Tokenomics

Learn how tao and alpha tokens are emitted and distributed to participants on Bittensor.

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The one-line version: tao has a fixed 21M supply on a Bitcoin-style

halving schedule. Each subnet also issues its own alpha token — and every
alpha token has the same 21M max supply on its own halving schedule. Each
subnet's alpha trades against tao at its own exchange rate, set by that
subnet's liquidity pool.

Supply

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The figures below are an illustrative snapshot, not live. For the current numbers, see the Taostats tokenomics page or query the API.

The total issuance shown on Taostats is taken directly from the substrate
blockchain and updates automatically. Because tao used to recycle registrations
is burned back into the unissued supply, the halvening schedule lengthens over
time — this is calculated at the current block/issuance.

Halving

Bittensor tokens follow the Bitcoin halving schedule. The total token
issuance, not the block number, determines the exact point each halvening
occurs (see Halving).

Because the halvening is issuance-driven, you read it off the chain rather than
counting blocks. The current block and issuance are available from the API, for
example:

curl -H "Authorization: $TAOSTATS_API_KEY" \
  "https://api.taostats.io/api/block/v1?limit=1"

Emission split

Alpha emission is divided between the participants and the subnet pool:

• Miners earn incentive for useful work
• Validators earn dividends for accurate consensus
• Stakers earn a share of the validator's dividends

See Staking in dTao for how to participate.

In this section

• Tokenomics
• TAO
• Alpha tokens
• Alpha emission — see How emission works
• Halving
• Burning
• Recycling
• Price Impact and Slippage