Bittensor Major Subnet Covenant AI Announces Exit, TAO Drops 15%

ChainCatcher report, according to The Block, Covenant AI, a major subnet developer on Bittensor, has announced its departure from Bittensor. Covenant AI’s founder, Sam Dare, stated that Bittensor attracted builders, miners, verifiers, and investors to its ecosystem by promising it would be free from control by any single entity—but that promise was a lie. Dare named Bittensor co-founder Jacob Steeves as the primary reason for the exit, claiming that Jacob had been exerting authority over subnets to regain control of Covenant, as Covenant had grown too large to manage. Following Covenant’s announcement, Bittensor’s TAO token price dropped sharply, falling from $338 to $285 within a short time—a 15% decline.