‘It is decentralization theatre’: Covenant AI exits Bittensor, TAO drops 15%
The Block
Covenant AI exited the Bittensor network, accusing co-founder Jacob Steeves of centralized control, causing the TAO token to drop by 15%.Summary
Covenant AI, a major subnet developer, has announced its departure from the Bittensor ecosystem. Founder Sam Dare criticized the network's governance, labeling it 'decentralization theatre' and alleging that co-founder Jacob Steeves maintains unilateral control while publicly claiming the network is decentralized. Covenant claims Steeves took punitive actions against them, including suspending emissions and economic pressure. Following the announcement, the price of the TAO token fell 15%, though supporters of the project argue the ecosystem will remain stable without Covenant's participation.
(Source：The Block)