Glossary

How much the price has moved over the trailing window: current spot against the closing price at the start of the window.

Anchored by clock time, not by block, and the two families anchor differently: 1H and 24H take the last minute-candle close inside a one-hour-wide window ending an hour (or a day) ago, while 7D / 30D / 90D take the last candle of the calendar day N days ago in UTC, so 7D is not a rolling 7 × 24 h. It compares a noisy live spot against a candle close, which is why it can differ from explorers doing spot-to-spot. A missing or zero baseline shows 0%.

The inline 7-day price line drawn in the table.

null when the subnet has fewer than two points in the window, which is the exact "too little history to draw a line" condition.

Fully Diluted Valuation: what the subnet would be worth if every alpha token that can ever exist had already been emitted.

Every subnet has the same 21M alpha hard cap as TAO itself, so FDV is always ≥ market cap. Same EMA-vs-spot gap as market cap. Root falls back to spot.

Value of the alpha actually in circulation: what sits in the pool plus what is staked, minus what has been burned, priced at the smoothed (EMA) price.

Three things make it differ from other explorers: the price is the EMA moving price (spot only as a fallback); the base is circulating alpha, not the 21M cap (that is FDV); and burned alpha is subtracted. On-chain, burning destroys the tokens but leaves them inside the staked reserve, so without that subtraction the destroyed alpha would still be valued. Recycled alpha is not subtracted again, because the chain already removed it from the reserve, and the subtraction is clamped at zero (a missing burn counter subtracts nothing), so it can never over-correct. Supply, below, deliberately keeps burns, so on burn-heavy subnets supply × price sits above market cap. Root (SN0) falls back to spot because its moving price is 0.

A slow-moving average of the price, used as the basis for market cap and FDV so a single trade cannot move a valuation.

Computed on-chain, not by TaoSwap: the smoothing factor is 0.000003 per block, which takes about 30 days to close half the gap to spot and ~3.5 months to close 90%, and a young subnet ramps in gradually from its first emission block. The chain feeds the EMA min(spot, 1 τ), so the moving price can never exceed 1 τ even if spot does. It should match any explorer reading the same chain value; small gaps come from the ~2-min snapshot block.

The same spot price, converted to dollars.

What one alpha token is worth in TAO right now, quoted by the subnet's own liquidity pool.

The pool is technically a weighted (Balancer) AMM, so the exact chain formula is (w_base / w_quote) × root_in_pool / alpha_in_pool, but every live subnet sits at 0.5 / 0.5 to within a rounding error, which makes the plain ratio of the two reserves exact for any practical purpose. This is the spot price, not the EMA moving price used for market cap and FDV, so explorers that display the EMA read differently.

TAO traded through the subnet's pool over the last 24 hours.

Counted on one side only, in TAO, so it is roughly half of what an exchange would print for the same activity, since exchanges count both legs. Protocol chain buys are excluded: the coinbase moves the reserves directly without ever emitting a trade. Swaps and cross-subnet moves contribute each of their legs to the pool it touches, while same-subnet hotkey or validator rebalances are excluded, because they never touch the pool. The window rolls from now, but it is recomputed at most once an hour, so it steps rather than glides. null for root (no pool); a 0 is a real zero.