a price is quoted. Availability, trading pairs and withdrawal options vary by venue and region, and they change over time, so check what a platform supports before depositing.

Two practical points. First, entering a subnet token through TAO means you are exposed to two price moves: TAO against fiat and SN64 against TAO. Second, pool-based swaps can carry noticeable slippage when liquidity is thin, which matters given the modest daily volume.

If you use an exchange, you hold an IOU from that company rather than the token on your own keys. If you stake in a wallet, you control the keys but also carry the responsibility for them.

Chutes was built by Rayon Labs and, by 2025, was being discussed as one of the more prominent Bittensor subnets. An April 2025 article described it as a serverless AI compute platform for deploying, running and scaling models, and listed it among Bittensor ecosystem tokens to follow.

The token's recorded all-time high was about $104.42 on 2025-06-10. Its recorded all-time low in the data is about $0.344, dated 2026-03-26. These figures come from the price source and reflect how subnet token prices can swing a great deal, and early-period price data for newer assets is sometimes thin, so treat extremes with caution. As of 2026-11-05 the price was about 85% below the high, and down roughly 45% over one year and about 6% over seven days.

Other dated items include a May 2026 post from the project looking back and ahead, which framed a core mission as bringing Bittensor to the wider AI developer community. A September 2026 headline said the subnet reports trillions of AI tokens processed. That is a self-reported usage claim and we have not verified it. The data does not give an exact launch date for the token.

Subnet tokens are high-risk assets. Several risks stand out for SN64.

Subsidy dependence. Commentary from 2026 argues that Chutes has not reached profitability and that token holders effectively subsidize low prices through emissions. If emissions shift to other subnets or Bittensor's rules change, that support could shrink.

Competition. AI inference is a crowded field. Centralized providers and other decentralized networks compete on price, speed and model choice.

Concentration and liquidity. Daily volume is small relative to market cap, so large trades can move the price. A subnet's share of rewards also depends on stake flows, which can reverse quickly.

Technical and protocol risk. SN64 relies on Bittensor's chain and subnet mechanics, plus Chutes' own software, operators and API. Bugs, outages or incentive exploits in any layer could hurt the token.

Volatility. The history above shows very large drawdowns.

Information risk. Usage figures are mostly self-reported, and analysis pieces carry their own viewpoints. Read primary documentation and be wary of anything promising returns.

This page is general information, not financial advice, and does not predict prices.

Because SN64 lives inside Bittensor, safe storage mainly means protecting your Bittensor wallet.

Bittensor wallets typically separate a coldkey, which holds funds and controls staking, from a hotkey, which is used for network operations. Keep the coldkey's recovery phrase offline, written on paper or metal, in more than one secure place. Never store it in a notes app, email, cloud drive or screenshot, and never type it into a website or share it with anyone, including people claiming to be support staff.

Only use wallet software from the official project or a source you have independently verified. Fake wallet apps and phishing sites impersonating Bittensor tools are a common way holders lose funds. Test with a small transfer first, and double-check addresses before sending.

If you keep tokens on an exchange for convenience, understand that the platform controls the keys. Use a unique password and two-factor authentication through an authenticator app, and keep only what you are comfortable having at counterparty risk.

No storage method protects you from price declines. It only reduces the chance of theft or loss.