The halving

TAO has a fixed limit of 21 million, so the rate of new TAO has to fall over time. It falls through halvings.

A halving is not set by date. It happens when the total amount of TAO issued crosses a threshold. The first was at 10.5 million, half of the 21 million limit. The next is at 15.75 million, once half of the remaining 10.5 million has been issued. Each threshold after that adds half of what is left.

The first halving happened in December 2025. Emissions dropped from 1 TAO per block to 0.5 TAO per block.

A halving also halves what flows into every subnet's pool, which slows the creation of every subnet's alpha too.

Each subnet's alpha has its own 21 million limit and follows the same halving pattern, counted from that subnet's own start.