Another Altcoin Experiences a Mass Exodus! One of the Developers Announced Their Departure, Price Dropped Significantly!

The exodus continues in the cryptocurrency sector. Recently, Chaos Labs, a significant contributor to the Aave ecosystem, announced the termination of its risk management collaboration with Aave DAO.

Another split occurred today, with Covenant AI, a significant subnet developer on Bittensor, announcing its departure from the Bittensor ($TAO) ecosystem.

Accordingly, the AI law firm Covenant AI announced its departure from the Bittensor ecosystem.

Covenant AI cited excessive control and unilateral policy changes by Bittensor co-founder Jacob Steeves as reasons for their withdrawal.

The firm described Bittensor’s governance system as a mask for decentralization.

Covenant AI founder Sam Dare stated in an interview with X that the governance structure of the Bittensor network now contradicts its commitment to decentralization, and that he will no longer be able to develop on this network.

Following Covenant’s announcement, the price of the Bittensor ($TAO) token experienced a sharp decline, falling by over 10% in just two hours from $338 to $285. $TAO is currently trading at $261, down 18.2% in the last 24 hours.

*This is not investment advice.