The week showed a wide performance split: RedTeam led at +43.7%, while MVTRX fell -36.2%. The single most interesting result was verified burning: 6 subnets burned 520 TAO and 41,291 alpha, led by Gradients with 269 TAO. This matters because 13 other subnets claimed buybacks but recorded no burn, highlighting the gap between stated activity and direct chain evidence. If verified burns continued at this level, token removal would remain concentrated among few subnets, while allocators would still need to distinguish on-chain execution from unverified claims.
Every burn_alpha and recycle_alpha extrinsic on chain this week, read exactly: 41,291 α ≈ 520.2τ (~$135,964) across 6 subnets. No attribution, no estimate.
| Subnet | Name | α burned | τ value | USD | Burns | Wallets |
|---|---|---|---|---|---|---|
| SN56 | Gradients | 16,397 | 269.1τ | $70,327 | 1 | 1 |
| SN49 | Nepher Robotics | 17,233 | 135.6τ | $35,435 | 2 | 1 |
| SN8 | Vanta | 2,073 | 57.4τ | $14,997 | 169 | 1 |
| SN11 | TrajectoryRL | 5,300 | 48.7τ | $12,731 | 106 | 15 |
| SN64 | Chutes | 101 | 7.4τ | $1,938 | 33 | 22 |
| SN62 | Ridges | 186 | 2.1τ | $536 | 85 | 20 |
13 subnets that publicly claim revenue-funded alpha buys burned nothing this week: SN4 Targon, SN19 Blockmachine, SN21 AdTAO, SN33 ReadyAI, SN34 BitMind, SN41 Almanac, SN50 Synth, SN51 Lium, SN53 Engy, SN54 Yanez, SN93 Bitcast, SN110 Green Compute, SN118 Ditto. A claim without a burn is not false: alpha bought and held in a treasury never shows here. It is unverified, and the burn is the one form of buyback the chain proves.
burn_alpha and recycle_alpha extrinsic, 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 32.3% of subnet market cap and the ten largest 46.8%. Over the last 90 days the top-5 share moved +4.7% (from 27.6% on 2026-06-10) and the top-10 share +5.2%.
The median subnet's root proportion is 0.156, -0.016 against 0.172 on 2026-06-10. 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) |
|---|---|---|
| SN61 | +43.7% | 70,319τ |
| SN91 | +38.4% | 11,539τ |
| SN103 | +34.1% | 3,835τ |
| SN28 | +21.4% | 107,082τ |
| SN117 | +20.0% | 8,787τ |
| SN79 | -36.2% | 19,056τ |
| SN92 | -30.1% | 2,461τ |
| SN84 | -21.3% | 2,918τ |
| SN90 | -14.0% | 9,450τ |
| SN50 | -11.3% | 27,650τ |
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.