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| 1h | 24h | 7d | 30d | 60d | 90d |
|---|---|---|---|---|---|
| 1.50% | 15.77% | 19.89% | 27.98% | 17.91% | -- |
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Data source: CoinGecko
SN4 is the alpha token of Bittensor subnet Targon, minted by staking TAO, used as collateral and incentives for validators and miners and for subnet governance. It inflates per block and halves per TAO's cadence, with a supply cap of 21 million.
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About Targon
Targon is a decentralised confidential GPU cloud on Bittensor subnet 4, built by Manifold Labs, offering training and inference, bare metal, sandboxes and confidential VMs. Miners bid in auction rounds with GPUs that support NVIDIA confidential computing, validators check hardware attestations and route jobs to the cheapest qualified node, and its VM stacks Intel TDX or AMD SEV with GPU encryption for end-to-end confidential execution. The pain point is that anonymous miner nodes cannot be trusted, so healthcare, finance and closed weights stay off decentralised clouds, while centralised clouds are expensive and require trusting the operator.
On 18 March 2026 the project joined NVIDIA Inception, on 23 March it published a TDX whitepaper with Intel, and by September its site listed RTX 4090 at USD 0.45 per hour and H200 at USD 3.09. Supply remains concentrated: third-party monitoring in September recorded a 0 per cent emission share and only three active miners, with hardware requirements shutting most nodes out.
Key developments: In May it released Targon v3, adding an inference verification system, TPS tracking metrics and OpenAI compatibility, plus a two-sided Supply Portal compute marketplace; the subnet ranks among the top of Bittensor by emission share.
Revenue and burns: Self-reported revenue was about $100K over the trailing 90 days; the token has a deflationary burn mechanism — in the 30 days to Oct 18 roughly 803 α were burned against ~244K α net emissions, with market cap around $83.71M.
Targon (Bittensor subnet 4) officially launched TargonOS in 2026, becoming the first permissionless compute network to offer rentable virtual machines (VMs) instead of containers. Customers can provision dedicated VMs with root access, hardware-attested isolation, and end-to-end encryption to run sensitive code, data, and AI workloads across distributed infrastructure, with miners no longer directly managing confidential environments.
Targon co-published a whitepaper with Intel, using Intel TDX and encrypted CVMs to deliver confidential computing on untrusted hardware, releasing keys only after remote attestation; pricing is usage-based (CPU about $0.09/hour, H200 about $2.40/hour), with 1000+ GPU/CPU nodes deployed.
Future strategy and roadmap: Targon plans to broaden supported hardware (NVIDIA Confidential Computing, AMD SEV), deepen confidential-VM and hardware-attestation capabilities, and enrich developer tooling (Python SDK, CLI), aiming to become a trusted, high-performance distributed confidential-compute cloud for AI and institutional workloads with strict data-privacy needs.
Robert Myers — Co-founder & CEO; an early Bittensor miner and former Opentensor Foundation contributor who raised a $10.5M Series A in 2025.
James Woodman — Co-founder & COO; former COO of the Opentensor Foundation.
Joshua Brown — Chief Technology Officer; leads confidential-computing and trusted-execution-environment architecture.