The $TAO ecosystem experienced a sudden crash, triggered by the departure of a subnet. Covenant AI (the team behind Subnet 3 Templar) officially announced its exit from Bittensor, citing excessive control by TAO’s founder over the ecosystem, persistent operational friction, and even asset sales during the conflict. Even more striking, Covenant’s founder, Sam, sold approximately $10 million worth of $TAO before leaving. Recall that Bittensor has only 128 subnets in total—if others follow suit, the consequences could be catastrophic.
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