Bittensor co founder Jacob Steeves has rejected claims made by former subnet developer Covenant AI, directly denying allegations that he suspended subnet emissions or exercised unilateral control over network governance. The response follows Covenant AI’s decision to exit the ecosystem, which it described as “decentralization theatre.”
Covenant AI founder Sam Dare had accused Steeves of taking several actions against the project, including suspending emissions, restricting moderation privileges, deprecating subnet infrastructure, and applying economic pressure through token sales during operational disputes.
Steeves Rejects Control Allegations and Defends Token Activity
Steeves said he does not have the ability to suspend subnet emissions and argued that changes in emissions resulted from standard market activity within the system. He stated that his token sales were minimal, representing less than 1% of his investment, and defended his right to buy and sell assets within the ecosystem.
Governance Tension Impacts TAO Market Performance
The dispute has added pressure to the TAO market, which dropped around 15% following Covenant AI’s exit announcement. The token briefly fell from $338 to $285 before recovering near $294, later sliding again toward $262. TAO now trades more than 65% below its all-time high of $757, r
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