Bittensor Token Price Drops Amid Departure of Key Developer

The recent exodus in the cryptocurrency sector continues with yet another significant development. Covenant AI, a subnet developer on Bittensor, has announced its departure from the Bittensor ecosystem. The firm cited excessive control and unilateral policy changes by co-founder Jacob Steeves as reasons for their withdrawal.

Covenant AI described Bittensor's governance system as a 'mask for decentralization', contradicting the network's commitment to decentralization. This decision has already had a significant impact on the market, with the price of Bittensor's token (TAO) experiencing a sharp decline.

The TAO token dropped by over 10% in just two hours from $338 to $285, and is currently trading at $261, down 18.2% in the last 24 hours.