Bittensor subnet Covenant AI announces exit, TAO drops 15%

According to Theblock, Covenant AI, the main subnet developer on Bittensor, has announced its exit from Bittensor. Covenant AI founder Sam Dare stated that Bittensor attracted builders, miners, validators, and investors into this ecosystem because of its promise of not being controlled by any single entity. However, this promise is a lie.

Dare listed Bittensor co-founder Jacob Steeves as a major reason for the departure. He claimed that Jacob has been exercising authority over the subnet to regain control of Covenant, as Covenant has grown too large to manage.

It is reported that after Covenant's announcement, the price of Bittensor's TAO token plummeted significantly, dropping from $338 to $285 in a short period, a decrease of 15%.