Owning Subnet Shares (SNS): A More Conservative Approach

When you purchase SNS tokens, you’re buying a proportional stake in the subnet’s future revenue stream (alpha_out emissions). This model mirrors traditional equity investing, where shareholders profit from a company’s earnings rather than betting solely on its stock price.

• Reduced Volatility: SNS token value is anchored to the subnet’s emissions, which scales with its TAO liquidity pool. While not risk-free, this ties returns to measurable subnet performance.

• Non-Dilutive: Unlike buying alpha tokens, SNS tokens represent a fixed percentage of future emissions locked at issuance.

In essence, SNS tokens offer a less speculative, more conservative entry point into subnet investing. They appeal to investors seeking steady, protocol-aligned returns rather than short-term price speculation.