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Founder Sam Dare alleged that decision-making power is concentrated with Bittensor founder Jacob Steeves, a claim Steeves denied. The dispute also included accusations of suspended subnet emissions and reduced moderation access, which Steeves attributed to normal market dynamics and temporary actions. Following the controversy, TAO’s price dropped.
Bittensor (TAO) is under pressure after a public dispute with subnet developer Covenant AI, which announced its departure from the Bittensor network. Covenant AI accused the protocol of operating under a centralized governance structure.
Dare described the situation as “decentralization theatre” and said meaningful decision-making power is concentrated in the hands of Steeves, also known as Const. Dare added that this lack of distributed governance made it difficult for the team to continue building or raise capital within the ecosystem.
The dispute centers on Bittensor’s current governance design, which includes a transitional Triumvirate structure. Under this model, members of the Opentensor Foundation hold root permissions alongside a senate. While presented as a temporary framework, critics argue it weakens the network’s decentralization claims.
Covenant AI alleged that its subnet was targeted through the suspension of emissions, reduced moderation privileges, and indirect economic pressure via token sales.
Steeves denied these accusations, stating that he does not have the authority to halt emissions and that he operates under the same permissions as other TAO holders. He said any changes in emissions were linked to normal market dynamics involving token buying and selling, and clarified that moderation restrictions were only temporary.
The governance controversy appears to be weighing on market sentiment. Bittensor is trading at approximately $262.47, after an 18.7% decline over the past 24 hours.
The price chart indicates TAO traded above the $320 level earlier in the day before a sharp sell-off. The decline pushed the price below $290 and $270, with a brief low forming closer to the $250 region. Since then, the asset has struggled to recover.
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