The week’s most interesting result is Almanac: it led verified burns at 143 TAO while falling -12.9%, showing that a leading burn total can coexist with a substantial price decline. Across 128 subnets, returns ranged from Unknown’s +438.0% to Beam’s -19.1%, while the top5 held 33.6% of market cap. Direct chain reads verified 443 TAO in burns across 10 subnets; buyback claims alone do not establish burning. If this pattern continued, holders allocating across subnets would face sharply divergent returns, and verified burns would remain insufficient on their own to explain price performance.
Indexed AlphaBurned and AlphaRecycled outcomes this week: 40,970 α ≈ 443.3τ across 10 subnets. Actual emitted alpha amounts; TAO values use panel prices.
| Subnet | Name | α burned | τ value | USD | Burns | Wallets |
|---|---|---|---|---|---|---|
| SN41 | Almanac | 19,450 | 143.4τ | – | 1 | 1 |
| SN8 | Vanta | 3,623 | 106.4τ | – | 156 | 1 |
| SN53 | engy | 1,964 | 77.8τ | – | 1 | 1 |
| SN11 | TrajectoryRL | 8,450 | 64.3τ | – | 169 | 66 |
| SN62 | Ridges | 2,083 | 19.6τ | – | 1091 | 89 |
| SN33 | ReadyAI | 4,622 | 16.5τ | – | 1 | 1 |
| SN80 | OpenRoboto | 303 | 7.8τ | – | 36 | 14 |
| SN90 | KubeTEE | 309 | 5.8τ | – | 4 | 1 |
| SN34 | BitMind | 124 | 1.5τ | – | 3 | 3 |
| SN46 | Instant | 42 | 0.2τ | – | 2 | 1 |
Where the 16 published buyback claims stand. 10 show on-chain evidence in the last 30 days and 6 show nothing the method can see. Unverified, not false: alpha bought and held, or bought from an unpublished wallet, leaves no trace here.
| Subnet | Name | α burned this week | 30-day trail |
|---|---|---|---|
| SN41 | Almanac | 19,450 | A2 · B1/B2 · C3 |
| SN33 | ReadyAI | 4,622 | A2 · B1/B2 · C3 |
| SN8 | Vanta | 3,623 | A4 · B1/B2 · C3 |
| SN53 | engy | 1,964 | A2 · B1/B2 · C3 |
| SN34 | BitMind | 124 | A2 · B1/B2 · C3 |
| SN4 | Targon | 0 | A1 · B3 · C3 |
| SN19 | blockmachine | 0 | A4 · B1/B2 · C3 |
| SN51 | lium.io | 0 | A2 · B1/B2 · C3 |
| SN93 | Bitcast | 0 | A1 · B1/B2 · C3 |
| SN110 | Green Compute | 0 | A1 · B3 · C3 |
| SN21 | AdTAO | 0 | A4 · C3 |
| SN50 | Synth | 0 | A4 · C3 |
| SN54 | Yanez | 0 | A4 · C3 |
| SN56 | Gradients | 0 | A4 · C3 |
| SN64 | Chutes | 0 | A4 · C3 |
| SN118 | Ditto | 0 | A4 · C3 |
AlphaBurned and AlphaRecycled event outcomes, by UTC day, over
the last 90 panel days. Each subnet's alpha is valued at the panel's latest price for that subnet, so
the height is comparable across days at today's prices, not the price on the day.The five largest subnets hold 33.6% of subnet market cap and the ten largest 48.6%. Over the last 90 days the top-5 share moved +4.8% (from 28.8% on 2026-07-05) and the top-10 share +6.0%.
The median subnet's root proportion is 0.156, -0.017 against 0.173 on 2026-07-05. Root proportion is the share of a subnet's stake weight that comes from root (netuid 0) rather than its own alpha; as it falls, the subnet's own token carries more of its validation.
Market-cap change over the week, excluding subnets under 2,000τ where a large percentage move carries no information.
| Subnet | 7d | Market cap (τ) |
|---|---|---|
| SN82 | +438.0% | 3,393τ |
| SN116 | +333.0% | 6,729τ |
| SN58 | +72.0% | 7,596τ |
| SN21 | +38.4% | 26,788τ |
| SN109 | +29.9% | 4,829τ |
| SN105 | -19.1% | 13,944τ |
| SN78 | -18.6% | 5,366τ |
| SN87 | -18.0% | 5,907τ |
| SN66 | -13.8% | 15,259τ |
| SN41 | -12.9% | 33,540τ |
One snapshot per day, unbroken since dTAO opened, plus a direct chain read of owner wallets for the buyback figures. Nothing here is estimated, modelled or sourced from a disclosure. It is what the chain showed. Where a figure has a known limit, the limit is stated next to it rather than in a footnote.