Price-based emission shares (PRs

🚧

Superseded as the final formula by spec 440

As of spec 440 (2026-07-27), the price-based quantity on this page —
price × (1 − miner_burned), renormalized — is now the demand input to a new
emission gate, not the final
emission share. Emission is no longer proportional to demand. This page still
explains how demand is built; see The emission gate (spec 440)
for what happens to it next.

📘

Now live on chain

Price-based emission shares are live on chain (Subtensor PRs
#2779,
#2781, and
#2800). The full
explainer has moved into the emission concept docs.

For how emission works now — the live per-block share formula
(share_i ∝ price_i × (1 − miner_burned_i)), the miner-burn scaling, the
alpha-injection cap, and worked examples — see:

Tao Emission in Concepts → Tokenomics → How emission works.