The Conviction Illusion: What Owner Alpha Lock Actually Measures
One subnet owner sold roughly three quarters of their position over six weeks. The whole time, the number everyone uses to check whether a founder is committed said 97% locked. It was not lying. It was answering a different question.
If you are putting TAO into a subnet, one of the first things you probably check is whether the owner has locked their alpha. It is public, it is a single number, and it feels like it tells you something important: does the person who built this have skin in the game, or are they quietly heading for the exit?
We went looking for how well that number works. The answer is that it does not work, in three separate ways, and the failures stack on top of each other. On some subnets it is measuring something the protocol did automatically. On others it hides an owner selling. And on at least one subnet, everything looks perfect while nearly 39% of the supply sits in wallets connected to the owner, almost none of it locked.
To put that in plain terms: if you bought into SN122 six weeks ago because the owner looked committed, the number you were relying on read 97% locked the entire time you held it, while the owner sold their way down from roughly 127,000 alpha to 16,000. Nothing about that reading was false. It simply was not answering the question you were asking.
This report shows you where the number breaks, names the subnets where we can demonstrate it, and ends with the five things worth checking instead.
This is a snapshot, not a full history. Chain state was read on 11 August 2026. Most flow figures cover a fourteen day window, with a longer reconstruction where our archive supports one. Positions change constantly and some of these numbers will be stale by the time you read them.
We can see what happened, not why. Everything here comes from public chain data. It shows what wallets did, when, and in what size. It cannot show intent, and we make no claim about anyone's motives. Every pattern below has at least one innocent explanation, and we say so where it applies.
We are not experts and do not claim to be. We are traders and engineers running a node and reading what it returns. Chain data can be misread and any tooling that reads it can get things wrong, including ours. Check everything yourself.
Start with the simplest question: is anything locked at all?
Before asking whether the lock number is honest, it is worth asking how many owners have one.
Most do not.
Owner alpha lock across all 128 subnets
So for more than half the field, the question of whether the lock number is trustworthy does not arise. There is no lock. That on its own is worth knowing before you read anyone's marketing.
The interesting failures are in the minority who do have a lock, and that is where the rest of this report lives.
Failure one: sometimes the protocol locks it for them
Thirteen subnets have a setting switched on called OwnerCutAutoLockEnabled. Where it is on, the protocol automatically locks the owner's share of emissions as it arrives. The owner does nothing. The number climbs by itself.
You can see it clearly by watching a single day and asking a simple question: of the new alpha that arrived in the owner's wallet, how much ended up locked?
Of new alpha arriving in one day, how much got locked
Eleven of the fifteen highest owner lock scores on the network are auto-lock subnets. If you have been ranking subnets by founder commitment, most of the top of your list is really a ranking of which subnets have received the most emissions.
To be clear, nobody is doing anything wrong here. It is a protocol feature and it is public. The owners on those subnets did not cause the reading. The problem is the number, and reading it without knowing whether the switch is on.
Failure two: it can hide an owner selling
This is where it stops being a measurement quibble and starts costing people money.
Because auto-locked alpha keeps arriving in the locked pile, the percentage stays high whatever else the owner does. If they are selling at the same time, the two movements partly cancel out. The headline number stays healthy. The selling does not show up.
Two subnets in the current field demonstrate this.
SN122 CookingTAO
SN122 owner position, last 14 days
Widen the window and it gets worse, not better. This owner has been selling since at least 1 July. Over the whole period we can reconstruct, they removed 111,141 alpha, taking the position from at most 127,217 down to 16,076. The last two weeks are not the start of anything. It is a long, steady unwind that has been running for six weeks, and the lock number was reading in the nineties throughout.
SN87 Provenonce
Same reading, opposite story, which is why the distinction is worth making.
SN87's owner removed 13,230 alpha, roughly 11% of what they held two weeks earlier, and the lock number also read 97%. But this owner sold nothing at all in the seventeen days before that. This is new behaviour, starting recently, rather than the continuation of a long exit.
| Subnet | Sold, 14d | Share of position | Held now | Lock said | Pattern |
|---|---|---|---|---|---|
| SN122 CookingTAO | 43,971 | 73% | 16,076 | 97% | 6 week unwind |
| SN87 Provenonce | 13,230 | 11% | 105,415 | 97% | newly started |
Those two are not unusual. Across the whole network, 33 subnet owners are currently selling in size. Here is every one of them, with how much they sold in the last two weeks, how much they have sold over everything we can reconstruct, and whether this is new behaviour or an unwind that has been running for a while.
| Subnet | Sold, last 14 days | Sold, whole window | Pattern |
|---|---|---|---|
| SN112 minotaur | 249,874 | 249,874 | NEW |
| SN100 BASE | 224,787 | 224,787 | NEW |
| SN9 iota | 220,200 | 220,200 | NEW |
| SN71 Leadpoet | 129,888 | 129,888 | NEW |
| SN113 TensorUSD | 85,049 | 85,049 | NEW |
| SN118 Ditto | 62,743 | 62,743 | NEW |
| SN122 CookingTAO | 43,971 | 111,141 | CONTINUOUS |
| SN55 NIOME | 41,540 | 41,540 | NEW |
| SN59 Babelbit | 26,151 | 81,884 | CONTINUOUS |
| SN110 Green Compute | 20,960 | 41,219 | CONTINUOUS |
| SN62 Ridges | 20,018 | 24,715 | TOO EARLY TO SAY |
| SN1 Apex | 20,000 | 35,000 | TOO EARLY TO SAY |
| SN13 Data Universe | 20,000 | 35,000 | TOO EARLY TO SAY |
| SN70 NexisGen | 19,996 | 37,695 | SPEEDING UP |
| SN69 Herald | 19,937 | 38,095 | CONTINUOUS |
| SN36 Leoma | 19,805 | 37,478 | CONTINUOUS |
| SN21 AdTAO | 19,802 | 38,879 | CONTINUOUS |
| SN20 ChronoSeek | 19,197 | 20,600 | TOO EARLY TO SAY |
| SN78 Vocence | 18,771 | 36,879 | CONTINUOUS |
| SN26 Perturb | 18,600 | 36,730 | CONTINUOUS |
| SN54 Yanez MIID | 18,368 | 37,857 | CONTINUOUS |
| SN30 Endure Network | 18,338 | 35,984 | SPEEDING UP |
| SN35 OxMarkets | 16,783 | 34,690 | CONTINUOUS |
| SN11 TrajectoryRL | 14,992 | 14,992 | NEW |
| SN104 Masx.ai | 13,608 | 2,215,397 | SLOWING |
| SN87 Provenonce | 13,230 | 13,230 | NEW |
| SN27 Orion | 11,614 | 11,750 | SPEEDING UP |
| SN115 HashiChain | 11,322 | 119,406 | CONTINUOUS |
| SN119 Satori | 11,028 | 145,566 | CONTINUOUS |
| SN56 Gradients | 10,000 | 20,335 | CONTINUOUS |
| SN82 Compelle | 6,998 | 33,446 | CONTINUOUS |
| SN45 AlphaRidge.ai | 2,400 | 6,600 | CONTINUOUS |
| SN102 ConnitoAI | 58 | 58 | NEW |
Ten of these owners started selling inside the last two weeks. Fifteen have been selling continuously for longer. Three are speeding up, one is winding down the tail of a much larger exit, and four have too little history for us to call either way.
The column that matters most is the difference between the two number columns. Where they are identical, everything on record happened in the last two weeks: SN112, SN100, SN9, SN71 and SN113 each sold six figures of alpha with nothing on record before. Where the second number is much larger, the recent selling is part of something longer, and SN104 is the extreme case at 2.2 million alpha sold over four months, of which the last two weeks are a rounding error.
What that is actually worth
Alpha figures are hard to feel. So here is the same selling in TAO, and this is not a price estimate: the chain records the TAO that moved on every one of these transactions, so this is what the sellers actually received.
| Subnet | Alpha sold, 14d | TAO received | When |
|---|---|---|---|
| SN9 iota | 220,200 | 7,326 | 4 and 10 Aug |
| SN100 BASE | 224,787 | 1,244 | 9 Aug |
| SN112 minotaur | 249,874 | 646 | 5 Aug |
| SN71 Leadpoet | 129,888 | 599 | 29 Jul, 5 Aug |
| SN113 TensorUSD | 85,049 | 255 | 1 and 6 Aug |
| SN122 CookingTAO | 43,971 | 207 | 6 Aug |
| SN87 Provenonce | 13,230 | 50 | 2 and 10 Aug |
| Total | 967,000 | 10,328 | two weeks |
Seven subnet owners took just over 10,300 TAO out of their own subnets in two weeks. One of them, SN9, accounts for 7,326 of it across two days.
Widen the window and SN122 alone comes to 1,082 TAO since 1 July, roughly double what the same alpha would fetch today, because the July sales executed at around twice the current price. SN104's four month exit realised at least 4,622 TAO, and that figure covers only about half the transactions: the rest fall inside a gap in our archive where the amounts were not recorded.
These are the amounts received, so they are not affected by later price moves. But do not read them as what the same alpha is worth now. Selling into these pools moves the price against the seller, and several of these positions are enormous relative to the pool they sit in. SN100's two week sale was 47% of its pool's alpha reserve. SN104's total position was larger than its entire pool. A holder looking at a position that size should assume the exit price is well below the quoted one.
Nine of those owners look almost identical. SN110, SN70, SN69, SN36, SN21, SN78, SN26, SN54 and SN30 have each sold between 18,000 and 21,000 alpha in the last two weeks, and each now holds between 276 and 447. The amounts are near identical. So are the leftovers. None of them has anything locked.
The obvious guess is owners selling their emission share as it arrives, which would leave a small residue and a steady outflow of similar size on subnets earning similar emissions. That is a guess and we have not tested it. It could equally be an automated sweep to a treasury, a custody arrangement, or a shared service several teams use. If you can explain it, we would like to hear it.
The whole window figure covers as far back as our archive reaches, up to about four months, and it is exact: these are dated transactions. What we cannot state exactly is what anyone held at a past date, because emissions arriving in the meantime cannot be separated out. Where we give a past position it is a ceiling, not a measurement.
Two entries are small enough to be noise and are included only because they appear elsewhere in this report. Judge the table by the top of it.
Failure three: the alpha can simply be somewhere else
Now the case that matters most, because on this one the lock number itself looks fine.
SN53's owner has 99% of their alpha locked. The auto-lock setting is on, so treat that with the scepticism the last few sections earned, but even taken at face value it looks like a committed founder.
Then you look at who actually holds the subnet.
Who holds SN53
How it got there, and why the obvious check misses it
The natural assumption is that the owner swapped to a new coldkey and left the alpha behind in the old one. That is worth ruling out properly, because if it were true you could catch it by looking at swap records.
It is not what happened, and the chain is unambiguous about it. Of the nineteen coldkey swaps on record, every single old key holds exactly zero stake on every subnet. A formal coldkey swap moves everything, including the free balance. It cannot leave alpha behind even if someone wanted it to.
What our event archive shows on SN53 is a different sequence:
4 May 2026 and 27 June 2026: a wallet we will call the predecessor sends SN53 alpha out to two other wallets. Eight transfers in total.
4 July 2026: the same predecessor wallet sends 0.291 TAO to a brand new coldkey. That transaction is the new coldkey's first appearance anywhere in fourteen months of chain history.
Today: that new coldkey is the subnet owner, holding 1.27% of supply with 99% of it locked. The predecessor wallet still carries an owner flag in our records while owning no subnet at all.
The alpha left before ownership changed hands. That ordering is the whole thing: there was never a swap to find, so nothing that checks swap records will ever flag this.
We also rebuilt the connection independently, working only from funding and transfer history rather than from the holder table, to see how much we could prove rather than observe. That method proves 25.35% of supply is owner-connected and traces a further 3.80% where we can see the alpha move but cannot establish the proportion. It stops short of the 38.87% the holder table shows. We report both numbers and never add them together.
Two subnets out of 128 show a pattern like this, SN53 and SN122. It is demonstrable, not widespread. And moving alpha between related wallets has plenty of ordinary explanations: custody arrangements, team allocations, separating operational funds from long-term holdings. We cannot tell those apart from anything else, and we are not trying to. The narrow, provable point is that the lock metric shows you 1.27% of this subnet and reads like a statement about all of it.
The list this should have been all along
Everything above says what the published number cannot tell you. So here is the version that can.
For every subnet we took the alpha locked by the owner coldkey and by every wallet the chain ties to it through funding and transfers, and measured it against the subnet's actual staked alpha rather than against the owner's own bag. That is the number that answers "how much of this subnet is genuinely committed."
Click any row to see the wallets and the transfers that connect them. On the bar, the bright section is the owner key alone and the faded extension is the connected wallets.
1SN122 CookingTAOauto7.81%47.57%147,2435
These wallets are connected to the owner key by transfers on chain. That is the whole claim. It is not a claim of common ownership, and nothing here establishes who holds the keys to any wallet.
This subnet has the runtime owner-cut auto-lock enabled. A high locked figure here is emission arithmetic accruing into a lock, not a commitment the owner chose to make.
PROVEN. Share of the subnet established for each wallet below.
| Wallet | Alpha held | Share of staked base | Locked | Why it is in this group |
|---|---|---|---|---|
| 5F3uH1G4QNyT8UR6D2Zf2zmXa6WAxYC3MfaiSGgg5pScWfY9 | 17,129 | 8.073% | 16,579 | the subnet owner key itself |
| 5GYRz5Q5PoiVaD3Cj6HAFXL6aiMJKUSsLBpr6btjaxDV3Au1 | 5,785 | 2.726% | 3,599 | its first transaction on chain was paid for by a wallet already in this group |
| 5HBbp7iBNwxZsyCVPUqDiihkait1iL1qWVRvdG4MK9M3gTWL | 11,124 | 5.242% | 9,257 | its first transaction on chain was paid for by a wallet already in this group |
| 5E9gNdMQwUPT2iGvUsB362kopkDfPuNB35XodhfcivyjyfU6 | 113,205 | 53.351% | 71,504 | its first transaction on chain was paid for by a wallet already in this group |
| 5FjCdus4SxxBw1n7GmLn5Ud4iuyokTqA4XWHz7QyzgaRbr33 | 0.00 | 0.000% | none | it received this subnet's alpha from the group, and its position is accounted for against its own recorded inflow |
CONNECTED, QUANTITY NOT ESTABLISHED. None on this subnet.
2SN79 MVTRXmanual43.33%43.33%1,456,7731
These wallets are connected to the owner key by transfers on chain. That is the whole claim. It is not a claim of common ownership, and nothing here establishes who holds the keys to any wallet.
PROVEN. Share of the subnet established for each wallet below.
| Wallet | Alpha held | Share of staked base | Locked | Why it is in this group |
|---|---|---|---|---|
| 5Fxp7QBG81X7PLdMkAe1RLCvqqfQSw9rJC5ppEQs9FP8qez9 | 1,456,773 | 49.736% | 1,269,237 | the subnet owner key itself |
CONNECTED, QUANTITY NOT ESTABLISHED. None on this subnet.
3SN31 rec4llauto42.60%42.60%430,2161
These wallets are connected to the owner key by transfers on chain. That is the whole claim. It is not a claim of common ownership, and nothing here establishes who holds the keys to any wallet.
This subnet has the runtime owner-cut auto-lock enabled. A high locked figure here is emission arithmetic accruing into a lock, not a commitment the owner chose to make.
PROVEN. Share of the subnet established for each wallet below.
| Wallet | Alpha held | Share of staked base | Locked | Why it is in this group |
|---|---|---|---|---|
| 5H3mfhC8DS853nezGzh73rRnrFqPaPXtaCR8jDtgkSCHrfvb | 430,216 | 48.252% | 379,834 | the subnet owner key itself |
CONNECTED, QUANTITY NOT ESTABLISHED. None on this subnet.
4SN98 NeverPlayAlonemanual39.68%39.68%716,1753
These wallets are connected to the owner key by transfers on chain. That is the whole claim. It is not a claim of common ownership, and nothing here establishes who holds the keys to any wallet.
PROVEN. Share of the subnet established for each wallet below.
| Wallet | Alpha held | Share of staked base | Locked | Why it is in this group |
|---|---|---|---|---|
| 5EWzZCNsJe72k44Jd9oPUXRRkxVgFAtjyohgSwmTu6F8MBHM | 703,242 | 45.749% | 610,030 | the subnet owner key itself |
| 5Dd9Q6yueRkH1fLTHa2xdEEPoMQiqenWKRMUtZKPTuvjRL3w | 0.00 | 0.000% | none | a former subnet owner, with a direct transfer to this group |
| 5E7oKnycr7ypwVKgfpZ4TQ7PfmjfvJeRd1iTeBt2X1G9SR6j | 12,933 | 0.841% | none | it received this subnet's alpha from the group, and its position is accounted for against its own recorded inflow |
CONNECTED, QUANTITY NOT ESTABLISHED. None on this subnet.
5SN96 Verathosauto10.32%38.58%181,5348
These wallets are connected to the owner key by transfers on chain. That is the whole claim. It is not a claim of common ownership, and nothing here establishes who holds the keys to any wallet.
This subnet has the runtime owner-cut auto-lock enabled. A high locked figure here is emission arithmetic accruing into a lock, not a commitment the owner chose to make.
PROVEN. Share of the subnet established for each wallet below.
| Wallet | Alpha held | Share of staked base | Locked | Why it is in this group |
|---|---|---|---|---|
| 5CGq1JQhmZmR8w3pXFqycUgX9mcLt8bPwMZ8YDJbEmELpw7X | 40,426 | 10.446% | 39,924 | the subnet owner key itself |
| 5FJwhCxmPYnYNiufKTkcFFErkg1CjDFzxyu5DYS6cjts9peb | 55,713 | 14.397% | 47,673 | it received this subnet's alpha from the group, and its position is accounted for against its own recorded inflow |
| 5H3UwE8mr9QsA4fv9CQUpkQXjvwsYoie4bbNd6dy4sDwqrdQ | 54,044 | 13.966% | 40,908 | it received this subnet's alpha from the group, and its position is accounted for against its own recorded inflow |
| 5HckXYkgZxnwypjfHESFaQKUFp1tzyvcXtjP71GfLrQrTZbD | 12,225 | 3.159% | 8,870 | it received this subnet's alpha from the group, and its position is accounted for against its own recorded inflow |
| 5EGwaVC6uG84zRhE1Cvv3cZM2Ka4TaPBFgcMEgC6hBaZdiVu | 15,691 | 4.055% | 11,904 | it received this subnet's alpha from the group, and its position is accounted for against its own recorded inflow |
| 5HEV5yuo6N2gEcdm4guDihppttiU48EM6fmK2UH2wdYmXVuV | 0.00 | 0.000% | none | it paid for the first transaction of a wallet already in this group |
| 5EynK1njxSmF2tREY24JMWisDX47HKWHAs3vKgSRVSC9JzXx | 0.00 | 0.000% | none | its first transaction on chain was paid for by a wallet already in this group |
| 5EquLazbKZPzMKwYB17266gHV8XLzyEJQX9Bh2zCEvUHk5SU | 3,435 | 0.888% | none | it received this subnet's alpha from the group, and its position is accounted for against its own recorded inflow |
CONNECTED, QUANTITY NOT ESTABLISHED. None on this subnet.
6SN126 Poker44manual33.66%33.66%314,2975
These wallets are connected to the owner key by transfers on chain. That is the whole claim. It is not a claim of common ownership, and nothing here establishes who holds the keys to any wallet.
PROVEN. Share of the subnet established for each wallet below.
| Wallet | Alpha held | Share of staked base | Locked | Why it is in this group |
|---|---|---|---|---|
| 5DqrUa2z6E9taJdY8FGiPCrtCswsEjHjPbVo5xcTw2GqvKZm | 312,489 | 61.751% | 170,343 | the subnet owner key itself |
| 5Eea9VRahndPNsUE2mMMbkuHSgFpeZLrQbaJED1ykdC8hXm5 | 1,807 | 0.357% | none | its first transaction on chain was paid for by a wallet already in this group |
| 5DUYX7X2Z9Jizr1NABUFDYV7ruFVNcUmKdxw9HxVP3sN9RUD | 0.00 | 0.000% | none | its first transaction on chain was paid for by a wallet already in this group |
| 5EqQXhbU1YoZ6ZLCDBBjBT6PPdTR1TVTxGHivdj4So6P6fn2 | 0.00 | 0.000% | none | its first transaction on chain was paid for by a wallet already in this group |
| 5FqTdyGjGYkRxNpYGJtFg1kgzm8Wn9EBUQaBvXmPX7MNCFtF | 0.00 | 0.000% | none | its first transaction on chain was paid for by a wallet already in this group |
CONNECTED, QUANTITY NOT ESTABLISHED. Every wallet below is here for the same reason: alpha reached it from this group, but how much of its holding that represents could not be established. No share is claimed for any of them and nothing below is counted in the figures above.
Some transfers below read amount not established in comparable units. A stake transfer emits no alpha figure of its own, and where the matching record that carries one has not survived in the archive, the column that remains holds TAO on some rows and alpha on others. The transfer is on chain and its date, direction and counterparty are certain. Only the size is not, so no number is printed for it.
| Wallet | The transfers connecting it to the group |
|---|---|
| 5FnBVmyn1jDZyKUZ2xskzyw2EaWm2jxSspSRkcubYsFviDYd |
|
7SN2 DSpersemanual31.15%31.15%1,002,6691
These wallets are connected to the owner key by transfers on chain. That is the whole claim. It is not a claim of common ownership, and nothing here establishes who holds the keys to any wallet.
PROVEN. Share of the subnet established for each wallet below.
| Wallet | Alpha held | Share of staked base | Locked | Why it is in this group |
|---|---|---|---|---|
| 5EcYQ3W77ndrmMWdvVQusoFqY8doxfP3U2zrh7xZQiaz7avY | 1,002,669 | 36.961% | 844,989 | the subnet owner key itself |
CONNECTED, QUANTITY NOT ESTABLISHED. Every wallet below is here for the same reason: alpha reached it from this group, but how much of its holding that represents could not be established. No share is claimed for any of them and nothing below is counted in the figures above.
Some transfers below read amount not established in comparable units. A stake transfer emits no alpha figure of its own, and where the matching record that carries one has not survived in the archive, the column that remains holds TAO on some rows and alpha on others. The transfer is on chain and its date, direction and counterparty are certain. Only the size is not, so no number is printed for it.
| Wallet | The transfers connecting it to the group |
|---|---|
| 5FbeNoxkQY4nCp2hVDSY2yccKWdWbWueW6mk7QN3TxGyukyb |
|
8SN108 Prometheonmanual14.74%29.72%441,8583
These wallets are connected to the owner key by transfers on chain. That is the whole claim. It is not a claim of common ownership, and nothing here establishes who holds the keys to any wallet.
PROVEN. Share of the subnet established for each wallet below.
| Wallet | Alpha held | Share of staked base | Locked | Why it is in this group |
|---|---|---|---|---|
| 5GpmtjiGfHojYdyM4bc85XCAGZo15xS7Y5gbNS17Wgjwv23e | 229,929 | 21.906% | 154,748 | the subnet owner key itself |
| 5HDuqw9fkqG3xdm1yZA8dfKeLBnZhg138xiMwnYQdBeLfytT | 0.00 | 0.000% | none | it paid for the first transaction of a wallet already in this group |
| 5Hp7D6QXecRF6LrWvQVLycZEGhJRWHpim3EXqDCbfERnA4BR | 211,930 | 20.191% | 157,215 | it received this subnet's alpha from the group, and its position is accounted for against its own recorded inflow |
CONNECTED, QUANTITY NOT ESTABLISHED. None on this subnet.
9SN8 Vantamanual27.23%27.23%870,5074
These wallets are connected to the owner key by transfers on chain. That is the whole claim. It is not a claim of common ownership, and nothing here establishes who holds the keys to any wallet.
PROVEN. Share of the subnet established for each wallet below.
| Wallet | Alpha held | Share of staked base | Locked | Why it is in this group |
|---|---|---|---|---|
| 5F6tnxzAAxbhaWRmeUmB63JEM3VXBNSmqb3AwYJVDStQjw8y | 865,687 | 39.292% | 600,000 | the subnet owner key itself |
| 5E7qjZYRQLCf9V17gNDEWjb6UfUnYFnRhGJi4ZhBpmj9MhqN | 4,819 | 0.219% | none | it received this subnet's alpha from the group, and its position is accounted for against its own recorded inflow |
| 5Dit66PhxRPocT4d5Du8M1wn9DFVpFSjsjPdBEBFMV4Hr9Hh | 0.00 | 0.000% | none | its first transaction on chain was paid for by a wallet already in this group |
| 5ELQepEdQcpB4mcw96xpkFW5aUp4N7iGNhGGErjqx2ywefBA | 0.00 | 0.000% | none | its first transaction on chain was paid for by a wallet already in this group |
CONNECTED, QUANTITY NOT ESTABLISHED. Every wallet below is here for the same reason: alpha reached it from this group, but how much of its holding that represents could not be established. No share is claimed for any of them and nothing below is counted in the figures above.
Some transfers below read amount not established in comparable units. A stake transfer emits no alpha figure of its own, and where the matching record that carries one has not survived in the archive, the column that remains holds TAO on some rows and alpha on others. The transfer is on chain and its date, direction and counterparty are certain. Only the size is not, so no number is printed for it.
| Wallet | The transfers connecting it to the group |
|---|---|
| 5EDB9Vj34nHZ6eT7aDMfQs9bnNTsN3fnobr4Gr3TGafJ2D41 |
|
| 5G961qS3KZNJfqYZ5ikC9uWrjaHDDG8teZ1sps2LvT7WXXph |
|
| 5C5oJQJx19aUzTHA9S6jxjMkZ9u5WHEMfh7o5jreKYZ3d38q |
|
| 5FCn8xHoksshHanqJU1gSVU7kKFVc3Dx1hgsjV3pJR96VRSj |
|
| 5HM5zW2MRnvg8w4nFNzH2umn8BTcM14ksvv5Y6FiwobtaYsV |
|
| 5F8yYaMNCs3By6LaMBetAzwqRSfPZugtHpQW1fxHWV38ssKA |
|
| 5Hop9rqChXar2gStxeTuDRuMSZxcpwzxX2akQhwBAKFp9fBG |
|
| 5CFEgKtmDoCwm1uHSKZG7nQRyg9tBGESC23z8Awt4YErd2bF |
|
| 5Cr4S19T3HwvvxTWeGWtZNcnW3oKUSXMeGHiMiQgPAeRUmtG |
|
| 5CvjUxhoQeQc3rmkZBnVn5eX2btqe5okHzks6YWebvaFCDKM |
|
| 5DJMzERMHnkkmpKAMWn6LEW6d6aAmfidUziaxZGm3KriEJbg |
|
| 5Hp7iZTBLGVXvXBdSmzXDQ2JKFAQbvxtoX47T4GckBtbnbKN |
|
| 5H9eMnkiJjqw2yM74WyS3uBVpTrkjiY4XKYPg1K9mNcBmZJr |
|
| 5F24oMCnxP1M36chA8u17LYHA9KPdMnfnRgijBLMFRxtaKZB |
|
| 5DApQ98LpFtbmbpuvGhcGbpwUqPzc2cwAEndyv5aNsvjqVNk |
|
| 5EPNECUZXEGpfwHqHisMVAmUWfjzdXKWbxyDpAqr1GUuvEZw |
|
| 5Dcz4UUiEwBZA8thBrSfSZg7tJ1vKXYP1bXN25MhK5wgKTFg |
|
| 5Gsf7sSRH2sevTvfLYJeWobtVFXYE1g4FsrM4czHy6oNkkUs |
|
| 5DZWMbiP3X2uaQbND9guZF4mdJBPJFk4YDEjDLrSg2AWt9iR |
|
| 5ELTN8THJMzBNqsU7fLUY97WJDLK2frp43LoNdq7JojfTT5j |
|
| 5G939WPapUY3xPVE6sNLzUVVS1cwJkm9JAz5Xr1nckYHaLtC |
|
| 5GYpLJsXGQzLhcJv4tQoWs5bboCPU2u5dwDxP4NEmLqqVWVn |
|
| 5GMwVn3DgtrpMwYA1G7YPNYSsfp49N2bpBrzerGQwfupbdjq |
|
| 5ECpBfueVKEVd1bU6XoHtRQekya16Unco2EB7KtkV1LUjFP7 |
|
| 5EsgedK1dvhau2NFaVwLTaSDuRyGx6HKs6P36ofaVYDWvfQx |
|
| 5DZu8LWrPS2C8DWFJeXHEHxjoLvraHYz9TD5EvfZKXdo2PoK |
|
| 5Cr4SKgDNnGoePE2WBjtQo73H4GjjVbu41zqnVTEmwdJxQvM |
|
| 5GaUQoQdEpbCJnFosjxaiMwS9ZohTZMoruqHSbJhLnqKXavL |
|
| 5FjvZbR5Y3QYgpvtMcDSgs3gJQgjB1hT4CuYBPdF3HcRqiG1 |
|
| 5DfzmwGw1M7i3HKZFQv2WDwWAuPy6SVdAztzy2DwXrgrcVXi |
|
| 5DnfEKYqXp9LdyuSyoUddUSjGAqDovTVrMRHybzNDNuJtVYE |
|
| 5E2Rpjvx1zoywVrhLxfYtu3n3Trn1tSWm3RvopzS4dVEk6sL |
|
| 5G67ssSVQ4QyvjVjad6bgWf3gTU6VYbmc9eBqKYQXLUWkfGc |
|
| 5Cvy4r3FzXsgjUmJGNYycJ8Sx1UAUYC9NmPiBbVaQYXHJfUc |
|
| 5H19upjTMym2DgY75z9ZLieFMaJKr7vXdzmWtK1PnEePc5M3 |
|
| 5HmQ4a4T567pJHMUCP2QgXRZj8KYxKmCEH3BaRr52oEWahmm |
|
| 5EgvnELXwiAXw9bseP1tm8c4EEQq9reakY7omJb8bQbQoRbq |
|
| 5FpfHHBKZLDuGBDL5gD6uxTgjjuyjyQ3gcfbTWCkVoLsgAjp |
|
| 5D7Pr12Mv7KyZwvdeCLid1rSroEyjHj2HDb6Axof2jwWAtr1 |
|
10SN88 Investingmanual26.08%26.08%911,3787
These wallets are connected to the owner key by transfers on chain. That is the whole claim. It is not a claim of common ownership, and nothing here establishes who holds the keys to any wallet.
PROVEN. Share of the subnet established for each wallet below.
| Wallet | Alpha held | Share of staked base | Locked | Why it is in this group |
|---|---|---|---|---|
| 5FhMsGJS7WYdwBzcgsTWxEtY7UCYLZdmBVLcNPmCxr3ppiKS | 845,213 | 26.443% | 833,570 | the subnet owner key itself |
| 5G3qCQLVMuuc4RGxBLTu3bkUD3uSD8kZrppxNznjLQ8kuUPf | 0.00 | 0.000% | none | its first transaction on chain was paid for by a wallet already in this group |
| 5CAPEC1QQBmMfcD6sjwzeK2dBzBkZjjrqpT6Rwv4diYTTxhY | 0.00 | 0.000% | none | its first transaction on chain was paid for by a wallet already in this group |
| 5F7hWhfrfajUwX8D77j3MY8Mm2JmAm8LTi1RQMe3Bcv5F6oK | 27,741 | 0.868% | none | it received this subnet's alpha from the group, and its position is accounted for against its own recorded inflow |
| 5GgZopkPvpR1CzvXHkKq1VnT1ZGsK86Noy7fX8Axq3gGGHMp | 38,424 | 1.202% | none | it received this subnet's alpha from the group, and its position is accounted for against its own recorded inflow |
| 5Gyf24DZvob75X6yRmEGqgGxkAgApGAh1TcjHcE4U5fdPzCM | 0.00 | 0.000% | none | its first transaction on chain was paid for by a wallet already in this group |
| 5GunvcaiSh7eKEUym6PZMujByyN22kfTQ3RaWfqt52FbCfxb | 0.00 | 0.000% | none | its first transaction on chain was paid for by a wallet already in this group |
CONNECTED, QUANTITY NOT ESTABLISHED. Every wallet below is here for the same reason: alpha reached it from this group, but how much of its holding that represents could not be established. No share is claimed for any of them and nothing below is counted in the figures above.
Some transfers below read amount not established in comparable units. A stake transfer emits no alpha figure of its own, and where the matching record that carries one has not survived in the archive, the column that remains holds TAO on some rows and alpha on others. The transfer is on chain and its date, direction and counterparty are certain. Only the size is not, so no number is printed for it.
| Wallet | The transfers connecting it to the group |
|---|---|
| 5G4j6H4LZMoBcwyokWfzPJbWooRD4VBFsQgytFmrGcg9iu1Q |
|
| 5DctPwrbcGyUK8NeXwAE6zCPykjnyr1QvZ4PAuLUhjT7oqHP |
|
| 5GULjuRpF34khB67a3cb7G1kzhgpu8h6VZu6vMDod4APKbSU |
|
| 5Cg4pHmGcrff3xQBRT6ibqoxREkEtRcWWPRVvGLKtKarEoHN |
|
| 5F3ATFoMzk88rkqujjrjSCRzVRQUTVrycUgr1etCVR8wHCZx |
|
| 5GTxyQkpkGAjComx9uYvwBzGecWAdap8GCQyMymnpJrmosU7 |
|
| 5EhYf1ZRDLfX4egS9PiJUZkiMXaz6SYhp2SSnHYskMk7dwjv |
|
| 5H8jqL8uN9HtnGyKKRgseskF3DsjrHmaua8bP83rfezHaf9k |
|
| 5DhjjT69p6jDvQnm5GypgZpwAk81mk6GdLk1bkbaQHvVhH5R |
|
11SN36 Leomamanual0.00%24.31%133,0888
These wallets are connected to the owner key by transfers on chain. That is the whole claim. It is not a claim of common ownership, and nothing here establishes who holds the keys to any wallet.
PROVEN. Share of the subnet established for each wallet below.
| Wallet | Alpha held | Share of staked base | Locked | Why it is in this group |
|---|---|---|---|---|
| 5GLGTwG6n4dFPMwcN5BWJ1tw7fwcgQsjxCV4xb5ft3vKLUxc | 69.31 | 0.015% | none | the subnet owner key itself |
| 5F6qhoJVqYuHc6QX7JJKVV1dbseN6DdR8TSNz7U3THfb1eiH | 67,459 | 14.479% | 64,379 | it received this subnet's alpha from the group, and its position is accounted for against its own recorded inflow |
| 5Gn5wVBBP3LtBmHRvJhBTbVpcQ7JKsvW8PXT8nGh8SW2aJGX | 126.32 | 0.027% | none | it received this subnet's alpha from the group, and its position is accounted for against its own recorded inflow |
| 5FWuT4Yye3AFE7bgnNu98Jm1gsMUCLjZygYm3PZe9dFsVkPC | 65,434 | 14.045% | 48,870 | it received this subnet's alpha from the group, and its position is accounted for against its own recorded inflow |
| 5Fsk6LX8C94myzDY2R7BMHg8ZQQsn9SQNqfFaQcTtRaHH1Ki | 0.01 | 0.000% | none | it received this subnet's alpha from the group, and its position is accounted for against its own recorded inflow |
| 5HisJVRY5s72aGFqcvemjk2AzdQnPhbTcMjWDecWZKtoCqj9 | 0.00 | 0.000% | none | a former subnet owner, with a direct transfer to this group |
| 5FxogcQr2XDRNCKSaaHh3AujzJKqksCzKLQWvPzToxG64tfm | 0.00 | 0.000% | none | a former subnet owner, with a direct transfer to this group |
| 5GxLskBB57iqicvLsLVYy2Rd8VcF2FYDKx7rX7yxntgEYudn | 0.00 | 0.000% | none | its first transaction on chain was paid for by a wallet already in this group |
CONNECTED, QUANTITY NOT ESTABLISHED. Every wallet below is here for the same reason: alpha reached it from this group, but how much of its holding that represents could not be established. No share is claimed for any of them and nothing below is counted in the figures above.
Some transfers below read amount not established in comparable units. A stake transfer emits no alpha figure of its own, and where the matching record that carries one has not survived in the archive, the column that remains holds TAO on some rows and alpha on others. The transfer is on chain and its date, direction and counterparty are certain. Only the size is not, so no number is printed for it.
| Wallet | The transfers connecting it to the group |
|---|---|
| 5CMjdd7u9nmUCnTxyjsry1jF5VYgHDmRUHVdDgN6bvqGSRa9 |
|
12SN72 StreetVisionmanual23.48%23.48%507,0991
These wallets are connected to the owner key by transfers on chain. That is the whole claim. It is not a claim of common ownership, and nothing here establishes who holds the keys to any wallet.
PROVEN. Share of the subnet established for each wallet below.
| Wallet | Alpha held | Share of staked base | Locked | Why it is in this group |
|---|---|---|---|---|
| 5FjP8fFbMb6pEHfRZyRegsmwRUMDuLFNcaBu1TerWMPEKgNh | 507,099 | 24.085% | 494,286 | the subnet owner key itself |
CONNECTED, QUANTITY NOT ESTABLISHED. None on this subnet.
13SN22 Desearchmanual22.23%22.23%920,2955
These wallets are connected to the owner key by transfers on chain. That is the whole claim. It is not a claim of common ownership, and nothing here establishes who holds the keys to any wallet.
PROVEN. Share of the subnet established for each wallet below.
| Wallet | Alpha held | Share of staked base | Locked | Why it is in this group |
|---|---|---|---|---|
| 5DFuaMasyQtPhXcsuoYEyJmCVSRtzKxsTKFTA4SrpcGXBxJn | 920,295 | 40.835% | 501,000 | the subnet owner key itself |
| 5GP3JUqhBiSh43AuZNaNbXEQAKbv58wS3HBNiHZbFfAxbvvr | 0.00 | 0.000% | none | its first transaction on chain was paid for by a wallet already in this group |
| 5GZ2inS3Y2vwaNkaq8BkY1edKjn7Vz9ACtXPk8A9xtVLcAf3 | 0.00 | 0.000% | none | its first transaction on chain was paid for by a wallet already in this group |
| 5CvmbBkqcsgyUNKcpQsq2GKNC3ZgyXt76ty746v8kN2J7Fu4 | 0.00 | 0.000% | none | its first transaction on chain was paid for by a wallet already in this group |
| 5CxSpzt5xe9x7YjjHGfofsDBzUwJwSKeSTKkm5keYWQ5TYoo | 0.00 | 0.000% | none | its first transaction on chain was paid for by a wallet already in this group |
CONNECTED, QUANTITY NOT ESTABLISHED. Every wallet below is here for the same reason: alpha reached it from this group, but how much of its holding that represents could not be established. No share is claimed for any of them and nothing below is counted in the figures above.
Some transfers below read amount not established in comparable units. A stake transfer emits no alpha figure of its own, and where the matching record that carries one has not survived in the archive, the column that remains holds TAO on some rows and alpha on others. The transfer is on chain and its date, direction and counterparty are certain. Only the size is not, so no number is printed for it.
| Wallet | The transfers connecting it to the group |
|---|---|
| 5Ejr1GtBNvnRzisKwZZwZT7Fuwax8Usnq6ELXJuMZ4jjKoH6 |
|
| 5Gxip1uWYwcjXaRoJSrjQ6qNGozJkBSZ8Si6fhgRsuAE7DQc |
|
| 5GxJo53LgwP7FJeQnfcycjmP8c5LWsSEisA8TYehsehQX83J |
|
| 5CiinK9DeAf5Q6GovTb9rRXoKARTuoPa2aqZWv7pKifi7iSk |
|
14SN109 Finsightauto21.11%21.11%175,1643
These wallets are connected to the owner key by transfers on chain. That is the whole claim. It is not a claim of common ownership, and nothing here establishes who holds the keys to any wallet.
This subnet has the runtime owner-cut auto-lock enabled. A high locked figure here is emission arithmetic accruing into a lock, not a commitment the owner chose to make.
PROVEN. Share of the subnet established for each wallet below.
| Wallet | Alpha held | Share of staked base | Locked | Why it is in this group |
|---|---|---|---|---|
| 5FqZqKFxfm3VWmc47UdEjaFyVrSfkGd4HcXwFoxH8vBGXKmv | 175,164 | 24.467% | 151,101 | the subnet owner key itself |
| 5GULfmPmMWHwxxi53Mm1bnajGh3MLY9mWGx4NQ3sCjFXix2A | 0.00 | 0.000% | none | it paid for the first transaction of a wallet already in this group |
| 5H1rAhJxCdyYTXifFQ4uKgUf8Bg4wRwiWv9MQvnBTjkmC66r | 0.00 | 0.000% | none | its first transaction on chain was paid for by a wallet already in this group |
CONNECTED, QUANTITY NOT ESTABLISHED. None on this subnet.
15SN60 Bitsec.aimanual20.90%20.90%759,0721
These wallets are connected to the owner key by transfers on chain. That is the whole claim. It is not a claim of common ownership, and nothing here establishes who holds the keys to any wallet.
PROVEN. Share of the subnet established for each wallet below.
| Wallet | Alpha held | Share of staked base | Locked | Why it is in this group |
|---|---|---|---|---|
| 5CXLwkK1Scd1uiMUrXYjJUTTPxqqyH2FTJQNLp9uXQhA9rhR | 759,072 | 24.776% | 640,433 | the subnet owner key itself |
CONNECTED, QUANTITY NOT ESTABLISHED. None on this subnet.
16SN64 Chutesauto19.15%19.15%588,78410
These wallets are connected to the owner key by transfers on chain. That is the whole claim. It is not a claim of common ownership, and nothing here establishes who holds the keys to any wallet.
This subnet has the runtime owner-cut auto-lock enabled. A high locked figure here is emission arithmetic accruing into a lock, not a commitment the owner chose to make.
PROVEN. Share of the subnet established for each wallet below.
| Wallet | Alpha held | Share of staked base | Locked | Why it is in this group |
|---|---|---|---|---|
| 5FRYKhbmfXPDoHdUUDMx27E3HuMvAzwjzFMMq3rNurUhAyS9 | 561,003 | 19.176% | 560,233 | the subnet owner key itself |
| 5EvYE2R9HhPpCk9M2hGgAy9HJ3seergi2cc14hqVkh3aeUy1 | 0.00 | 0.000% | none | its first transaction on chain was paid for by a wallet already in this group |
| 5FbeQFUH6amPW8R1PhdTWkV5nYAJLk4Txt4WYE9vyCxGsSuR | 0.00 | 0.000% | none | its first transaction on chain was paid for by a wallet already in this group |
| 5Dsup5t99FsNJfrPRLyGzjqNpvfY29DkCTBZeNoXQ47mLf4A | 1,286 | 0.044% | none | it received this subnet's alpha from the group, and its position is accounted for against its own recorded inflow |
| 5Hpej92E7Lbm7uRGy1CvfmbXE8vmoap14ksP3NjU1ETY6WpW | 323.64 | 0.011% | none | it received this subnet's alpha from the group, and its position is accounted for against its own recorded inflow |
| 5DcjH2Y8eXskQ9cGgoProcS7S6m9FRg7bdMqvZs4VT2gNsR2 | 810.23 | 0.028% | none | it received this subnet's alpha from the group, and its position is accounted for against its own recorded inflow |
| 5EXTR2hCUAbdAgPkqMJD4ndNWZsaU9D6EGmuD2HEyvqaLMzq | 2,218 | 0.076% | none | it received this subnet's alpha from the group, and its position is accounted for against its own recorded inflow |
| 5EPKhf4x5fiTZP3Z6zsStCBzLwv83kGTJihFDweNZSFyERVX | 100.21 | 0.003% | none | it received this subnet's alpha from the group, and its position is accounted for against its own recorded inflow |
| 5FgiGwWM2AEEDcqn5xTwnRVJ9urSsNzNW1ggoeCfepR4tJW6 | 23,042 | 0.788% | none | it received this subnet's alpha from the group, and its position is accounted for against its own recorded inflow |
| 5E7UMvpvVhNVd1mG3ESnidHkuYYDuUXiaZAs7DdbTtgVWszN | 1.00 | 0.000% | none | it received this subnet's alpha from the group, and its position is accounted for against its own recorded inflow |
CONNECTED, QUANTITY NOT ESTABLISHED. Every wallet below is here for the same reason: alpha reached it from this group, but how much of its holding that represents could not be established. No share is claimed for any of them and nothing below is counted in the figures above.
Some transfers below read amount not established in comparable units. A stake transfer emits no alpha figure of its own, and where the matching record that carries one has not survived in the archive, the column that remains holds TAO on some rows and alpha on others. The transfer is on chain and its date, direction and counterparty are certain. Only the size is not, so no number is printed for it.
| Wallet | The transfers connecting it to the group |
|---|---|
| 5F6D1yTyQDwqR8Hjawq733WSnZVpH3X3W2aQhAWyCZq47nrf |
|
| 5FAKpLtbh13cAZiHQ8YSDSsCA79ncWUoZ5zxUukzuTPgyt31 |
|
| 5GwwgjAwG6YDfWfQkVTF98UJp3m9whgYb4oDWLBmoHamVgtm |
|
| 5DST3WBaAqDuaRbJqDWaebWyVKFrC4s2ybvFHZxyHCi95GWC |
|
| 5DvYQsqXSEopGCnqLZsgaMBqe4eCsuXBJ29aVatc7kNGKh97 |
|
| 5EFH4biL5Y4XDojxXnQhxAsHVMrLsnZGgdr4m1jR6PCsiwQY |
|
| 5FHtYzR2QDGw1SDrKsCKdQSqi854GFUTMMAhnVm4h7D2PHCp |
|
| 5Hmah5V4YJJiguJ1uGAJfGFDgmHgerfE3qnX9RTeqwU5jmjS |
|
| 5DwAnycCA1KCJiNQHLmczPCwzhVkA3chJZAi3kMWt8FcVLHH |
|
| 5F25KQPXQw5r6STBwYy1UGSQAZGWMDRWvWepCESxXoYy4nBL |
|
| 5FBzKxpKkMwQAfVmgKpjTRW9jk7PiL8eYb2caX69JKBaXXsY |
|
| 5FYaimJ7hDrMVzt7W6baQRdYdL7FHNKP2F4qxFSzayBH7vkt |
|
| 5Fgg82qK3AH146UqqFqQ1LC6GrwtD7sW4TEsUWWFs3NTeacb |
|
| 5DyLCENcGatTiVcx3U7LBgjBBWwWtspveDTVPE15kbse88iS |
|
| 5EJ1D2C8xCua1FwfGprGk5EjjgwraRfjYMUntu4s4sjCwZyX |
|
| 5DyV8a62E2t2C4FoSqjihdV5USVXPEZYvZtUjXxZq1Mnvwwg |
|
| 5HgVF1ShEcQvehr6u2iB1UGGEAwjc4dksYZ9ZTNsMcWTavX4 |
|
| 5FpiDiQKRHFoPH7LfqwmQ85n8huZGHMCDMtZXRFcd7w6678j |
|
| 5GTf9MXJzGH3xHjfuB4nD6CF3sJEtLhgXXPGgWy9EvZN59vw |
|
| 5CMerExor7k3xU6QnUZ8GnpGRYyAC53VGGKecJSxWoUQGVbx |
|
| 5EWXdXdQUydzWp3sWcgAqDyWnryUXdo1JCdEzdwo63BQru71 |
|
| 5FLhFe9AwgBesjHD76zwDsxSmMJb6keHG6jgaXAurM7xFfmy |
|
| 5EHiSiLjQkZA8n8jegF2ka4NpLHzt6XxT9byEDFe6EPaNA9x |
|
| 5ERC7MVRvzqb9vLDqzS8M8gF7LVHFs5VFeSLPy6qZWDtoCz6 |
|
| 5GpHCAdL1ooxwXfii2bDEwBQJBGN3cWRa6N928KCc6hVWKct |
|
| 5FACvkkvECekzhszwFQAMXnpe8y4FvLsGU5srzdY4rfRRRjm |
|
| 5Gg4mE414nH14yV7m6jLtK2FSiHzft1N3QJLtwKK4nXLvzur |
|
| 5HchbhrbSACjXp36Tm3iRa1MKWm2aEVqbYYK3yVqmfXUdwEY |
|
| 5Ch6Xw7YuTKCha6qZYBavfV7SFJD1xtbofT4f1m9Fxwsz2Cn |
|
| 5H8YptsXrfmbARL9PbozdXF2AobN6s961yZQsDt8Qy8nig6g |
|
17SN123 MANTISmanual19.09%19.09%645,4561
These wallets are connected to the owner key by transfers on chain. That is the whole claim. It is not a claim of common ownership, and nothing here establishes who holds the keys to any wallet.
PROVEN. Share of the subnet established for each wallet below.
| Wallet | Alpha held | Share of staked base | Locked | Why it is in this group |
|---|---|---|---|---|
| 5HVuEdEGMYisecwjkWC7dKDPEzgs9cECdsdCQagfPRVf6FxZ | 645,456 | 42.492% | 290,000 | the subnet owner key itself |
CONNECTED, QUANTITY NOT ESTABLISHED. None on this subnet.
9 further wallet(s) withheld. They reach this group by transfer, but they were all funded by one single wallet. One wallet paying for many first transactions and one operator running many wallets look identical in this archive, so the group is not published even though the funding itself is on chain. They hold no alpha on this subnet, so withholding them changes none of the figures above.
18SN106 Nodexoauto3.62%18.08%295,8737
These wallets are connected to the owner key by transfers on chain. That is the whole claim. It is not a claim of common ownership, and nothing here establishes who holds the keys to any wallet.
This subnet has the runtime owner-cut auto-lock enabled. A high locked figure here is emission arithmetic accruing into a lock, not a commitment the owner chose to make.
PROVEN. Share of the subnet established for each wallet below.
| Wallet | Alpha held | Share of staked base | Locked | Why it is in this group |
|---|---|---|---|---|
| 5CTdHCps1vJ9LrZ3SPM8ZweXWtgg6vgEqEb5W8xzuZHQHXpA | 54,215 | 3.643% | 53,914 | the subnet owner key itself |
| 5GW3nEv26P6rUHQHDE1PAH4NLgMG7E9FBmLsh3k7WApVi64S | 172,458 | 11.590% | 161,335 | it received this subnet's alpha from the group, and its position is accounted for against its own recorded inflow |
| 5Esxxgire5XyXuru5W5ZLSR6TzXymPHackSWAFjrxogRfK9p | 37,595 | 2.526% | 36,371 | it received this subnet's alpha from the group, and its position is accounted for against its own recorded inflow |
| 5DFJTnZ2SrgtpkAo6oBE4vLMReShWdVQoCQhfhahJQ5PMixX | 24,748 | 1.663% | 14,763 | it received this subnet's alpha from the group, and its position is accounted for against its own recorded inflow |
| 5DJ3rCdkoaQhPSCv4S8T4tvyTYhG3UJS2B7uf9i4z9mVsFGx | 2,868 | 0.193% | 2,648 | it received this subnet's alpha from the group, and its position is accounted for against its own recorded inflow |
| 5ChU3tEBht1VvK25DFADedRoonB7qZYbkDppzCp8kvweX8xu | 0.00 | 0.000% | none | it paid for the first transaction of a wallet already in this group |
| 5HEV5yuo6N2gEcdm4guDihppttiU48EM6fmK2UH2wdYmXVuV | 3,989 | 0.268% | none | it paid for the first transaction of a wallet already in this group |
CONNECTED, QUANTITY NOT ESTABLISHED. None on this subnet.
19SN61 RedTeammanual0.00%18.03%713,7443
These wallets are connected to the owner key by transfers on chain. That is the whole claim. It is not a claim of common ownership, and nothing here establishes who holds the keys to any wallet.
PROVEN. Share of the subnet established for each wallet below.
| Wallet | Alpha held | Share of staked base | Locked | Why it is in this group |
|---|---|---|---|---|
| 5ECEsYL82fbXx9KfTZy7G2KXSurnScciJyAVMHZjekc8jUbn | 60,016 | 1.715% | none | the subnet owner key itself |
| 5Fjgq8fDXEwZKGsfT4sxyyPKXQRKnFHkFcXJpLGCCDqfGsu1 | 630,751 | 18.029% | 630,751 | it received this subnet's alpha from the group, and its position is accounted for against its own recorded inflow |
| 5HHKDAobSqMiBQeNNvWsjvBcvpute6b23zLtjwdSnYQT9iuN | 22,977 | 0.657% | none | it paid for the first transaction of a wallet already in this group |
CONNECTED, QUANTITY NOT ESTABLISHED. None on this subnet.
20SN32 ItsAImanual18.00%18.00%808,6811
These wallets are connected to the owner key by transfers on chain. That is the whole claim. It is not a claim of common ownership, and nothing here establishes who holds the keys to any wallet.
PROVEN. Share of the subnet established for each wallet below.
| Wallet | Alpha held | Share of staked base | Locked | Why it is in this group |
|---|---|---|---|---|
| 5DWgkCSvq4brWSNLDU9FBgTk1ZpAQ2y6t3ky97CvEVuS9Qad | 808,681 | 24.261% | 600,006 | the subnet owner key itself |
CONNECTED, QUANTITY NOT ESTABLISHED. Every wallet below is here for the same reason: alpha reached it from this group, but how much of its holding that represents could not be established. No share is claimed for any of them and nothing below is counted in the figures above.
Some transfers below read amount not established in comparable units. A stake transfer emits no alpha figure of its own, and where the matching record that carries one has not survived in the archive, the column that remains holds TAO on some rows and alpha on others. The transfer is on chain and its date, direction and counterparty are certain. Only the size is not, so no number is printed for it.
| Wallet | The transfers connecting it to the group |
|---|---|
| 5FtBncJvGhxjBs4aFn2pid6aur9tBUuo9QR7sHe5DkoRizzo |
|
| 5FZW54bUbofRrQgtvfDNT8rRUscVtrJMfKshgZsNkwsut4ty |
|
| 5C56K5WaL4kt8uhPEhyzgKS86xPMhnLpxn7pDCtomLJUA3Lb |
|
Read the two percentage columns together. The Owner key column is what the owner coldkey alone has locked. +Connected adds the wallets tied to it by transfers. Where they match, the owner coldkey is the whole story and the published figure is roughly honest. Where the second is much larger, the connected group has committed far more than any single-wallet reading shows: SN122 goes from 7.8% to 47.6%, SN96 from 10.4% to 38.8%, SN36 from nothing to 24.3%.
SN36 is worth a second look for the same reason as SN122: it appears in the selling table above as a continuous seller, and here as a connected group that has locked a quarter of the subnet. Both readings come from the same chain. Neither is the whole picture on its own, which is the argument this report has been making throughout.
Six of the top twenty are auto-lock subnets, marked auto in the Lock column. On those the protocol did the locking, so treat the figure as a fact about the subnet rather than a decision by its founder.
Expanding a row splits its wallets into two groups. PROVEN are wallets whose share of the subnet we can establish, listed with what they hold, what they have locked, and the reason they are in the group. CONNECTED are wallets that alpha reached from this group but where the quantity could not be established, so no share is claimed for them and none is counted in the figures above. Where wallets are withheld, the panel says how many and why.
Across the twenty subnets that is 78 wallets with an established share, 88 connected without one, and 9 withheld. The claim throughout is connection by transfer on chain. It is not a claim of common ownership, and nothing here establishes who holds the keys to any wallet.
SN122 tops this list at 47.6% committed. It also appears earlier in this report as an owner who sold 73% of their position in two weeks and 111,141 alpha since July.
Both are true, and neither cancels the other. The owner coldkey sold heavily and received 1,082 TAO. The wider connected group holds 69.7% of the subnet and has locked 47.6% of it. The published lock figure showed neither of those things: it read 97%, which described a shrinking wallet propped up by automatic emissions.
We are showing you both because a report arguing that single-wallet readings mislead would be a poor one if it then published a single-wallet reading. What the chain supports is narrow: one wallet sold, a connected group holds and has locked a lot, and the number people check told you about neither.
The other end of the list
The top twenty is the flattering half. This is the one worth acting on.
Sixty four of 128 subnets have locked nothing at all, not in the owner wallet and not in any wallet connected to it. That is fewer than the 70 we started with, because counting connected wallets found a lock on six subnets where the owner key alone showed none. It is still half the network. Sorted by how much of their own subnet those owner groups hold:
| Subnet | Owner group holds | Locked |
|---|---|---|
| SN57 | 82.3% | nothing |
| SN12 Compute Horde | 64.6% | nothing |
| SN67 Harnyx | 60.2% | nothing |
| SN101 Tag101 | 51.9% | nothing |
| SN112 minotaur | 51.1% | nothing |
| SN45 AlphaRidge.ai | 47.0% | nothing |
| SN29 hotfloat | 43.6% | nothing |
| SN104 Masx.ai | 40.4% | nothing |
| SN127 Astrid | 40.0% | nothing |
| SN97 Albedo | 38.9% | nothing |
An owner group sitting on 82% of a subnet with none of it committed is not doing anything wrong. It is simply free to sell all of it tomorrow, and no lock figure anywhere will warn you first. None of these ten is an auto-lock subnet, which is the direction you would expect: nobody chose to lock anything, and the protocol was not doing it for them either.
Ten subnets look considerably better on this measure than their headline suggests, not worse. SN61, SN36 and SN6 are the largest three, and all show an owner group far more committed than a single-wallet reading gives them credit for. A broken metric is not a metric that always flatters. It is one that is uninformative in both directions, and correcting it moves subnets both ways.
Wallets are admitted to an owner group by funding and stake-origin edges, two hops from the owner coldkey. That is evidence of a chain relationship, not proof that two wallets belong to the same person or organisation.
Where a group looked implausible we withheld it rather than publish it. Twelve subnets have members held back, and one, SN89, is withheld entirely: it produced a 66 wallet group, 62 of them admitted through a single funder, holding about half an alpha each. Its owner-only figure still appears in the bottom table, which is where its actual finding lies. Ninety two subnets have a group beyond the owner wallet; eighty four survived that filter.
Two full runs thirty minutes apart produced identical membership on every subnet.
So what should you actually check?
Five things, in order of how much they tell you.
1Is anything locked at all?
For 70 of 128 subnets the answer is no. That is the fastest filter available and most people skip it.
2Did the owner lock it, or did the protocol?
Check whether OwnerCutAutoLockEnabled is on. If it is, a high lock percentage tells you the subnet earns emissions, not that the founder is committed. This affects eleven of the fifteen highest scores on the network.
3Is the balance going up or down?
Far more useful than the lock percentage. A falling balance is a decision someone made. A rising lock percentage might just be arithmetic. Watch the direction, not the level.
4How much of the subnet does the owner actually hold?
"99% of their alpha" and "1.27% of the subnet" describe the same position. Only the second one is about the subnet you are buying into.
5Where did the owner's wallet come from?
The hardest one, and the one that catches SN53. Look at what funded the owner coldkey and what that funding wallet did beforehand. Checking swap records is not enough, because a formal swap moves everything and leaves nothing behind. The alpha moves before the ownership does.
Treat the owner lock percentage as a starting point, never a conclusion. It cannot tell you whether an owner is committed. At best it tells you that on this one wallet, at this one moment, a certain fraction is not immediately sellable. Everything that matters, whether they are selling, how much of the subnet they hold, and what else they control, sits outside what that number can see.
APPENDIXHow we did this, and where it might be wrong
Chain state was read live from our own Bittensor mainnet node, backed by a fourteen month archive of 37.1 million indexed events going back to 12 June 2025. Current figures are cross-checked against Taostats. The two central claims, the auto-lock behaviour and the owner-versus-subnet share, can be reproduced by anyone with a node from three storage items: OwnerCutAutoLockEnabled, SubnetAlphaOut and TotalHotkeyAlpha.
The things that could make these numbers wrong:
- The window is short. Most figures cover fourteen days. Two weeks of behaviour is not a claim about anyone over a year.
- History is limited. Subtensor discards old state after about fifty minutes. We can only see back as far as our own archive, and nothing recovers what came before it for anyone.
- Past positions are estimated, not measured. We work backwards from today's holdings plus recorded flows. Emissions arriving in the meantime cannot be separated out, so older position figures are ceilings rather than exact numbers. On SN122 the figure from six weeks ago could be overstated by as much as three quarters. The amounts sold are not affected: those are dated transactions and are exact.
- Wallet connections are inferred. We link wallets by funding and transfer history. That is evidence of a chain relationship, not proof that two wallets belong to the same person or organisation.
- TAO amounts are what the chain recorded, not an estimate. Every removal carries the TAO that moved, so the sale figures are exact rather than modelled from a price. One exception: removals between 24 April and 8 May 2026 fall inside a gap in our archive where amounts were not captured, which affects about half of SN104's total.
- Not every outgoing transfer is a sale. When an owner moves alpha between their own hotkeys, the chain records a matching removal and addition in the same block. Counted naively that reads as a large sale, so we net flows within each block before totalling them. On SN53 this is the difference between an apparent 32,349 alpha of selling and the actual figure of 300. Anyone reading these events should apply the same netting.
What would change our minds
- A demonstration that the auto-lock setting does not behave the way the daily figures suggest.
- Evidence that the SN87 or SN122 removals were internal transfers rather than sales.
- A public account of the relationship between the four SN53 wallets, or a custody arrangement explaining the sequence.
- Any explanation at all of the nine subnet pattern.