Metagraph CapitalInvestment brief · Short edition · Confidential11 October 2026

SOMA (SN114)

SOMA sits between a coding agent and its model and trims the conversation the agent re-sends on every call. Its best-known claim is that this cuts an agent's token bill by about 15%; its own site labels that figure an estimate and says the measured saving on GitHub Copilot traffic is "far lower", about 10% in one run (thesoma.ai/compression). The product charges the model's cost with no markup, has no disclosed customer or revenue, and no customer money reaches the token. The token is a claim on a $17.7M-a-year emission stream and on whatever Dendrite, the Cyprus company that owns the subnet, later decides to charge.

Market cap$13.4M1,989,868 α at $6.72, block 9,260,669, 11 Oct V

Alpha issued per year$17.7M7,200 α/day at spot; 132% of market cap V

Customer revenueNone foundnone claimed; taorevenue inflow $0, 30 days V

Owner's share of alpha23%457,613 α = $3.1M; never sold from that key V

In short

The product works and is priced at cost. The SOMA App trims what a coding agent re-sends and bills DeepSeek's list price with no markup; the team's own measured saving is about 10%.
The alternatives cost little and ship by default. Provider caching bills repeated input at 2–3% of list, and every major harness and API now compacts old turns itself; SOMA's own page says that where caching hits, "caching is simply the better instrument".
No revenue and no customer, found or claimed. taorevenue shows $0 of owner inflow and $0 of burns over 30 days; the site, X and TAO Daily name no customer.
The owner holds 23% of alpha and has never sold from that key. Dendrite is a 50-engineer Bittensor company that also builds SN3 and SN97; eight people have ever committed to SOMA's code and three did in October.
Verdict: the token is a claim on $17.7M a year of issuance and on Dendrite's future pricing, not on a business. It is a bet that Dendrite will price the product and route some of that revenue to alpha; neither has begun.

What SOMA sells, and what checks out

What SOMA sells, at what price, and to whomthesoma.ai and app.thesoma.ai/v1/models, read 11 Oct 2026. V
Item	Detail
SOMA App (open beta)	A proxy: a developer points GitHub Copilot CLI or Codex at SOMA instead of the model; SOMA trims the conversation history, tool output and reasoning, leaves the instructions and the user's first message untouched, and passes the call on. Claude Code "soon", Zed "planned"
Models	Three DeepSeek models: V4 Pro, V4 Flash and V4.1 Flash. No OpenAI or Anthropic model yet
Price	"Zero margin. You pay what the model costs us." DeepSeek V4 Pro input $0.92 per million tokens at list, $0.78 "with SOMA", est. −15%. $5 of credits for new accounts; card or TAO
How Dendrite earns	"We earn when compression earns its keep, not on the spread." No fee, share-of-savings term or enterprise price is published
Other products	Somarizer, a free browser summariser; an open-source OpenClaw compressor (MIT); "SOMA for Enterprise", private deployment, "in design"
Customers	None named. No usage, token-volume or revenue figure on the site, docs, dashboard or X; none claimed in TAO Daily's six SOMA articles

Who earns what: every dollar paid on SOMA is new issuance

Who is paid on SOMA, for what, and whether any of it is customer moneyChain, block 9,260,669 (11 Oct 2026), alpha $6.72 = 0.02324 τ × Kraken TAO $289.30; 7,200 α issued a day, protocol split 18/41/41. V
Who	What they do	How they are paid	Per day	Customer money?
Miners (three paid slots)	Submit one Python file that rewrites the message list a coding agent sends; it is run on SOMA's hidden coding tasks and scored on tokens saved while still solving the tasks	New alpha; the top three slots hold 75%, 15% and 10% of incentive today	$19.8k	No
Validators and stakers (nine validators)	Set the weights SOMA's platform returns after scoring. The owner's own validator takes 55% of dividends	New alpha	$19.8k	No
Dendrite, the subnet owner (owner coldkey 5FHrQ…)	Runs the contest platform, the hidden task set and the SOMA App proxy	The 18% owner cut in alpha	$8.7k	No
Alpha holders	No buyback, burn or fee sink. taorevenue, 30 days to 11 Oct: owner inflow $0, burn $0, outflow $1,138,744	—	—	No

The alternatives cost little and ship by default

What a buyer can use instead of SOMA, and what each costsPricing pages read 11 Oct 2026 where linked; others 2 Oct.
Alternative	What the buyer gets	Price
Provider prompt caching	Repeated input billed at a fraction of list: Anthropic cache hits $0.25 against $10 per million input tokens on its top model (docs); DeepSeek cache hits $0.003 against $0.15 (pricing) V	Included; cache writes cost 1.25–2× list at Anthropic
Harness auto-compaction	Claude Code, Codex, Gemini CLI, Cursor and OpenClaw summarise or prune old turns themselves	Included in the harness; the summary is billed as tokens
Gateways	OpenRouter routes at provider price with sticky routing for cache hits (docs); LiteLLM, Portkey and Kong bundle open-source compressors	No token markup; enterprise tiers
Compression start-ups	Compresr (query-specific compression API), The Token Company (YC, per token removed)	Usage-priced; none publishes a tier above $0.30 per million tokens (2 Oct)

Engineering activity and the miner contest

Code changes to SOMA's main repository fell from 117 in July to 19 in September

Commits per month to github.com/DendriteHQ/SOMA, GitHub API, read 11 Oct 2026; October covers 1 to 11 October. The benchmark and shared-library repositories were also updated on 6 October. V

Supply side

Miners paid on chain fell from 57 to 36 since 13 Jun; peak 214 on 5 Jul

Miner slots (UIDs) validators paid each day, read from chain (latest block 9,248,983); the owner's own key is left out because the chain burns its share. Slots, not companies. Since late July the contest pays per complexity element; on 11 Oct three slots held 99.9% of miner incentive (75%, 15%, 10%) and the rest carry the token screener weight of 0.002% each, so the count tracks the scoring rules more than the number of serious competitors.

The owner holds 23% of alpha and has sold none

The owner coldkey holds 457,613 α (23% of circulating, $3.1M) and has signed four transactions ever; a third of it is locked. Its 18% cut is worth $3.2M a year at spot, against no customer fees. V

What would change our mind

A measured saving above 20% on real Copilot or Codex traffic, net of cache effects, would move the product case.
A published fee, or any customer, usage or revenue disclosure, would make SOMA a business with a price.
A buyback funded from that fee, above a quarter of revenue, would make the token a claim on the business rather than on emission.
The owner coldkey selling, or commit activity staying near September's 19 a month, would weaken the case.