Emission gate

Subnets receive emissions, new TAO injected into their pool, based on demand, which the chain measures mainly by the price of each subnet's alpha. Since July 2026, a gate sits between demand and emissions.

The chain draws a line at the 32nd most in-demand subnet. Subnets well above the line keep nearly all of their share. A subnet right at the line keeps about half. Subnets well below it are cut sharply, and what they lose is mostly passed up to the subnets above the line.

Nothing is removed. A subnet below the line still exists, its token can still be traded, and its miners and validators still earn its alpha. But far less TAO flows into its pool, and with little TAO coming in, that alpha tends to be worth less.

The line is recalculated regularly from live prices, so a subnet's position can change as demand shifts. A subnet that stands out on price today can fall below the line later, and the reverse is also possible. Any return estimate that assumes emissions split in proportion to demand will be wrong for most subnets.