# Bittensor SRB

TAOSRB is a benchmark representing the mean, annualized staking rate across all active Bittensor validators, accounting for rewards earned across all subnets in the Dynamic TAO (dTAO) network.

TAOSRB is calculated and published by Staking Rewards via the [Bittensor Profile](https://www.stakingrewards.com/asset/bittensor) and [Data API](https://www.stakingrewards.com/data-api).

> **TL;DR:** Bittensor staking rewards come from TAO emissions distributed across all subnets in the Dynamic TAO network. The reward rate sums all nominator and validator returns across subnets, annualized and divided by total staked TAO. Stakers can earn via root staking (TAO) or alpha staking (subnet tokens).

$$
TAOSRB = \frac{\sum\_{v=1}^{n}(nr\_v + vr\_v) \cdot t\_y}{st}
$$

<table data-full-width="false"><thead><tr><th width="141">Formula key</th><th width="200">Metric name</th><th>Description</th></tr></thead><tbody><tr><td>nr_v</td><td>Nominator Return (v)</td><td>The daily TAO rewards distributed to all nominators of validator v, summed across all subnets the validator participates in.</td></tr><tr><td>vr_v</td><td>Validator Take Return (v)</td><td>The daily TAO rewards retained by validator v as commission, summed across all subnets.</td></tr><tr><td>t_y</td><td>Year Constant</td><td>365 days, used to annualize the daily return observation.</td></tr><tr><td>st</td><td>Staked Tokens</td><td>The total TAO staked across the network, including both root stake and alpha stake (valued in TAO equivalent).</td></tr><tr><td>n</td><td>Active Validators</td><td>The number of active validators in the network.</td></tr></tbody></table>

* TAOSRB is non-compounded and excludes returns from reinvestment of rewards.
* TAOSRB includes both claimed and unclaimed rewards.
* TAOSRB represents the aggregate return before validator commission is applied (the sum of nominator returns and validator take returns equals total emissions to each validator pool).
* Rewards are observed across all subnets each validator participates in, reflecting the full dTAO multi-subnet architecture.

### Bittensor Network Architecture: Dynamic TAO (dTAO)

Since February 2025, Bittensor operates as a multi-subnet network under the Dynamic TAO (dTAO) model. Each subnet has its own alpha token with an AMM (Automated Market Maker) pool that facilitates exchange between TAO and the subnet's alpha token.

**Staking modes:**

* **Root Staking (Subnet 0):** TAO is delegated directly to validators on the root subnet. Returns are paid in TAO. Root stake contributes to a validator's weight with a TAO weight factor of 0.18.
* **Alpha Staking (Subnets 1+):** TAO is exchanged for subnet-specific alpha tokens via the AMM pool. Returns are earned in alpha tokens, which carry additional price risk as the alpha/TAO exchange rate fluctuates.

A validator's total effective stake (in TAO terms) is: `root_stake + alpha_stake_as_tao`, where `alpha_stake_as_tao` is the TAO-equivalent value of all alpha tokens staked with the validator across subnets.

### Emission Model and Halving Schedule

Bittensor emits new TAO tokens with each block (\~12 seconds per block, 7,200 blocks per day). The block reward follows a halving schedule tied to total supply issuance (not block height):

| Halving        | Trigger (Total Issued) | Block Reward | Daily Emission | Annual Emission |
| -------------- | ---------------------- | ------------ | -------------- | --------------- |
| Pre-halving    | < 10,500,000 TAO       | 1.0 TAO      | \~7,200 TAO    | \~2,628,000 TAO |
| 1st (Dec 2025) | 10,500,000 TAO         | 0.5 TAO      | \~3,600 TAO    | \~1,314,000 TAO |
| 2nd (future)   | 15,750,000 TAO         | 0.25 TAO     | \~1,800 TAO    | \~657,000 TAO   |

Maximum supply is capped at 21,000,000 TAO. The emission rate is determined dynamically based on total issued supply.

**Emission distribution within subnets** follows a flow-based allocation model (since November 2025), where each subnet's share of total emissions is determined by net TAO staking inflows, smoothed with a 30-day half-life exponential moving average. Within each subnet, emissions are split: 41% to validators/stakers, 41% to miners, and 18% to subnet owners.

#### Slashing

TAOSRB does not factor in slashing. Bittensor does not implement protocol-level slashing for validators or delegators. Some individual subnets may implement miner collateral slashing mechanisms, but these are subnet-specific and do not affect validator or nominator stake.

***

### TAO Validator Staking Reward Rate: TAOSRB(v)

Staking Rewards calculates the TAOSRB for each validator based on their actual observed nominator returns across all subnets.

$$
TAOSRB(v) = \frac{nr\_v \cdot t\_y}{rs\_v + as\_v}
$$

<table data-full-width="false"><thead><tr><th width="150.33333333333331">Formula key</th><th width="230">Metric name</th><th>Description</th></tr></thead><tbody><tr><td>nr_v</td><td>Nominator Return Per Day</td><td>The total daily TAO rewards distributed to all nominators of validator v, across all subnets. This is the return after the validator's commission (take) has been deducted.</td></tr><tr><td>t_y</td><td>Year Constant</td><td>365 days.</td></tr><tr><td>rs_v</td><td>Root Stake</td><td>TAO staked with validator v on the root subnet (Subnet 0).</td></tr><tr><td>as_v</td><td>Alpha Stake as TAO</td><td>The TAO-equivalent value of all alpha tokens staked with validator v across all subnets, converted via current AMM exchange rates.</td></tr></tbody></table>

The validator reward rate represents the blended return a nominator earns across all subnets the validator participates in, after commission. This accounts for the dTAO multi-subnet model where validators earn rewards proportional to their stake and performance in each subnet.

***

#### Observation Period:

1. The TAOSRB is determined based on daily nominator return observations at the point of evaluation.
2. This data is then annualized for a comprehensive year-long projection.

#### Calculation

The calculation happens every 2 hours and is immediately published via [Data API](https://www.stakingrewards.com/data-api).

#### Limitations

1. TAOSRB employs a 365-day convention for annualizing returns. This convention remains consistent and does not accommodate adjustments for leap years.
2. Alpha staking returns carry additional exchange rate risk as alpha/TAO rates fluctuate. The TAO-equivalent value of alpha stake and returns depends on current AMM pool state.
3. TAOSRB represents a network-wide average. Individual validator returns vary significantly based on which subnets they participate in, their stake weight in each subnet, and subnet-specific emission levels.
4. Self-staked tokens are not currently distinguishable from delegated tokens in the validator data source.
5. The flow-based emission allocation means each subnet's share of total emissions changes dynamically based on staking activity.

### TAO Real Reward Rate: TAOSRB^R

The real reward rate calculates the TAOSRB adjusted for inflation in the network.

$$
TAOSRB^R = \frac{1 + TAOSRB}{1 + ir} - 1
$$

<table data-full-width="false"><thead><tr><th width="141">Formula key</th><th width="158">Metric name</th><th>Description</th></tr></thead><tbody><tr><td>ir</td><td>Inflation Rate</td><td>The annual rate at which TAO supply increases, calculated as annual emissions divided by circulating supply.</td></tr></tbody></table>

#### Inflation Rate Behavior

TAO inflation is driven purely by block rewards. The inflation rate decreases over time due to:

1. **Halvings**: Block rewards are cut in half at predetermined supply thresholds (first halving at 10.5M TAO issued in December 2025).
2. **Growing circulating supply**: As the denominator grows, the same emission rate produces a lower inflation percentage.
3. **Supply cap**: Maximum supply is 21,000,000 TAO. Recycling of TAO from subnet registration fees can delay halving events.

***

### Other Bittensor metrics calculated by Staking Rewards:

<table data-full-width="false"><thead><tr><th width="212.99999999999994">Metric</th><th>Description</th></tr></thead><tbody><tr><td>Delegated Tokens</td><td>The total TAO tokens delegated to validators, including both root stake and alpha stake (in TAO equivalent).</td></tr><tr><td>Self Staked Tokens</td><td>The number of TAO tokens staked by validators directly. Currently not distinguishable from delegated tokens in the data source.</td></tr><tr><td>Staking Wallets</td><td>Total number of unique delegations on-chain across all validators. It doesn't distinguish based on unique delegator addresses.</td></tr><tr><td>Staked Root</td><td>TAO staked directly on the root subnet (Subnet 0).</td></tr><tr><td>Staked Alpha</td><td>TAO staked via alpha tokens across all subnets (in TAO equivalent based on AMM exchange rates).</td></tr></tbody></table>

#### Data Sources:

* Bittensor blockchain network data via TaoStats API
* Price data via CoinGecko

#### References:

* [Bittensor Official Documentation](https://docs.learnbittensor.org/)
* [Bittensor Staking and Delegation](https://docs.learnbittensor.org/staking-and-delegation/delegation)
* [Bittensor Emissions](https://docs.learnbittensor.org/learn/emissions)
* [Bittensor Halving](https://docs.learnbittensor.org/concepts/halving)
* [TaoStats](https://taostats.io/)
* [TaoStats dTAO Documentation](https://docs.taostats.io/docs/staking-in-dtao)
* [Staking Rewards TAO Profile](https://www.stakingrewards.com/asset/bittensor)

***

:bar\_chart: [Calculate your TAO Staking Rewards](https://www.stakingrewards.com/calculator?asset=bittensor)

:gear: [Access historic Bittensor Staking Data via API](https://www.stakingrewards.com/data-api)

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Last updated on 03/20/2026
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