SN99 Thirty Spokes: the complete guide

The spot price of one α of the subnet, in TAO: the ratio of the pool's two reserves.

The value of every α that circulates, at the chain's moving price.

Fully diluted valuation: the price applied to the 21 million α maximum supply every subnet shares.

Every α that exists for the subnet: in the pool plus staked out.

α destroyed for good on the subnet, with its τ value at the moving price.

The τ side of the liquidity pool — the deeper it is, the less a trade moves the price.

TAO of net buying that would move the price up by that much, and TAO of net selling that would move it down by that much.

Alpha dominance ratio: α held outside the pool for every α inside it. Above 1, holders own more than the pool could absorb, so a rush for the exit sells at a discount.

TAO traded through the subnet's pool over the last 24 hours — buys plus sells.

TAO that actually entered or left the pool over 24 hours: buys minus sells.

The subnet's share of all the τ the chain emits each block: τ injected into its pool plus τ the protocol spends buying its α.

τ the protocol itself spends each day buying the subnet's α, because the block had more τ emission than α to pair it with.

The share of the subnet's validator emission paid to people staking τ on root instead of to α holders on the subnet.

The share of the subnet's miner emission captured by the owner's own neurons and destroyed instead of paid out.

Miners actually being paid right now: neurons with a non-zero incentive score, counted across every mechanism, with the owner's own neurons taken out.

The annualized yield of the subnet's most-staked validator whose yield is within 2 points of the best, from the dividends the chain actually paid.

The coldkey that owns the subnet on the chain.

How much of the subnet's whole α supply the single largest conviction lock has locked up and matured.

How far the largest non-owner hotkey's matured conviction has climbed toward the bar that lets an outsider claim ownership of the subnet.

α locked in conviction on the subnet — every lock, owner included — and what that α would actually fetch if sold through the pool in one go, after fee and slippage.

Position in the deregistration queue: #1 is dissolved by the next new subnet registration.

Inside its registration immunity (about 120 days), during which no new registration can deregister it — with the block it lapses.

How long ago the subnet was registered on the chain.

Distinct wallets (coldkeys) holding α of the subnet, above a 0.000001 α dust floor.

How lopsided the ownership is once the owner's own stake is set aside: 0% evenly spread, 100% one wallet.

The fewest wallets that would have to act together to hold more than half the α, owner excluded.

Inequality of the same holder set, owner excluded: 0 perfectly equal, 1 one wallet holds everything.