Subnets

The Subnets page is the entryway into the world of subnets. At the top of the page are three infoboxes with an overview:

Infoboxes

Subnets Value

This shows the sum of subnet prices (in tao). Root always has a price of 1. In the chart below, the sum of subnet prices is 1.60.

Stake Split

The division of stake between root and subnets.

Total Volume

Total buys and sells on root vs. total buys and sells on other subnets.

The initial sort is by Market Cap.

Subnet data can be shown in tao values (where all alpha token is converted into tao) or in USD.

• Name*: The name and netuid of the subnet.
• Emission: The subnet's share of per-block TAO emission. As of 2026-06-30, determined by subnet-price EMA × (1 − miner_burned), renormalized (subtensor PR #2800 removed the earlier root_proportion weighting). See Price-based subnet emission shares.
• Price: The Alpha Price of the subnet.
• 1H: Price trend over the previous hour.
• 24H: Price trend over the previous day.
• 1W: Price trend over the previous week.
• 1M: Price trend over the previous month.
• Market Cap: The Circulating supply of alpha token (this can be displayed in tao or in USD.)
• Volume: Amount traded in the last 24 hours (in tao or USD.)
• Liquidity: Total value of tokens in the Subnet Pool.
• V3: Are V3 liquidity options available?
• Liq Price: The liquidation price for the subnet — the effective per-alpha TAO holders would receive if the subnet's pool were drained today. Compare to the current price: if liq price is above current, holders would be paid a premium versus market; if below, they would take a loss. (Replaces the old ADR metric.)
• Root Prop: Percentage of validator emissions to root.
• Root Sell: Deprecated.

Subnets Total Price

A chart showing the sum of subnet prices over time.

Subnet Top Emissions

Subnet Registration Cost

Cost in tao to register a new Subnet. The whole lock seeds the subnet pool.

Subnet Deregistration List

When a new subnet is registered, the subnet with the lowest EMA price is deregistered.