Metagraph CapitalInvestment brief · Short edition · Confidential11 October 2026

SOMA (SN114)

SOMA trims what a coding agent re-sends to its model. Its own site labels the claimed 15% token saving an estimate and puts the measured Copilot figure at about 10%. The proxy charges model cost with no markup; no customer or revenue is disclosed. Staking the token yields about 52% a year in alpha (11 Oct), all emission.

Market cap$13.4M1,989,868 α at $6.72, block 9,260,669, 11 Oct
Alpha issued per year$17.7M7,200 α/day at spot; 132% of market cap
Customer revenueNone foundnone claimed; taorevenue inflow $0 over 30 days
Owner's share of alpha23%457,613 α = $3.1M; never sold from that key

In short

What SOMA sells, and what checks out

What SOMA sells, at what price, and to whomthesoma.ai and app.thesoma.ai/v1/models, 11 Oct 2026.
ItemDetail
SOMA App (open beta)A proxy for GitHub Copilot CLI and Codex that trims history, tool output and reasoning; Claude Code "soon", Zed "planned"
ModelsThree DeepSeek models only; no OpenAI or Anthropic
Price"Zero margin. You pay what the model costs us." DeepSeek V4 Pro input $0.92 per million tokens, $0.78 "with SOMA" (est.)
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
CustomersNone named; no usage or revenue figure on site, dashboard or X; none claimed in TAO Daily's six articles

Who earns what: every dollar paid is new issuance

Who is paid on SOMA, and whether any of it is customer moneyChain, block 9,260,669 (11 Oct 2026); alpha $6.72 at Kraken TAO $289.30; 7,200 α a day, split 18/41/41.
WhoWhat they doHow they are paidPer dayCustomer money?
Miners (three paid slots)Submit code that rewrites the agent's message list, scored on tokens saved on hidden tasksNew alpha; 75%, 15% and 10% of incentive$19.8kNo
Validators and stakers (nine)Set weights from SOMA's scoring; the owner's validator takes 55% of dividendsNew alpha$19.8kNo
Dendrite, the owner (coldkey 5FHrQ…)Runs the contest, the task set and the proxyThe 18% owner cut in alpha$8.7kNo
Alpha holdersNo buyback, burn or fee sink; taorevenue, 30 days: owner inflow $0, burn $0, outflow $1,138,744——No

The alternatives 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.
AlternativeWhat the buyer getsPrice
Provider prompt cachingAnthropic cache hits $0.25 against $10 per million input tokens (docs); DeepSeek $0.003 against $0.15 (pricing)Included; cache writes 1.25–2× list at Anthropic
Harness auto-compactionClaude Code, Codex, Gemini CLI, Cursor and OpenClaw prune old turns themselvesIncluded; the summary is billed as tokens
GatewaysOpenRouter routes at provider price and keeps cache hits sticky (docs); LiteLLM, Portkey and Kong bundle open-source compressorsNo token markup; enterprise tiers
Compression start-upsCompresr (compression API), The Token Company (YC)Usage-priced; no tier above $0.30 per million tokens (2 Oct)

Engineering activity and the miner contest

Commits to SOMA's main repository fell from 117 in July to 19 in September
Commits per month to github.com/DendriteHQ/SOMA, GitHub API, 11 Oct 2026; October to the 11th.
73May97Jun117Jul28Aug19Sep10Oct*

Supply side

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

UIDs paid each day, from chain (block 9,248,983); the owner's key is excluded because the chain burns its share. Three slots hold 99.9% of incentive (75/15/10); the rest carry a 0.002% screener weight, so the count tracks scoring rules, not competitors.

The owner holds 23% of alpha and has sold none

A third of the owner's 457,613 α ($3.1M) is locked; the key has signed four transactions ever (chain, block 9,260,669). Its 18% cut is $3.2M a year, against no customer fees.

What would change our mind