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 and the protocol's own alpha both stay inside the outside-the-pool figure on-chain, so they are subtracted here exactly as in market cap; the two can only disagree for a single sync cycle, if a chain read fails. Neither can rush for the exit: burned alpha is destroyed, and the protocol's alpha sits on no wallet and is never sold. Only what this subnet burned itself is subtracted: the chain's burn counter is keyed to the subnet number and survives that number passing to a new subnet, so the part inherited from an earlier holder is removed. The numerator still includes the owner's own locked and self-staked alpha, so it is not purely holder-owned. Older history nets less: rows from before the chain kept a burn counter hold the raw ratio, rows from before it recorded its own alpha subtract the burn only, 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.

Their ratio is the spot price while the pool weights are equal (see Price (τ)). 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.