Buybacks · subnet 28

13.0%of this cycle's miner emissions offset

this cyclegoal 100.0%

9,523 alpha burned to offset 73,193 alpha emitted to miners17 Aug — 15 Sep 2026 · cycle 01

The road to 100%

We offset miner emissions with buybacks and burns. Every month we spend revenue buying alpha on the open market and destroy what we bought, measured against what the subnet paid its miners over the same days. Every burn is published here with the transaction behind it. We aim to raise the share we offset cycle by cycle towards 100%.

See the burn ledger How buybacks work

What we have burned so far

Every buyback cycle, its miner emissions and what we burned against them, in alpha
Cycle	Window	Miner emissions	Burned	Coverage	Proof
01	17 Aug — 15 Sep 2026	73,193 alpha	9,523 alpha	13.0%	block 9,081,319 · extrinsic 0022 ↗
02	from 16 Sep 2026	accruing	—	in progress	—

A published cycle stands as published. The open cycle shows emissions accruing so far.

How buybacks work

Every burn leaves treasury 5FqbWhtCvoSD3X3iNxyWXogrKGmeVLnjZXoNWPx16yErYQd9 ↗, where the buys behind the burns are on chain to read.

We buy on the open market

We swap against the SN28 pool like anyone else, at whatever the price is that day.

We burn monthly

Once a month. We use burnAlpha, which destroys it.

How we work out coverage

coverage = burned ÷ emitted to miners over the same cycle

We add up what the chain paid miners for work they served, epoch by epoch, from its own payout records. In dollars each epoch is valued at its own price, because emission accrues continuously and the price moves with it. Coverage counts what we burned.