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 TAO emission allocation by (1 − burn), so a high burn actively costs the subnet, though its alpha emission is untouched. 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 closely, and they can drift on subnets the chain has stopped emitting to, where the chain's ratio falls back to zero while this figure still reflects the last distribution.

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 the root proportion × the block's alpha emission, priced at spot. 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. Post-halving values are exactly what the chain wrote, with no rescaling applied. This figure replaced an earlier estimate (a τ/day price proxy), so older history values diverge sharply. null for root, and 0 means no chain buy on that block (the chain stores it unsigned, so it is never negative). The field records what actually executed, so on a rare partial-injection block the two legs sum below the allocated emission. One stale-value trap: the chain only clears this counter for subnets it is currently emitting to, so a subnet that leaves that set keeps its last value instead of dropping to 0.

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 one block happened to do, which makes it very spiky. It is also a sample rather than a live reading, since the sync does not read every block. 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, equal to within rounding. The name is a leftover from when emission followed net stake flows smoothed over 30 days; it now follows price, and no averaging is involved. What it tracks is the chain emission share, which the chain builds from the moving price × (1 − miner burn), renormalised over the emission-enabled non-root subnets. Root (SN0) is null. One real difference: this figure is recomputed on every request over every subnet on record, while Emission % is frozen at the last chain sync over the subnets alive at that moment, so a destroyed subnet can still weigh on this one.

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. EMA % is the same number under an older name. 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. Switching emission off only stops the TAO side: the subnet keeps emitting alpha to its miners and validators, so a subnet at 0% here is not a dead subnet. Root (SN0) is null. Since the chain records what was actually injected, rare partial-injection blocks read slightly low.

Root (SN0) stakers' share of this subnet's validator emission on the default split: root is paid that amount off the top of the validator slot whatever split the owner sets, and the subnet's alpha stakers share the rest.

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). Whether that root share actually reaches root stakers is conditional: when the network-wide moving prices sum below 1 the chain recycles it instead of paying it out. Root is paid min(validator slot, 0.41 × this value) of the alpha paid out each block, whatever split the owner sets: where the validator slot is not the default 41%, root's share of it is 0.41 × this value / the slot. It is a fraction, not a percentage. null for root only; with no data it reads 0, not null. On a brand-new or emptied subnet, where alpha issuance is 0, the served value is a floor rather than the chain's own answer. Do not confuse γ with the owner's share shown under Conviction, 0.18 by default but set per subnet, which is unrelated.