Subnet MetricsIssue 231 August 2026

The week on chain

Upside dispersion outran the downside: the top five gainers each rose at least 37.4%, while the worst decliner, SN71, fell 24.6%. Most of that was small-cap — SN103 nearly doubled (+99.1%) on a 4,081.8 TAO cap — but the standout is SN61, +73.8% at 62,995.3 TAO, by far the largest cap in either list. Concentration stays high: top five 31.9%, top ten 46.7%; median root proportion 0.159. The most interesting number is the buyback scan: of 30 subnets, 2 showed any flow, 413.9 TAO ($101,968.55) combined. If that holds, buybacks remain a two-subnet practice, not a market-wide one.

Panel depth
562
Subnets
128
Top-5 share
31.9%
Median root prop
0.159

Revenue-funded buybacks

2 of 30 subnets scanned showed any alpha bought back on chain this week, totalling 413.9τ (~$101,969).

SubnetNameτUSDWallet
SN8Vanta407.8τ$99,144owner-verified
SN64Chutes6.1τ$2,825unverified wallet
Owner coldkey read from the metagraph; only trades touching that subnet's own alpha are counted. A team buying through a wallet we cannot tie to the subnet is invisible here, so this is a floor, never a ceiling.

Biggest movers

Market-cap change over the week, excluding subnets under $50k where a large percentage move carries no information.

Subnet7dMarket cap (τ)
SN103+99.1%4,082τ
SN61+73.8%62,995τ
SN70+50.9%2,122τ
SN94+39.4%6,647τ
SN76+37.4%3,584τ
SN71-24.6%22,245τ
SN38-22.0%11,851τ
SN80-17.0%24,859τ
SN102-14.7%10,521τ
SN25-14.4%44,826τ

How these numbers are made

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.