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Fix/alpha emissions socialized subsidy #2096

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f04ddc5
fix: make alpha_in halve with block_emission, fix subsidy condition
0xcacti Oct 2, 2025
935f305
fix: typecheck
0xcacti Oct 2, 2025
d7641bb
fix: fmt
0xcacti Oct 2, 2025
c0212a7
remove is_subsidized
0xcacti Oct 7, 2025
9b30818
only subsidize when sum of prices < 1
0xcacti Oct 13, 2025
7e0cad9
fix: fmt
0xcacti Oct 13, 2025
5626096
fix: test test_coinbase_tao_issuance_different_prices
0xcacti Oct 13, 2025
63f961b
fix: test no longer triggers subsidy so test logic was wrong
0xcacti Oct 13, 2025
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76 changes: 52 additions & 24 deletions pallets/subtensor/src/coinbase/run_coinbase.rs
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Open in desktop
Original file line number Diff line number Diff line change
Expand Up @@ -34,13 +34,24 @@ impl<T: Config> Pallet<T> {
// 2. Get subnets to emit to and emissions
let subnet_emissions = Self::get_subnet_block_emissions(&subnets, block_emission);
let subnets_to_emit_to: Vec<NetUid> = subnet_emissions.keys().copied().collect();
// --- 2. Get sum of moving alpha prices
let mut acc_total_moving_prices = U96F32::saturating_from_num(0.0);
// Only get price EMA for subnets that we emit to.
for netuid_i in subnets_to_emit_to.iter() {
acc_total_moving_prices =
acc_total_moving_prices.saturating_add(Self::get_moving_alpha_price(*netuid_i));
}
let total_moving_prices = acc_total_moving_prices;
log::debug!("total_moving_prices: {total_moving_prices:?}");

// --- 3. Get subnet terms (tao_in, alpha_in, and alpha_out)
// Computation is described in detail in the dtao whitepaper.
let mut tao_in: BTreeMap<NetUid, U96F32> = BTreeMap::new();
let mut alpha_in: BTreeMap<NetUid, U96F32> = BTreeMap::new();
let mut alpha_out: BTreeMap<NetUid, U96F32> = BTreeMap::new();
let mut is_subsidized: BTreeMap<NetUid, bool> = BTreeMap::new();
let mut subsidy_amount: BTreeMap<NetUid, U96F32> = BTreeMap::new();

// Only calculate for subnets that we are emitting to.
for netuid_i in subnets_to_emit_to.iter() {
// Get subnet price.
Expand All @@ -52,43 +63,53 @@ impl<T: Config> Pallet<T> {
.copied()
.unwrap_or(asfloat!(0));
log::debug!("default_tao_in_i: {default_tao_in_i:?}");

let default_alpha_in_i: U96F32 =
default_tao_in_i.safe_div_or(price_i, U96F32::saturating_from_num(0.0));
log::debug!("default_alpha_in_i: {default_alpha_in_i:?}");

// Get alpha_emission total
let alpha_emission_i: U96F32 = asfloat!(
Self::get_block_emission_for_issuance(Self::get_alpha_issuance(*netuid_i).into())
.unwrap_or(0)
);
log::debug!("alpha_emission_i: {alpha_emission_i:?}");

// Get initial alpha_in
let mut alpha_in_i: U96F32;
let mut tao_in_i: U96F32;
let tao_in_ratio: U96F32 = default_tao_in_i.safe_div_or(
U96F32::saturating_from_num(block_emission),
U96F32::saturating_from_num(0.0),
);
if price_i < tao_in_ratio {
tao_in_i = price_i.saturating_mul(U96F32::saturating_from_num(block_emission));
alpha_in_i = block_emission;
let difference_tao: U96F32 = default_tao_in_i.saturating_sub(tao_in_i);
// Difference becomes buy.
let buy_swap_result = Self::swap_tao_for_alpha(
*netuid_i,
tou64!(difference_tao).into(),
T::SwapInterface::max_price(),
true,
);
if let Ok(buy_swap_result_ok) = buy_swap_result {
let bought_alpha = AlphaCurrency::from(buy_swap_result_ok.amount_paid_out);
SubnetAlphaOut::<T>::mutate(*netuid_i, |total| {
*total = total.saturating_sub(bought_alpha);
});
if default_alpha_in_i > alpha_emission_i
|| total_moving_prices < U96F32::saturating_from_num(1.0)
{
let min_alpha_emission =
default_alpha_in_i.min(alpha_emission_i).min(block_emission);
alpha_in_i = min_alpha_emission;
tao_in_i = alpha_in_i.saturating_mul(price_i);

if total_moving_prices < U96F32::saturating_from_num(1.0) {
let difference_tao: U96F32 = default_tao_in_i.saturating_sub(tao_in_i);
// Difference becomes buy.
let buy_swap_result = Self::swap_tao_for_alpha(
*netuid_i,
tou64!(difference_tao).into(),
T::SwapInterface::max_price(),
true,
);
if let Ok(buy_swap_result_ok) = buy_swap_result {
let bought_alpha = AlphaCurrency::from(buy_swap_result_ok.amount_paid_out);
SubnetAlphaOut::<T>::mutate(*netuid_i, |total| {
*total = total.saturating_sub(bought_alpha);
});
}
is_subsidized.insert(*netuid_i, true);
subsidy_amount.insert(*netuid_i, difference_tao);
}
is_subsidized.insert(*netuid_i, true);
} else {
alpha_in_i = default_alpha_in_i;
tao_in_i = default_tao_in_i;
alpha_in_i = tao_in_i.safe_div_or(price_i, alpha_emission_i);
is_subsidized.insert(*netuid_i, false);
subsidy_amount.insert(*netuid_i, asfloat!(0.0));
}
log::debug!("tao_in_i: {tao_in_i:?}");
log::debug!("alpha_in_i: {alpha_in_i:?}");

// Get alpha_out.
Expand All @@ -106,6 +127,7 @@ impl<T: Config> Pallet<T> {
alpha_in.insert(*netuid_i, alpha_in_i);
alpha_out.insert(*netuid_i, alpha_out_i);
}

log::debug!("tao_in: {tao_in:?}");
log::debug!("alpha_in: {alpha_in:?}");
log::debug!("alpha_out: {alpha_out:?}");
Expand All @@ -128,18 +150,25 @@ impl<T: Config> Pallet<T> {
SubnetAlphaOut::<T>::mutate(*netuid_i, |total| {
*total = total.saturating_add(alpha_out_i);
});

// Inject TAO in.
let tao_in_i: TaoCurrency =
tou64!(*tao_in.get(netuid_i).unwrap_or(&asfloat!(0))).into();
let subsidy_tao: TaoCurrency =
tou64!(*subsidy_amount.get(netuid_i).unwrap_or(&asfloat!(0))).into();
SubnetTaoInEmission::<T>::insert(*netuid_i, TaoCurrency::from(tao_in_i));

// No need to add subsidy_tao here as it is captured from the swap result above.
SubnetTAO::<T>::mutate(*netuid_i, |total| {
*total = total.saturating_add(tao_in_i.into());
});
TotalStake::<T>::mutate(|total| {
*total = total.saturating_add(tao_in_i.into());
});
// Here we add subsidy tao as it is technically as issuance
TotalIssuance::<T>::mutate(|total| {
*total = total.saturating_add(tao_in_i.into());
*total = total.saturating_add(subsidy_tao.into());
});
// Adjust protocol liquidity based on new reserves
T::SwapInterface::adjust_protocol_liquidity(*netuid_i, tao_in_i, alpha_in_i);
Expand Down Expand Up @@ -197,7 +226,6 @@ impl<T: Config> Pallet<T> {
// Get pending alpha as original alpha_out - root_alpha.
let pending_alpha: U96F32 = alpha_out_i.saturating_sub(root_alpha);
log::debug!("pending_alpha: {pending_alpha:?}");
// Sell root emission through the pool (do not pay fees)
let subsidized: bool = *is_subsidized.get(netuid_i).unwrap_or(&false);
if !subsidized {
let swap_result = Self::swap_alpha_for_tao(
Expand Down
19 changes: 7 additions & 12 deletions pallets/subtensor/src/tests/coinbase.rs
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Original file line number Diff line number Diff line change
Expand Up @@ -153,7 +153,7 @@ fn test_coinbase_tao_issuance_different_prices() {
new_test_ext(1).execute_with(|| {
let netuid1 = NetUid::from(1);
let netuid2 = NetUid::from(2);
let emission = 100_000_000;
let emission = 1_000_000_000;
add_network(netuid1, 1, 0);
add_network(netuid2, 1, 0);

Expand Down Expand Up @@ -194,16 +194,15 @@ fn test_coinbase_tao_issuance_different_prices() {

// Run the coinbase with the emission amount.
SubtensorModule::run_coinbase(U96F32::from_num(emission));

// Assert tao emission is split evenly.
assert_abs_diff_eq!(
SubnetTAO::<Test>::get(netuid1),
TaoCurrency::from(initial_tao + emission / 3),
TaoCurrency::from(initial_tao + emission / 10),
epsilon = 1.into(),
);
assert_abs_diff_eq!(
SubnetTAO::<Test>::get(netuid2),
TaoCurrency::from(initial_tao + 2 * emission / 3),
TaoCurrency::from(initial_tao + 2 * emission / 10),
epsilon = 1.into(),
);

Expand All @@ -214,11 +213,7 @@ fn test_coinbase_tao_issuance_different_prices() {
tao_issued,
epsilon = 10.into()
);
assert_abs_diff_eq!(
TotalStake::<Test>::get(),
emission.into(),
epsilon = 10.into()
);
assert_abs_diff_eq!(TotalStake::<Test>::get(), tao_issued, epsilon = 10.into());
});
}

Expand Down Expand Up @@ -468,8 +463,8 @@ fn test_coinbase_alpha_issuance_with_cap_trigger_and_block_emission() {
// Enable emission
FirstEmissionBlockNumber::<Test>::insert(netuid1, 0);
FirstEmissionBlockNumber::<Test>::insert(netuid2, 0);
SubnetMovingPrice::<Test>::insert(netuid1, I96F32::from_num(1));
SubnetMovingPrice::<Test>::insert(netuid2, I96F32::from_num(2));
SubnetMovingPrice::<Test>::insert(netuid1, I96F32::from_num(0.1));
SubnetMovingPrice::<Test>::insert(netuid2, I96F32::from_num(0.2));

// Force the swap to initialize
SubtensorModule::swap_tao_for_alpha(
Expand Down Expand Up @@ -503,7 +498,7 @@ fn test_coinbase_alpha_issuance_with_cap_trigger_and_block_emission() {
let price_2_after = <Test as pallet::Config>::SwapInterface::current_alpha_price(netuid2);

// AlphaIn gets decreased beacuse of a buy
assert!(u64::from(SubnetAlphaIn::<Test>::get(netuid1)) < initial_alpha);
assert!(u64::from(SubnetAlphaIn::<Test>::get(netuid1)) < initial_alpha); // HERE
assert_eq!(
u64::from(SubnetAlphaOut::<Test>::get(netuid2)),
21_000_000_000_000_000_u64
Expand Down
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