Most $TAO holders priced a founder exit. The chain priced a governance lottery that makes capture expensive. Next upgrade committee seats are filled by a blind random draw from top validators and subnet owners then rotated out. Two voting houses now. Validators as one. Subnet owners as the other. Neither answers to a founder chat. Every objection doubles the delay so contentious changes are slow by design. First use targets emissions to subnets that farm rewards without producing value. Being impossible to capture is not a feature. It is the product. The chart will be the last place this shows up.
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