RefinerySN125 · Bittensor subnet

0.002919 τ$0.90

24H -0.80%7D -5.26%APR 82.1%

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YOU PAY (τ)

You receive ≈ — α

VALIDATOR

Slippage tolerance

Allow partial fill if price moves past tolerance

Network feeconnect to estimate

Taosis fee (15% of network fee)—

One signature (fee bundled with the swap) — untick if your Ledger refuses it

Signs a price-limited addStake / removeStake on-chain (same AMM as TaoSwap) — the transaction reverts (or partially fills, if allowed) rather than execute past your tolerance. Quote is local XYK. Taosis adds 15% of the network fee, collected in the same transaction — a failed swap charges no Taosis fee.

Incentivizing the improvement of the algorithms behind a pretraining run

SN125, Refinery (α token 𑀂), is one of the independent markets on the Bittensor network, each with its own α token and its own price. Its α currently trades at 0.002919 τ (≈ $0.90), against 5,604 τ of pool liquidity. On-chain, the best-delegated validator on it yields about 82.1% APR, emissions add 0.000078 τ to the pool each block, epochs run every 360 blocks. It was registered at block #5,834,408.

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Website ↗GitHub ↗

Price

0.002919 τ

APR

82.1%

TAO in pool

5,604 τ

α in pool

1,919,852 α

EMA price

0.002929 τ

α staked out

2,519,122 α

Vol 24h (indexed)

24.33 τ

Emission / block

0.000078 τ

Owner: 5DTzv2rL6YGQjCDNiWQJz2nE23fK1mDccH9eQimgiieyL3C4
Registered: block 5,834,408
Tempo: 360 blocks / epoch
Swap fee: 0.050% (chain AMM)

Hyperparameters

Tempo: 360 blk
Immunity: 5,000 blk
Max validators: 64
UIDs: 256
Reg. burn: 0.0005 τ
Registration: open
Weights rate: 100 blk
Activity cutoff: 5,000
Commit-reveal: on (1)
Serving rate: 50
κ (kappa): 32767
ρ (rho): 10

Top 64 UIDs by reward
UID	Hotkey	Coldkey	Role	Stake α	Consensus	Incentive	Dividend	Emission	Axon	Reg. block
142	5DcHn7YW…c4TFinactive	5CMLA2…SMZW	validator	2,804	100.0%	100.0%	0.0%	147.601 α	86.38.182.193:8091	#8,913,459
203	5HNaCr7K…K125	5CqsgE…XMUV	validator	412,498	0.0%	0.0%	31.9%	47.084 α	—	#9,018,529
62	5D2tFvu5…hMUV	5CqsgE…XMUV	validator	486,711	0.0%	0.0%	28.9%	42.616 α	—	#6,135,223
12	5E2LP6En…eZ5u	5GsbTg…pZX9	validator	50,913	0.0%	0.0%	11.8%	17.438 α	—	#6,739,319
133	5G9hfkx9…wrc5	5Ek8i6…t33f	validator	83,530	0.0%	0.0%	9.1%	13.483 α	—	#6,662,527
247	5FTjy85P…Pm7g	5FHxxe…GpSs	validator	7,107	0.0%	0.0%	7.6%	11.190 α	—	#9,074,768
105	5D8E4DGK…tfBn	5Ct5oU…smoJ	validator	44,510	0.0%	0.0%	2.7%	3.935 α	—	#8,828,315
103	5FeKsRjZ…9DGg	5GhATB…aWK8	validator	49,510	0.0%	0.0%	2.5%	3.725 α	—	#8,683,268
226	5FLoWCDo…Rv8m	5EnXts…FCGK	validator	8,208	0.0%	0.0%	2.4%	3.524 α	—	#6,724,459
3	5CsvRJXu…2zVp	5EJAqc…YzX2	validator	3,244	0.0%	0.0%	1.6%	2.290 α	—	#5,918,680
102	5EtUYRu7…tvzs	5EAWZV…HqNL	validator	27,860	0.0%	0.0%	1.4%	2.033 α	—	#8,683,155
104	5DqctMkK…UiQB	5EnXts…FCGK	validator	852	0.0%	0.0%	0.2%	0.283 α	—	#8,688,486
0	5CFFokuo…ydnxinactive	5DTzv2…L3C4	validator	13,867	0.0%	0.0%	0.0%	0.000 α	—	#5,834,408
1	5GP7c3fF…VCMiinactive	5Dkwfx…VxVY	miner	0	0.0%	0.0%	0.0%	0.000 α	—	#8,512,176
2	5CwaxNEf…bhSbinactive	5CrNMX…xa3T	miner	0	0.0%	0.0%	0.0%	0.000 α	—	#8,908,257
4	5ECvwy45…KMPtinactive	5EHfJT…QQVk	miner	0	0.0%	0.0%	0.0%	0.000 α	—	#7,572,490
5	5DoLnhmL…hSy4inactive	5EHfJT…QQVk	miner	0	0.0%	0.0%	0.0%	0.000 α	—	#7,572,491
6	5CdSbFFf…HYyqinactive	5EHfJT…QQVk	miner	0	0.0%	0.0%	0.0%	0.000 α	—	#7,572,849
7	5ER4r9fL…feZSinactive	5EHfJT…QQVk	miner	0	0.0%	0.0%	0.0%	0.000 α	—	#7,572,850
8	5GRX3iXU…6FkEinactive	5EHfJT…QQVk	miner	0	0.0%	0.0%	0.0%	0.000 α	—	#7,572,851
9	5FZCDAQw…kaFeinactive	5EHfJT…QQVk	miner	0	0.0%	0.0%	0.0%	0.000 α	—	#7,573,209
10	5FbpJwDU…eufSinactive	5EHfJT…QQVk	miner	0	0.0%	0.0%	0.0%	0.000 α	—	#7,573,210
11	5HBKyxHr…iJMfinactive	5EHfJT…QQVk	miner	0	0.0%	0.0%	0.0%	0.000 α	—	#7,573,211
13	5EASW2WT…jTBbinactive	5EHfJT…QQVk	miner	0	0.0%	0.0%	0.0%	0.000 α	—	#7,573,569
14	5Ecam4bb…cjFzinactive	5EHfJT…QQVk	miner	0	0.0%	0.0%	0.0%	0.000 α	—	#7,573,571
15	5HCCmQX8…SeLGinactive	5EHfJT…QQVk	miner	0	0.0%	0.0%	0.0%	0.000 α	—	#7,573,929
16	5HgNK9Mq…38EDinactive	5EHfJT…QQVk	miner	0	0.0%	0.0%	0.0%	0.000 α	—	#7,573,930
17	5GrkSden…41M1inactive	5EHfJT…QQVk	miner	0	0.0%	0.0%	0.0%	0.000 α	—	#7,573,931
18	5ERzYXhC…N6xXinactive	5C4zM4…sQjg	miner	0	0.0%	0.0%	0.0%	0.000 α	—	#9,065,277
19	5EnFVNxe…SLMXinactive	5EHfJT…QQVk	miner	0	0.0%	0.0%	0.0%	0.000 α	—	#7,574,289
20	5E6zZhFU…CJy3inactive	5EHfJT…QQVk	miner	0	0.0%	0.0%	0.0%	0.000 α	—	#7,574,290
21	5D2Ga8NE…uD1ainactive	5EHfJT…QQVk	miner	0	0.0%	0.0%	0.0%	0.000 α	—	#7,574,291
22	5CBDi9W7…VXtwinactive	5EHfJT…QQVk	miner	0	0.0%	0.0%	0.0%	0.000 α	—	#7,574,649
23	5EFgYXep…7ReLinactive	5EHfJT…QQVk	miner	0	0.0%	0.0%	0.0%	0.000 α	—	#7,574,650
24	5Djp46wX…TSkdinactive	5EHfJT…QQVk	miner	0	0.0%	0.0%	0.0%	0.000 α	—	#7,574,651
25	5FdvPoSH…4sz7inactive	5EHfJT…QQVk	miner	0	0.0%	0.0%	0.0%	0.000 α	—	#7,575,009
26	5FbKspVZ…tYHwinactive	5EHfJT…QQVk	miner	0	0.0%	0.0%	0.0%	0.000 α	—	#7,575,010
27	5HNJE5pX…ASxxinactive	5EHfJT…QQVk	miner	0	0.0%	0.0%	0.0%	0.000 α	—	#7,575,011
28	5D74xrt2…N64tinactive	5EHfJT…QQVk	miner	0	0.0%	0.0%	0.0%	0.000 α	—	#7,575,729
29	5DWhtTJn…zk8Tinactive	5EHfJT…QQVk	miner	0	0.0%	0.0%	0.0%	0.000 α	—	#7,575,730
30	5CcErrgA…WWjminactive	5EHfJT…QQVk	miner	0	0.0%	0.0%	0.0%	0.000 α	—	#7,575,731
31	5CeuUCQa…AtHsinactive	5EHfJT…QQVk	miner	0	0.0%	0.0%	0.0%	0.000 α	—	#7,576,089
32	5Eh5Towh…njo7inactive	5EHfJT…QQVk	miner	0	0.0%	0.0%	0.0%	0.000 α	—	#7,576,090
33	5GBftiLP…7oXAinactive	5EHfJT…QQVk	miner	0	0.0%	0.0%	0.0%	0.000 α	—	#7,576,091
34	5CJoSGGK…B42qinactive	5EHfJT…QQVk	miner	0	0.0%	0.0%	0.0%	0.000 α	—	#7,576,449
35	5FcYf42T…fRKuinactive	5EHfJT…QQVk	miner	0	0.0%	0.0%	0.0%	0.000 α	—	#7,576,450
36	5Fph7kns…HZSvinactive	5EHfJT…QQVk	miner	0	0.0%	0.0%	0.0%	0.000 α	—	#7,576,451
37	5F44kSHd…srqFinactive	5EHfJT…QQVk	miner	0	0.0%	0.0%	0.0%	0.000 α	—	#7,576,809
38	5H9VAvrx…ArTjinactive	5EHfJT…QQVk	miner	0	0.0%	0.0%	0.0%	0.000 α	—	#7,576,810
39	5FTa8XvZ…R72dinactive	5EHfJT…QQVk	miner	0	0.0%	0.0%	0.0%	0.000 α	—	#7,576,811
40	5DAAmHd4…zn1dinactive	5EHfJT…QQVk	miner	0	0.0%	0.0%	0.0%	0.000 α	—	#7,577,169
41	5HL1yGUv…s1zninactive	5EHfJT…QQVk	miner	0	0.0%	0.0%	0.0%	0.000 α	—	#7,577,170
42	5DoK13e9…uYSWinactive	5EHfJT…QQVk	miner	0	0.0%	0.0%	0.0%	0.000 α	—	#7,577,171
43	5EjtejuR…9er3inactive	5EHfJT…QQVk	miner	0	0.0%	0.0%	0.0%	0.000 α	—	#7,577,529
44	5EPSDW4h…HU4Uinactive	5EHfJT…QQVk	miner	0	0.0%	0.0%	0.0%	0.000 α	—	#7,577,530
45	5C5T6MVf…A7wMinactive	5EHfJT…QQVk	miner	0	0.0%	0.0%	0.0%	0.000 α	—	#7,577,531
46	5FFSBkNi…VR86inactive	5GP1VN…JBG6	miner	0	0.0%	0.0%	0.0%	0.000 α	—	#7,579,446
47	5GCNsntX…YvrEinactive	5D2c8L…KzvP	miner	0	0.0%	0.0%	0.0%	0.000 α	—	#7,587,834
48	5GecX6XP…WtuXinactive	5D2c8L…KzvP	miner	0	0.0%	0.0%	0.0%	0.000 α	—	#7,587,835
49	5GbtnKr4…cgR5inactive	5D2c8L…KzvP	miner	0	0.0%	0.0%	0.0%	0.000 α	—	#7,587,836
50	5EJRQqWY…7QUSinactive	5ETqRj…67wr	miner	0	0.0%	0.0%	0.0%	0.000 α	—	#7,621,810
51	5Fhi3ACc…FXXLinactive	5ETqRj…67wr	miner	0	0.0%	0.0%	0.0%	0.000 α	—	#7,621,811
52	5ChrfQZw…HKQRinactive	5ETqRj…67wr	miner	0	0.0%	0.0%	0.0%	0.000 α	—	#7,622,169
53	5ENYfeYp…LGUSinactive	5ETqRj…67wr	miner	0	0.0%	0.0%	0.0%	0.000 α	—	#7,622,170

Child keys (62)

Validators routing a share of their weight-setting through child hotkeys — necessary context for reading the stake column: a parent's influence may act through its children.

5C5GuCUK…CdqD→5HCHD7Jo…s125100.0%

5CAQAgXx…7FmJ→5D2tFvu5…hMUV100.0%

5CBDhkBx…8S3A→5DvDypN8…diFp100.0%

5CV93B17…fQF2→5E2LP6En…eZ5u100.0%

5CcD4RLF…Dcdb→5G9hfkx9…wrc5100.0%

5Ckaoft1…uUes→5FTjy85P…Pm7g100.0%

5CoZxgtf…bifj→5E2LP6En…eZ5u100.0%

5CqRMuYS…b9Ed→5D2tFvu5…hMUV100.0%

5CszMVts…gMUV→5HNaCr7K…K125100.0%

5D4gEn5S…kZ4f→5D4g2XFP…oNDc100.0%

5DXdHixx…L1S1→5HNaCr7K…K125100.0%

5Dd8gaRN…GrWv→5D4g2XFP…oNDc100.0%

5Deo9Q3S…zD9Y→5E2LP6En…eZ5u100.0%

5DjtmV76…T4Kd→5E2LP6En…eZ5u100.0%

5DkFEQdE…M7Fn→5D2tFvu5…hMUV100.0%

5DvDypN8…diFp→5HNaCr7K…K125100.0%

5E4z3h9y…ULde→5HNaCr7K…K125100.0%

5EAdPk76…pYDc→5D2tFvu5…hMUV100.0%

5EByfpgR…JWs4→5D4g2XFP…oNDc100.0%

5ELREhAp…qwVh→5D8E4DGK…tfBn100.0%

5EqYdsxW…oaUf→5E2LP6En…eZ5u100.0%

5F7dvCS7…r6LW→5E2LP6En…eZ5u100.0%

5FBqnTwn…4WUw→5D4g2XFP…oNDc100.0%

5FFM6Nvv…UWgt→5G9hfkx9…wrc5100.0%

5FFSBkNi…VR86→5G9hfkx9…wrc5100.0%

5FWB5CFZ…jkg5→5E2LP6En…eZ5u100.0%

5FnGPRV7…MVZZ→5FLoWCDo…Rv8m100.0%

5Fppap6W…MEjv→5D8E4DGK…tfBn100.0%

5Fq5v71D…qY5A→5E2LP6En…eZ5u100.0%

5Ft5kRgK…PTih→5D4g2XFP…oNDc100.0%

5FtBncJv…izzo→5HNaCr7K…K125100.0%

5Fy3Mjrd…hQCY→5FLoWCDo…Rv8m100.0%

5G1NjW9Y…nChe→5E2LP6En…eZ5u100.0%

5G3wMP3g…5KP3→5D2tFvu5…hMUV100.0%

5G9mJMfD…423v→5D4g2XFP…oNDc100.0%

5GHn5aVV…aGNR→5DvDypN8…diFp100.0%

5GKH9FPP…TrP1→5G9hfkx9…wrc5100.0%

5GP7c3fF…VCMi→5HNaCr7K…K125100.0%

5GTWwu3N…ySXP→5D2tFvu5…hMUV100.0%

5Ggasr6f…xGTV→5HNaCr7K…K125100.0%

…and 22 more

Holders

1,024

Top holder

11.7%

Top 10

54.7%

Nakamoto

Nakamoto 8 = the fewest coldkeys that together hold a majority. HHI 0.046 (0 = evenly spread, 1 = one holder, min-normalised so it is not comparable to the raw HHI most explorers publish), Gini 0.973.

Method: α per coldkey, summed across every validator hotkey, read from the chain's own share pools at one block. The subnet owner's coldkey is set aside for Top 10, Nakamoto, HHI and Gini — the owner is usually the largest holder by far, and leaving them in measures the owner rather than the market. Shares in the table below are of every holder's α, owner included. Counted holders hold at least 0.000001 α; below that is the rounding residue of an exit, not a position. Nakamoto reads “—” under two holders, and Top 10 under twenty, where it saturates at 100% for reasons that have nothing to do with capture. Coldkeys, not people: one person can hold many, and one exchange coldkey can custody thousands. Balances are refreshed every 10 minutes from the fills we index ourselves. Last recomputed 9/22/2026, 10:53:30 AM.

#	Coldkey	Alpha	Value	Share
1	5DTzv2rL…L3C4	303,917 α	887.07 τ · $273.5K	25.43%
2	5DQ2RYcQ…TnbT	104,430 α	304.81 τ · $94.0K	8.74%
3	5GbnWR2X…eu7x	91,196 α	266.18 τ · $82.1K	7.63%
4	5DwMaVt4…ogdZ	80,277 α	234.31 τ · $72.2K	6.72%
5	5CsyLPX4…Dpkv	63,882 α	186.46 τ · $57.5K	5.35%
6	5DmLUZPe…pfBz	40,201 α	117.34 τ · $36.2K	3.36%
7	5CyGSPZN…5SHd	36,688 α	107.09 τ · $33.0K	3.07%
8	5DvcJmji…5f3Z	20,204 α	58.97 τ · $18.2K	1.69%
9	5G4529T3…7EpB	17,307 α	50.52 τ · $15.6K	1.45%
10	5EBuUXD6…Z8Ff	16,950 α	49.47 τ · $15.3K	1.42%
11	5ES84rfz…QM4w	16,441 α	47.99 τ · $14.8K	1.38%
12	5FYFBcX5…16Dy	15,215 α	44.41 τ · $13.7K	1.27%
13	5HRCtchr…Gydu	14,982 α	43.73 τ · $13.5K	1.25%
14	5EhxzAXg…fAh1	12,255 α	35.77 τ · $11.0K	1.03%
15	5Eyq2cou…RSLX	12,081 α	35.26 τ · $10.9K	1.01%
16	5CXZueKS…xiaJ	11,951 α	34.88 τ · $10.8K	1.00%
17	5EYCAe5j…tp7s	11,335 α	33.08 τ · $10.2K	0.95%
18	5CzBvywm…p9nJ	10,212 α	29.81 τ · $9.2K	0.85%
19	5GJR33Xy…FvRE	10,177 α	29.70 τ · $9.2K	0.85%
20	5EgtSSEe…1E2d	10,136 α	29.59 τ · $9.1K	0.85%
21	5GB1AdKG…hkVU	9,978 α	29.12 τ · $9.0K	0.84%
22	5HMtFEQ9…8CCx	9,665 α	28.21 τ · $8.7K	0.81%
23	5CMhMKbi…AHgZ	8,246 α	24.07 τ · $7.4K	0.69%
24	5E2Q3EVF…d659	7,775 α	22.69 τ · $7.0K	0.65%
25	5GBr8ma6…xQDn	7,748 α	22.62 τ · $7.0K	0.65%
26	5GHg6ASH…jwWR	7,634 α	22.28 τ · $6.9K	0.64%
27	5EwCxRzZ…f6VB	7,562 α	22.07 τ · $6.8K	0.63%
28	5CVGch1p…B2ua	6,495 α	18.96 τ · $5.8K	0.54%
29	5FjP8fFb…KgNh	6,186 α	18.06 τ · $5.6K	0.52%
30	5Ehj2TfX…2Z72	6,096 α	17.79 τ · $5.5K	0.51%
31	5FnjDPuz…xajP	5,863 α	17.11 τ · $5.3K	0.49%
32	5CerKrvp…sZ2x	5,652 α	16.50 τ · $5.1K	0.47%
33	5DPbnTFN…bBJj	5,525 α	16.13 τ · $5.0K	0.46%
34	5EezuGcp…g3iz	5,472 α	15.97 τ · $4.9K	0.46%
35	5CoD2zfW…Z57b	5,103 α	14.89 τ · $4.6K	0.43%
36	5C7cTfd3…zPmv	5,071 α	14.80 τ · $4.6K	0.42%
37	5CCexiEG…F8J5	5,055 α	14.75 τ · $4.5K	0.42%
38	5F2QB66n…eYQ8	4,993 α	14.57 τ · $4.5K	0.42%
39	5DqZDArX…HumC	4,859 α	14.18 τ · $4.4K	0.41%
40	5F29KYWd…6cBZ	4,692 α	13.70 τ · $4.2K	0.39%
41	5DLmDmae…uyi5	4,666 α	13.62 τ · $4.2K	0.39%
42	5HRBFkDU…wiqM	4,563 α	13.32 τ · $4.1K	0.38%
43	5C5YitzK…k5VQ	4,534 α	13.23 τ · $4.1K	0.38%
44	5DkV8twU…e1d5	4,349 α	12.69 τ · $3.9K	0.36%
45	5EMphvvt…eWWG	3,989 α	11.64 τ · $3.6K	0.33%
46	5Ci1DAqD…pxAV	3,959 α	11.56 τ · $3.6K	0.33%
47	5EkMm4mp…ek3D	3,944 α	11.51 τ · $3.5K	0.33%
48	5F9TuXFQ…Q7i1	3,904 α	11.39 τ · $3.5K	0.33%
49	5CJVwRLd…1htk	3,762 α	10.98 τ · $3.4K	0.31%
50	5HK45QZL…RPTk	3,716 α	10.85 τ · $3.3K	0.31%

Owner lock

226,024 α

≈ 659.72 τ · $203.4K

Owner conviction

226,024 α

≈ 659.72 τ · $203.4K

Hotkey locks Σ

—

Registration lock

43.21 τ

Deregistration standing

Rank #25 in the deregistration queue — the network runs at capacity, so each new subnet registration removes the rank-1 subnet. Ranked by the chain's own EMA price, immune subnets excluded.

Takeover watchcompare every subnet →

A hotkey lock whose matured conviction reaches 18% of eligible α (α staked out, minus protocol-owned and burned α — the threshold in the chain's own code) can claim ownership of the subnet.

No hotkey locks on this subnet.

Account	Kind	Locked α	Value	Conviction α	Matured
5DTzv2rL…L3C4	owner	226,023.66 α	659.72 τ · $203.4K	226,023.66 α	100%
5DTzv2rL…L3C4	coldkey	219,000 α	639.22 τ · $197.1K	219,000 α	100%
5HMtFEQ9…8CCx	coldkey	6,923.66 α	20.21 τ · $6.2K	6,923.66 α	100%
5DmLUZPe…pfBz	coldkey	100 α	0.29 τ · $90.00	100 α	100%

Why the price moved · last 24h

0.002958 τ → 0.002934 τ (-0.819%)

Trading-21.824 τ and +7,407.095 α through the pool from indexed fills-0.77%
Emission+0.6222 τ injected, +210.3350 α minted into the pool−<0.01%
Unexplainedcauses we cannot name from what we index-0.05%

Each line is the price move that cause alone would have produced. They compose to the net move above (multiplicatively, which is why they need not sum to it), and a cause can exceed the net when another pushed the other way. The price is exactly the pool ratio, so this is a complete decomposition — no modelling, no fitting.

Deregistration risk

Rank #25 in the queue. The network is at capacity (128), so each new subnet registration dissolves rank 1 — 25 registrations would reach this one.

Cost to kill rank 1

509 τ

After next halving

254 τ

P(dereg) 30d

0.0%

P(dereg) 90d

0.0%

From 0.12 registrations/day observed over 25.2 days of indexed blocks, as a Poisson arrival process against this subnet's queue position. The registration cost halves every 115,200 blocks.

Conviction maturity curve

What a perpetual lock of 1,000 α becomes over time on this subnet. The shape is identical at any size — scale it to your own amount. Conviction matures on a 30-day half-life; a decaying lock's stake also unwinds on a 90-day one.

After	Conviction	Matured	Of takeover
today	0.0 α	0.0%	0.000%
7 d	149.3 α	14.9%	0.069%
30 d	500.0 α	50.0%	0.230%
90 d	875.0 α	87.5%	0.403%
180 d	984.4 α	98.4%	0.453%
365 d	999.8 α	100.0%	0.460%

Projected with the chain's own maturity maths (rates read live: unlock 934,866 blocks, maturity 311,622), not an approximation.

☆RefinerySN125 · Bittensor subnet

RefinerySN125 · Bittensor subnet