Covenant AI Exits Bittensor Network
Covenant AI’s abrupt exit from the Bittensor ecosystem has triggered a sharp reassessment of the network’s governance structure, with immediate market repercussions. The team publicly described Bittensor’s model as “decentralization theatre”, a pointed critique that suggests the system may be more coordinated than it appears. Within hours of the announcement, TAO experienced a notable decline, reflecting both sentiment shock and underlying structural concerns now surfacing among participants.