0.5 TAO per block now routes through Taoflow, with an ~86.8-day EMA deciding which subnets keep getting oxygen. Governance control matters because a Foundation-led Triumvirate plus top-stake Senate can steer the economic rules before the market has fully sorted which AI markets deserve emissions. If that 18-month autonomy path slips, the discount should hit subnet beta first: low-flow alphas starve, root TAO accrues the centralization risk.

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