Metagraph CapitalInvestment brief · Short edition · Confidential11 October 2026

Hippius (SN75)

Hippius rents storage on miners' disks for $6 per terabyte a month, downloads free: "thousands of times cheaper than AWS" only when the same files are downloaded many times. Staking SN75 yields about 32% a year in alpha (11 Oct), all emission.

Customer credit purchases$27K/yr30 days to 10 Oct (dashboard)
New alpha paid out$13.1M/yr7,200 α/day at $4.99, 11 Oct
Market cap$19.1M$105M fully diluted; 11 Oct
Data held899 TB10 Oct (hipstats)

The short version

What it costs compared with the alternatives

Monthly bill to store 2 TB and download it 50 times a month, list pricesOur arithmetic from each pricing page, read 2–6 Oct 2026.
ProviderDownloadsMonthly bill
Hippius (pricing)Included; the chain's bandwidth price is set to zero$12
Cloudflare R2 (pricing)Free; storage $15/TB$30
Backblaze B2 (pricing)Free up to 3× stored, then $10/TB~$954
Amazon S3 (CloudZero)$90/TB, $70 at volume~$7,850

Who gets paid

Who earns what, per day, 11 OctoberChain block 9,260,667; alpha $4.99 (Kraken); customer money, 30 days to 10 Oct.
WhoWhat they doPaid per dayCustomer money?
Storage miners (281 paid last round)Hold and serve pieces of customers' files~$14,700 of new alpha, paid in hAlpha via one Hippius accountNo
Validators and stakersStake behind the subnet's validators~$14,700 of new alphaNo
The Nerve Lab (owner account)Runs the chain, billing, apps and sales~$6,500 of new alpha (18% owner cut) plus ~$75 of credit purchasesYes, the $75
SN75 holders and hAlpha stakersHold, or stake on the Hippius chainEmission yield only; no buyback or burn on chainNo

Usage and money over time

Data held by Hippius miners grew 3.2× in three months, to 899 TB
Daily to 10 Oct 2026. Source: hipstats.com via the Hippius dashboard.
0 TB300 TB600 TB900 TB905 TBengine switchJul 25Oct 25Jan 26Apr 26Jul 26Oct 26

A file takes 3× its size on disk (30 pieces, any 10 rebuild it), so customer data is about 300 TB (our inference). The February dip is the Arion engine switch (co-founder, 21 Jul).

Customers bought $37K of credits in 17 months; the last 30 days ran at $27K a year
By month to 10 Oct 2026. Source: Hippius chain credit events via the Hippius dashboard.
$0K$4K$8K$12KJun 25JulAugSep$11.1KOct$2.7KNovDecJan 26FebMar$1.9KAprMay$10.0KJun$1.5KJul$2.1KAugSep$2.1KOct 26

Credits ($1 each, prepaid) are where customer money reaches Hippius; team-issued credits are excluded. Amber months are single purchases: 10,664 credits on 12 Sep 2025, 7,000 on 19 May 2026.

Paid usage averages $14K a year, outside one $3.5K September week
30-day average of credits used, annualized, log scale; solid: customer-bought, dashed: all credits. Source: Hippius chain via the Hippius dashboard.
$100$1K$10K$100K$1M$31K/yrJul 25Oct 25Jan 26Apr 26Jul 26Oct 26

Billed credits are revenue earned; purchases above are cash in. The right-edge rate still includes the 8–15 Sep peak, $23,064 billed to team-issued credits, which the team calls overbilling, since refunded.

The token

Alphanomics routes value to holders who swap SN75 for hAlpha, the Hippius chain's token, and stake it; only the staking part is live.

Alphanomics part by part: one part is live, none funded by customersAlphanomics page, staking docs and Hippius chain, read 6 Oct 2026.
PartHow it is meant to workStatus
hAlpha stakingYield on the SN75 held for miners' pay goes to hAlpha stakersLive, paid from emission
Miner depositsMiners lock 50,000 hAlpha (~$249K) per extra node; yield to stakersNone locked; all 600 free slots taken (11 Oct)
Customer creditsPayments become locked hAlpha; yield to stakersNot built; a purchase only mints $1 credits
EngramUnused emission locked permanently (4 Aug)Not in the code
BuybackA public wallet, per the co-founderNo address published; no burn planned

What would change our mind