Bittensor news

Yuma, a Digital Currency Group-backed investment firm, launched the Yuma Total Market Fund to provide institutional investors diversified exposure to the Bittensor ecosystem, including the native TAO token and AI-focused subnets. The fund started with seed capital from an undisclosed anchor investor. The Bittensor network supports decentralized AI development across 128 subnets, which Yuma values at over $900 million combined, though Taostats data suggests about $300 million. TAO has a market cap of nearly $2.4 billion. Institutional interest is growing: Grayscale increased TAO's weighting in its Decentralized AI Fund to 43% in April, later reduced to 20%. Bitwise filed for a TAO Strategy ETF, and Grayscale submitted a registration to convert its Bittensor Trust into a spot ETF.

Wormhole Labs, in collaboration with the Solana Foundation, has launched a canonical bridged version of Bittensor's TAO token on Solana, enabling native trading on major DeFi platforms like Jupiter, Meteora, and wallets Phantom and Solflare. The announcement was made at Solana's Accelerate USA conference. The bridging is powered by Wormhole's Sunrise platform, which uses Native Token Transfers to lock or burn tokens on the source chain and mint them on Solana, preserving metadata and ensuring canonical status. This move adds TAO to Solana's growing list of native tokens, including XRP, MEGA, HYPE, AVAX, and MON. Bittensor is a decentralized AI protocol that incentivizes network participation with TAO tokens. Digital Currency Group is a major backer, and Grayscale has filed to convert its TAO trust into an ETF, despite some criticism of Bittensor's decentralization practices.

BitTensor's TAO token plunged over 18% after Covenant AI, a major subnet operator, announced its departure from the decentralized AI network. Covenant AI founder Sam Dare accused BitTensor founder Jacob Steeves of centralized control, including suspending subnet emissions and overriding community spaces. Steeves denied the allegations, but the public dispute has raised concerns about BitTensor's decentralization claims. TAO has fallen to around $272, erasing most gains from a recent surge linked to Covenant AI's model training being highlighted on a popular podcast.

Bittensor's market value dropped by $900 million after Covenant AI, a key developer, exited the network amid governance disputes. The departure caused TAO's price to fall 27% and triggered $11 million in liquidations. Covenant AI accused co-founder Jacob Steeves of centralized control, while Steeves denied the allegations. The conflict escalated from a Discord spat, leading to a sell-off that impacted retail investors. Despite the turmoil, Bittensor plans structural reforms like lock-based subnet ownership to enhance stability. Institutional interest remains strong, with network expansion and a potential ETF approval on the horizon.

Bittensor co-founder Jacob Steeves denied allegations from Covenant AI founder Sam Dare that he abused his position to force the project off the platform. Steeves refuted claims he could suspend subnet emissions, saying he only sold tokens like any other holder and lacked special privileges. Dare accused Steeves of maintaining effective control over Bittensor's governance, calling it 'decentralization theatre.' Steeves responded to each specific allegation, including about Discord moderation and token sales, which he said were small and within his rights. The dispute followed Covenant AI's exit announcement, which caused Bittensor's TAO token to drop 15% on Thursday, adding to its decline from April's all-time high.

Covenant AI, a Bittensor subnet developer, announced it is leaving the decentralized AI network, accusing founder Jacob Steeves of maintaining excessive control and undermining decentralization claims. The dispute centers on governance concentration, with Covenant alleging Steeves unilaterally suspended emissions and applied economic pressure, which he denied. Bittensor's TAO token dropped 18% amid the conflict, with sell volume spiking before the announcement. The incident raises broader concerns about cosmetic decentralization in crypto projects, as highlighted by industry commentators.

Bittensor's TAO token dropped over 9% in 24 hours, making it the worst-performing top-100 cryptocurrency, as Covenant AI announced its departure from the network. Covenant AI, which operated three key subnets, cited concerns about centralization, accusing Bittensor co-founder Jacob Steeves of exercising control over the supposedly decentralized network. The exit marks a dramatic shift from earlier positive sentiment, as Covenant AI's model had previously helped trigger a TAO rally. The company said it will retain its research and models, with new projects expected soon, while the departure may spark further governance debates within the Bittensor community.

Covenant AI, a major subnet developer on Bittensor, has announced its departure from the AI-focused network, citing governance issues that contradict decentralization principles. Founder Sam Dare accused Bittensor co-founder Jacob Steeves of exerting unilateral control, including punitive actions like suspending emissions and removing moderation capabilities. The announcement caused Bittensor's TAO token to drop 15% in price, though it later recovered partially. Steeves responded indirectly, hinting at new governance features like lock-based subnet ownership. The move has sparked criticism on social media, with some users calling Covenant's exit abrupt and uncommunicative.

The GMCI AI Index has surged 48% since February, driven largely by Bittensor's TAO token, which nearly doubled in March. This rally reflects growing market recognition of Bittensor's capabilities in distributed AI training. Bittensor's subnet 3 recently unveiled Covenant-72B, a 72-billion-parameter language model trained across distributed nodes, achieving competitive benchmark scores. This success has boosted the subnet token τemplar by over 400% and drawn attention from figures like Jensen Huang. The broader Bittensor ecosystem is expanding, with projects like Targon securing significant deals. TAO's price stands around $317, with a $3 billion market cap and over 68% of tokens staked, underscoring the network's maturation and investor confidence.

Bittensor ecosystem tokens have surged to a combined market cap of $1.47 billion, with subnet tokens like Templar and OMEGA Labs posting gains of over 400% in 30 days. The rally follows TAO's own 90% increase this month, driven by decentralized AI network growth and high-profile endorsements. Nvidia CEO Jensen Huang and investor Chamath Palihapitiya recently endorsed Bittensor's decentralized AI approach, lending credibility beyond the crypto space. The network's subnet tokens act as leveraged bets on the parent protocol, with their value tied to TAO staked in automated market makers. Key catalysts include Subnet 3's Covenant-72B language model, which rivals Meta's Llama 2 70B in performance, and plans to expand from 128 to 256 active subnets. Potential institutional access via a Grayscale TAO Trust ETF could further boost the ecosystem.