Huo Xing Cai Jing reports, according to The Block, Covenant AI, a major subnet developer on Bittensor, has announced its exit 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 departure, claiming that Jacob had been exerting authority over subnets in an effort to regain control of Covenant, which 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 period—a decline of 15%.
Bittensor Subnet Covenant AI Announces Exit, TAO Drops 15%
MarsBitShare
Summary
The Bittensor subnet Covenant AI has officially exited the network, causing TAO’s price to drop 15% to $285. Founder Sam Dare accused co-founder Jacob Steeves of centralizing control and violating Bittensor’s decentralized principles. The development adds TAO to the list of altcoins to monitor amid shifting market sentiment. TAO previously traded at $338 prior to the announcement.
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.