Log change over the last 3 days +111.32%: protocol buys 0.00%, root sells −4.54%, users net +97.65%, cross-subnet +18.23%, unattributed +0.0001%. 2 days still in progress are counted as far as known.

Protocol buy
User buy (staking)
Cross-subnet
Root sell (dividend claims)
User sell (unstaking)
Residual
Price path
Market candle

About this chart

The chart follows the alpha price in τ. Each period starts at its opening price and steps through the mechanisms below, in a fixed order, to its closing price: a step that rises pushed the price up, one that falls pushed it down, and its height is how far it moved the price. A thin line carries each close into the next period’s open; it is dashed where the two differ. The faint candle behind each period is the market’s own open, high, low and close, for context.

With many periods on screen (90 days, or hours), the steps would be too thin to read, so the chart draws the price as a line instead and colours each period by the mechanism that moved it most. Hover a period for the full step-by-step breakdown.

Protocol buy: The chain spending excess emission TAO to buy alpha from the pool. A permanent protocol buyback; it pushes the price up.
Root sell: Root-dividend claims sold into the pool; they push the price down.
User buy / sell: Staking into and unstaking from this subnet.
Cross-subnet: Swaps from other subnets routed through this pool.
Residual: What the decomposition cannot attribute to a mechanism. It is always shown, never folded into another part.

Not here, because they do not move the spot price: the per-block TAO injection into the pool, and burns.

All figures are log changes, not simple percentage changes, so the parts add up exactly to the total; on big moves the two differ (a 10% log fall is a 9.5% price fall).