Glossary

How much alpha holders own compared with how much the pool holds. Above 1, holders own more than the pool can absorb, so a rush for the exit sells at a steep discount. Below 1, the pool cushions exits.

Burned alpha stays inside the outside-the-pool figure on-chain, so it is subtracted here through the same helper that backs market cap, and the two net burns identically; they can only disagree for a single sync cycle, if a burn-counter read fails. Only what this subnet burned itself is subtracted: the chain's burn counter is keyed to the subnet number and survives that number being handed to a new subnet, which until 2026-08-04 pinned three recently re-registered subnets at a hard 0.0 and pushed three others to the wrong side of the 1.0 pivot. The inherited part is now measured at each subnet's own registration block and removed. The clamp at zero stays, but nothing reaches it today. The numerator still includes the owner's own locked and self-staked alpha, plus alpha the protocol itself bought through chain buys, so it is not purely holder-owned. History rows before 2026-05-28 keep the raw un-netted ratio, because the chain had no burn counter before then, and on a re-registered number the rows before its registration describe the subnet that held it then. null for root or an empty pool.

How much TAO it takes to push the price up (+, buying) or down (−, selling) by 2% or 5%. Bigger numbers mean a deeper, harder-to-move pool.

The down side reads slightly larger than the up side, and that is arithmetic rather than a bug: since √ is concave, the same percentage move needs marginally more TAO on the way down. Because the up leg carries the fee and the down leg does not, the fee narrows that gap instead of widening it: as served, the down side is 0.95% larger at ±2% and 2.5% larger at ±5%. Computed on the plain constant-product curve, which matches the chain while the pool weights are equal, as they are today. Two caveats: the fee is applied as one global constant, whereas the chain stores it per subnet and governance can move it on any single subnet, so a subnet whose fee has been changed would be priced with the wrong one here; and there is no concentrated liquidity to model, because user-provided liquidity is disabled on-chain. Root (SN0) is null, having no pool, and an empty pool reads 0.

The two sides of the subnet pool: how much TAO and how much alpha it currently holds.

These reserves hold protocol liquidity only. User-provided liquidity is not thin here, it is impossible: the chain rejects every add/remove-liquidity call outright. Both are null for root, which has no pool.