Glossary

The share of the miner reward pool that never reaches independent miners, because it was directed at the owner's own neurons and then destroyed.

The owner does not pocket this emission. The chain withholds any incentive aimed at an owner or "immune" hotkey and then either burns or recycles it, depending on the subnet's setting, and the value is deliberately identical either way. That withheld share matters because the chain scales the subnet's whole emission allocation by (1 − burn), so a high burn actively costs the subnet. An "owner neuron" is any neuron whose coldkey is the subnet owner, plus the subnet owner hotkey. Below 100% means at least one independent miner is earning. The figure is recomputed from the live metagraph rather than read from the chain's own per-tempo ratio; the two agree within a hundredth of a point on every subnet, the only exception being subnets with emission switched off, where the chain value is a stale default and nothing is being distributed anyway.

TAO the protocol spends buying alpha on the open pool, rather than injecting it as fresh liquidity. It is real buy pressure paid by the network.

Each block the chain wants to inject the subnet's TAO emission as matching TAO + alpha liquidity, but the alpha side is capped at root_proportion × the block's alpha emission. As a subnet ages its alpha issuance grows, that cap falls, and the TAO that can no longer be paired is spent buying alpha in the pool instead. That is the whole mechanism, and it is why older subnets drift from liquidity injection towards chain buys. Replaces the old emission_chain_buys estimate (a τ/day price proxy), so historical values diverge sharply. null for root; ≤ 0 means no chain buy this block. The field records what actually executed, so on a rare partial-injection block the two legs sum below the allocated emission.

This subnet's share of all the chain buying happening across the network.

A normalised share, so it sums to 100 across non-root subnets. There is no smoothing whatsoever: the chain clears the underlying counter every block, so the value is whatever the latest block happened to do, which makes it very spiky. Use the history series for a stable view.

The subnet's share of realized per-block emission. It is the same number as Emission %: the name is legacy, and no EMA is involved any more.

Two names for one metric: they are the same number, to within rounding. The "EMA" is pure back-compat: there is no 30-day half-life and no net stake/unstake flow involved since emission switched from flow-based to price-based in June 2026. What it tracks now is the chain emission share, which the chain builds from moving_price × (1 − miner burn), renormalised over the emission-enabled non-root subnets. Until runtime spec 425 that weighting also carried a root_proportion factor; spec 425 removed it. Root (SN0) is null. The old flow EMA now only survives in the Inflow / Outflow fields.

The two halves of one signed average of net TAO flow (stake minus unstake) into the pool. A subnet shows one or the other, never both.

Only direct user stake/unstake counted; emission-driven swaps were excluded. IMPORTANT: these values are FROZEN. Since emission switched to price-based weighting in June 2026 the chain code that advanced this EMA is no longer called at all, so the storage is still readable but never updated. Any explorer showing a live 24h/7d net flow is computing something else.

The share of the network's per-block TAO emission that goes to this subnet. Across emission-enabled subnets it adds up to ~100%.

It is a share, not an absolute amount, so the halving cancels out of it entirely. `emission_ema_percent` is the same number under an older name (see EMA %). A subnet reads 0 when emission is switched off for it (its share is redistributed on-chain), and a freshly registered subnet starts switched off until it is enabled. A subnet is also skipped entirely while registration is closed on it or its subtoken is disabled. Root (SN0) is null. Since the chain records what was actually injected, rare partial-injection blocks read slightly low.

The share of this subnet's validator emission that flows to root (SN0) stakers instead of to its own alpha stakers.

The denominator is the subnet's whole alpha issuance, the pool side included; netting it against the staked side alone overstates the proportion by several points. The third term is protocol liquidity the AMM could not inject without pushing the pool weights out of range: it is zero on every subnet today and drains as soon as an injection fits, so in practice the value is set by the two alpha stocks. The proportion falls as a subnet ages and its own alpha issuance grows, which is also what shifts the subnet from liquidity injection to chain buys (see Chain Buys). It is a fraction, not a percentage. null for root or when there is no data. Do not confuse γ with `conviction.owner_emission_share`, which also sits near 0.18 but is the unrelated owner cut.