RERefinery SN 125

Each subnet's pool holds TAO on one side and alpha on the other, and the price is just their ratio. Staking swaps your TAO into the pool, which shifts that ratio against you, so you receive fewer alpha than the spot price implies. Thin pools move a lot on small trades. Unstaking later pays the slippage again on the way out. Reserves are read from chain at the block in the header; this is an estimate of the pool swap and excludes any protocol fee.

Bittensor's Conviction upgrade auto-locks a subnet owner's emission share; unlocking is a public on-chain event that decays over time, not an instant withdrawal. "Owner locked" is the alpha the owner currently has committed. "Unwinding" is any portion in a decaying lock, i.e. value the owner has begun pulling out. We only raise the unwinding flag when the decaying portion is at least 1% of the locked position, so dust decay is not treated as an exit. This is the exact signal that was invisible before Conviction, when the April 2026 Covenant AI exit dumped roughly ten million dollars of alpha before anyone could see it coming. We report the on-chain state, not intent.

Incentive is this miner's share of the subnet's miner emissions: how much the validators collectively value its work right now. Consensus is how much validators agree about it; a high incentive with low consensus means a few validators are carrying that score. Dividends is the validator-side reward share; rows with the validator badge hold a validator permit and earn by grading, not mining. Click a hotkey to see every subnet that validator secures. Emissions/day is estimated from the current per-epoch emission at this subnet's tempo, in alpha and at spot USD; it moves every epoch. Scores are the chain's own normalized weights (0 to 100%), read raw from storage, not our opinion.