Glossary

The best-known amount of alpha destroyed for good, valued in TAO. Most subnets never burn anything.

Two overlapping sources, neither complete on its own: the on-chain counter covers every burn path (the burn extrinsic, the incentive burn during emission, the swap-fee burn) but only exists since 2026-05-28, while the extrinsic-only total reaches back to genesis but is blind to the other paths. Taking the larger of the two is the tightest lower bound on the real total. Burning is not recycling: a burn destroys the tokens while leaving the reserve and the issuance counter untouched, whereas recycling reduces both, and recycled alpha is not counted here.

All the alpha in circulation for this subnet: what sits in the pool plus what is staked.

Burned alpha is deliberately NOT removed here: on-chain a burn destroys the tokens but leaves the reserve untouched, and it is tracked separately (see Burned). Market cap, by contrast, does remove it, which is why supply × price sits above market cap on burn-heavy subnets. Recycled alpha IS already excluded, because the chain reduces the reserve when it recycles. Supply and market cap also stop at those two stocks, leaving out the protocol alpha reserve that the chain folds into its own issuance figure (see Root Proportion): that reserve is liquidity waiting to be injected, owned by nobody, and it is zero on every subnet today. Explorers that also net burns, or that show the 21M cap (which is the FDV base), will differ.