τemplar
#3TrainingDecentralized LLM pre-training across permissionless GPU nodes. Trained Covenant-72B to 67.1 MMLU.
Price
24h
7d Change
Market Cap
Emission
Miners
Validators
Competitor Mapping
τemplar
Decentralized
Market Cap
$121.54M
TAM
$30.00B
Model
Token-incentivized
Team
Decentralized miners
Google DeepMind + OpenAI
GOOGL
Market Cap
$3.50T
TAM
$30.00B
Model
Revenue-driven
Team
Enterprise
Covenant-72B proves decentralized training matches centralized labs at a fraction of the cost, though frontier models still require 10-100x more compute.
Implied Valuation
If τemplar captures a share of Google DeepMind + OpenAI's $30.00B TAM
Bear - 0.1% TAM
$30.00M
implied valuation
vs $121.54M current
Base - 1% TAM
$300.00M
implied valuation
vs $121.54M current
Bull - 5% TAM
$1.50B
implied valuation
vs $121.54M current
Scenarios illustrate potential scale relative to the traditional market. Actual outcomes depend on adoption, tokenomics, and competitive dynamics.
Thesis
First subnet to prove decentralized pre-training works at scale. Covenant-72B scored 67.1 MMLU, beating LLaMA-2-70B. If open-source training competes with frontier labs, Templar captures the coordination layer.
Team
Founded by Sam Dare (8+ years in emerging tech). Expanded into Covenant AI, which now operates three interconnected platforms: Templar (pre-training), Basilica (compute), and Grail (post-training/RL). Team is doxxed.
- Sam Dare - Founder & CEO - 8+ years in emerging technologies, built Templar from scratch on Bittensor SN3
Funding
No confirmed VC funding rounds disclosed. Funded primarily through TAO emissions and token sales.
Traction
Covenant-72B beat LLaMA-2-70B and LLM360 K2 on MMLU. Jensen Huang referenced Covenant-72B on the All-In Podcast. SN3 token surged 194% in 7 days following release. Strong community/miner participation with 70+ nodes. No confirmed external revenue - primarily TAO emission-funded.
Recent News
- Mar 10, 2026 - Completed Covenant-72B, largest decentralized LLM pre-training run in history
- Mar 2026 - Jensen Huang referenced Covenant-72B on All-In Podcast, TAO surged 30%+
- Mar 2026 - Open-sourced weights and published SparseLoCo paper (146x gradient compression)
- Mar 2026 - SN3 token reached $19.3, up 194% in 7 days
- 2026 - Covenant AI umbrella formed with Templar, Basilica, and Grail
Risk
Centralized labs with 100x more capital iterate faster; decentralized training may always lag frontier by 6-12 months.