Hippius SN75

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

Cheapest at list price. Storage only, 14% below Backblaze and 60% below Cloudflare R2; with heavy downloads, as in AI model and dataset hosting, far below Backblaze and AWS (table below).
Emission pays for it. Miners get about $5.4M a year of new alpha, not customer fees; free downloads are a setting the team can change.
Who pays. Customers bought $37K of credits in 17 months, $27K a year over the last 30 days (dashboard). Nine of ten named users are Bittensor subnets; the outside one is Zapme, a 6,000-member app.
The token. The owner receives $2.4M a year of new alpha and sold 65% in the 30 days to 11 Oct (taorevenue). Engram, a permanent lock (4 Aug), and a buyback are announced; neither is live.
Quality. No outage is on record, but Hippius promises no durability or uptime (docs) and is untested under heavy download load.
Verdict. A real price edge for download-heavy AI and media files, financed by emission. Owning SN75 bets that Hippius wins paying customers outside Bittensor (Storj: eight years, ~$35M, then Chapter 11, The Block) and routes revenue into the token; neither has started.

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.
Provider	Downloads	Monthly 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.
Who	What they do	Paid per day	Customer 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 account	No
Validators and stakers	Stake behind the subnet's validators	~$14,700 of new alpha	No
The Nerve Lab (owner account)	Runs the chain, billing, apps and sales	~$6,500 of new alpha (18% owner cut) plus ~$75 of credit purchases	Yes, the $75
SN75 holders and hAlpha stakers	Hold, or stake on the Hippius chain	Emission yield only; no buyback or burn on chain	No

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.

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.

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.

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.
Part	How it is meant to work	Status
hAlpha staking	Yield on the SN75 held for miners' pay goes to hAlpha stakers	Live, paid from emission
Miner deposits	Miners lock 50,000 hAlpha (~$249K) per extra node; yield to stakers	None locked; all 600 free slots taken (11 Oct)
Customer credits	Payments become locked hAlpha; yield to stakers	Not built; a purchase only mints $1 credits
Engram	Unused emission locked permanently (4 Aug)	Not in the code
Buyback	A public wallet, per the co-founder	No address published; no burn planned

What would change our mind

Customer purchases above $250K a year, more than half from outside Bittensor.
A named outside company storing more than 50 TB.
A published buyback address buying more than the owner sells, or Engram live.
An independent download test within 20% of R2's speed.