Chutes (SN64) is a decentralized AI compute and inference subnet built on the Bittensor network (Subnet 64, a Substrate-based chain, not an EVM or Solana asset). Miners run inference applications called "chutes," while validators test and benchmark their latency, quality, and reliability.
Validator-set on-chain weights determine how traffic and emissions are routed to higher-performing miners. Chutes launched in late January 2025 and is built by Rayon Labs, a decentralized collective of engineers and researchers with no CEO or central decision-maker.
Chutes positions itself as a decentralized alternative to centralized AI inference providers, reportedly undercutting AWS pricing by roughly 85% and centralized aggregators such as Together AI by 10-50%. Revenue per trillion AI tokens served was reported at approximately $280,000 as of mid-2026.
Chutes was reportedly the first Bittensor subnet to reach a $100 million market cap and has ranked as the #1 subnet by market cap and emissions share, drawing roughly 13.68%-14.88% of daily TAO emissions in cited months. The SN64 token's value is tied directly to this usage and emissions share.
SN64 functions as a Bittensor subnet "alpha" token rather than a conventional governance or utility token. Its value derives from the dTAO staking mechanism: participants stake TAO into Subnet 64 to receive SN64, gaining exposure to the subnet's emissions and performance.
Miners earn SN64-denominated emissions for running "chutes" inference applications, while validators earn emissions for benchmarking miners and setting the on-chain weights that route traffic.
With circulating supply at roughly a quarter of the maximum, net emission is currently inflationary: new SN64 continues to enter circulation through Bittensor's subnet emission mechanism as the subnet approaches its 21 million cap.
Chutes launched in late January 2025 as Bittensor Subnet 64. Rather than through an ICO or public token sale, SN64 entered circulation through Bittensor's standard on-chain subnet emissions and registration mechanism.
Usage grew rapidly after launch: by May 28, 2025, the subnet reportedly processed on the order of 100 billion tokens per day (roughly 3 trillion per month), a reported 250x increase in usage since January 2025.
Chutes/SN64 runs natively on Bittensor, a Substrate-based blockchain, as Subnet 64 rather than on an EVM or Solana chain. Within Bittensor's subnet architecture, miners operate inference applications ("chutes") and validators submit test jobs to benchmark latency, quality, and reliability.
Validators then set on-chain weights based on these benchmarks, and this weight-setting process determines how traffic and rewards are distributed among miners within the subnet.
Chutes is built by Rayon Labs, self-described as a global, decentralized collective of engineers, researchers, and builders.
Named contributors operate under pseudonymous handles, including Cxmplex and Florian S (backend), Bonoliver (frontend), and Veight (marketing and sales), among others in support and community roles. Rayon Labs also built two other Bittensor subnets, Gradients (SN56) and Nineteen.ai (SN19); together these three subnets reportedly control approximately 23.7% of all daily TAO emissions.
Chutes is operated by Chutes Global Corp, described as an International Business Corporation registered in Nevis under registration number C 61974.
This offshore-IBC structure aligns with the project's self-described "no CEO, collective governance" model rather than a conventional operating company with named executives.
Chutes/Rayon Labs states it has no CEO or central decision-maker, with responsibilities shared collectively across named contributors rather than through a corporate hierarchy.
At the protocol level, SN64 follows standard Bittensor subnet governance: the subnet owner controls hyperparameters, while validators set on-chain weights through the dTAO mechanism, determining emissions and traffic routing to miners based on benchmarked performance.
As a Bittensor subnet rather than an EVM/Solana smart-contract protocol, Chutes is not subject to a conventional Solidity/Vyper-style smart-contract audit framework.
On July 13, 2026, two other Bittensor subnet owner wallets were compromised: ORO (SN15) lost 147,000 alpha tokens and Connito AI (SN102) lost 2,500 TAO; Chutes/SN64 itself was not reported affected. As of 2026-09-02, SN64 traded roughly 78-85% below its mid-2025 all-time high, reflecting volatility typical of newer Bittensor subnet tokens.