Learn·Bittensor
What the chain's moving price is, and what it decides
Beside the spot price the chain keeps its own exponential moving average — the figure it uses for emission and for the deregistration queue, and the one Taosis values a subnet at.
Published 2026-09-17
Two prices for one subnet
The spot price is the pool's τ reserve divided by its α reserve; it moves on every trade and every block of emission. The chain also keeps a second figure per subnet, SubnetMovingPrice: an exponential moving average of the spot, maintained by the runtime itself.
An average lags by construction. The moving price follows the spot price rather than matching it, and the chain never lets it rise above 1 τ.
What the chain uses it for
Two decisions run on the moving price rather than the spot. Each block's emission is allocated between subnets using it, and the deregistration queue is ordered by it: non-immune subnets ranked by moving price ascending, oldest registration first on ties.
So a brief spike in the spot price changes neither a subnet's share of emission nor its place in the queue. Only a move that lasts long enough to pull the average does.
Why Taosis values subnets at it
Market cap on Taosis is the moving price × (α in pool + α staked out − α burned), and FDV is the moving price × 21,000,000, the α maximum supply every subnet shares. Spot is a tick; the moving price is what the chain itself values the subnet at.
A moving price of 0 is the chain's not-applicable — no emission yet — not a measured zero. Taosis shows a dash there rather than a market cap of nothing; root has no moving price at all.
Reading it on Taosis
The screener's column picker has an EMA τ column in the Price group, and every subnet page shows EMA price beside the spot. The Dereg # column and the at-risk table on the explorer are ranked by it.
Price alerts and the 1h / 24h / 7d change columns watch the spot price, since that is what a trade fills at. The queue and the valuation columns watch the moving price.
Read next
How the α price works
It is a ratio between two chain values, not an order book — which is why the price can move with no trade at all.
The deregistration queue
The queue is an ordering by the chain's moving price, not a forecast — how a rank is assigned, why it shifts without a trade, and what immunity does to it.
Market cap, FDV and supply
Supply counts α without pricing it; market cap prices what circulates at the chain's moving price; FDV prices the 21 million α every subnet could one day have.