Emission gate

Subnets earn emissions 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 point where the most in-demand subnets together account for about 60% of all demand. 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 passed up to the subnets above the line.

Nothing is removed. A subnet below the line still exists and can still be traded, but it earns far less, and so do its miners and validators.

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.