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Project Overview
Bittensor is an open-source protocol that powers a decentralized, blockchain-based machine learning network. By utilizing a unique "Proof of Intelligence" mechanism and a system of specialized subnets, the platform enables the collaborative training and sharing of AI models, creating a global, distributed marketplace for machine intelligence where contributors are rewarded in its native token, TAO.
The largest on-chain ASTER bull whale has started building a CHIP position, valued at approximately $3.43 million.
According to on-chain analytics platform Lookonchain (@lookonchain), the largest $ASTER bull whale on-chain, “0x1527”, has recently begun accumulating $CHIP. Its current holdings include: 24.93 million $ASTER (approx. $16.72 million), 36.18 million $CHIP (approx. $3.43 million), 81.55 million $MON (approx. $2.52 million), and 9,026 $TAO (approx. $2.22 million), with a total portfolio value exceeding $28 million.
0xSun: News-Driven Trading Still Holds Advantages, Currently Inclined to Long BTC and Hedge by Shorting Altcoins
Odaily News Trader 0xSun posted stating that news-driven trading remains one of the more cost-effective strategies in the current crypto market, with its core lying in the directionality and volatility brought by events.Reviewing several recent events, including abnormal ETH transactions, Arc fee adjustments, TAO ecosystem changes, RAVE-related investigations, and the KelpDAO security incident, all triggered significant price fluctuations within a short period. He believes that participating in such opportunities relies on either the speed of information acquisition or the ability to judge the impact of events.Furthermore, he indicated that as the recent altcoin market has gradually cooled down, he has resumed the strategy of going long on BTC while hedging by shorting some altcoin assets. He believes that against the backdrop of relatively weak liquidity and the fading of certain narratives, the overall performance of altcoins may face relatively more pressure.
Covenant AI Announces Exit from Bittensor Network, Claims Its Decentralization Promise Is Hollow
Sam Dare, founder of Covenant AI, announced that Covenant AI has officially exited the Bittensor network. Previously, Covenant AI completed the largest decentralized LLM pretraining project in history—Covenant-72B (a 72-billion-parameter model developed by over 70 independent contributors)—which drew attention from NVIDIA’s CEO and was cited by an Anthropic co-founder. In its statement, Covenant AI accused the Bittensor network of long concentrating actual control in the hands of co-founder Jacob Steeves (“Const”), rendering the so-called “three-signature multisig governance” merely a theatrical performance of decentralization, with real power never truly distributed. Recently, Jacob Steeves unilaterally imposed punitive measures against Covenant AI, including: suspending its subnet earnings, revoking its community channel moderation privileges, unilaterally deprecating its subnet infrastructure, and exerting economic pressure via large-scale token dumping during the ongoing conflict between the two parties. Covenant AI stated it cannot continue fundraising, recruiting talent, or soliciting community resources on a network where the promise of “decentralization” can be unilaterally revoked by a single individual. Its research outcomes, team, and models will depart alongside the team, and a new project—including related progress—will be publicly announced shortly.
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The cryptocurrency market continues to pull back, with BTC falling to $76,000, while only the AI and GameFi sectors remain relatively resilient
According to SoSoValue data, the cryptocurrency market continues to correct, with Bitcoin (BTC) dropping 0.66% to above $77,000, and Ethereum (ETH) declining 0.24% to below $2,300. The AI sector performed notably, rising 0.96% in 24 hours, with Bittensor (TAO) up 4.20%, Unibase (UB) up 18.84%, and SkyAI (SKYAI) up 35.11%. Additionally, the GameFi sector gained 0.40%, with Axie Infinity (AXS) and GALA rising 2.64% and 2.45% respectively.In other sectors, the Layer 2 sector fell 0.06% in 24 hours, but Celestia (TIA) rose 4.05%; the CeFi sector declined 0.44%, with Aster (ASTER) gaining 2.55%; the Layer 1 sector dropped 0.88%, while Humanity (H) surged 26.66% intraday; the Meme sector fell 1.17%, with Pump.fun (PUMP) bucking the trend to rise 6.66%; the PayFi sector decreased 1.21%, with Safe (SAFE) remaining relatively firm, up 1.75%; and the DeFi sector fell 1.48%, with Block Street (BSB) rising sharply by 18.11%.Crypto sector indices reflecting historical sector performance show the ssiGameFi index rising 0.52%, while the ssiMeme and ssiNFT indices fell 2.38% and 2.34% respectively.
The largest on-chain ASTER bull whale has started building a CHIP position, valued at approximately $3.43 million.
According to on-chain analytics platform Lookonchain (@lookonchain), the largest $ASTER bull whale on-chain, “0x1527”, has recently begun accumulating $CHIP. Its current holdings include: 24.93 million $ASTER (approx. $16.72 million), 36.18 million $CHIP (approx. $3.43 million), 81.55 million $MON (approx. $2.52 million), and 9,026 $TAO (approx. $2.22 million), with a total portfolio value exceeding $28 million.
0xSun: News-Driven Trading Still Holds Advantages, Currently Inclined to Long BTC and Hedge by Shorting Altcoins
Odaily News Trader 0xSun posted stating that news-driven trading remains one of the more cost-effective strategies in the current crypto market, with its core lying in the directionality and volatility brought by events.Reviewing several recent events, including abnormal ETH transactions, Arc fee adjustments, TAO ecosystem changes, RAVE-related investigations, and the KelpDAO security incident, all triggered significant price fluctuations within a short period. He believes that participating in such opportunities relies on either the speed of information acquisition or the ability to judge the impact of events.Furthermore, he indicated that as the recent altcoin market has gradually cooled down, he has resumed the strategy of going long on BTC while hedging by shorting some altcoin assets. He believes that against the backdrop of relatively weak liquidity and the fading of certain narratives, the overall performance of altcoins may face relatively more pressure.
Bittensor Co-Founder Accuses Covenant AI Founder of Betraying the Community and Plans to Launch a Lock-up Staking Mechanism
According to a post by Jacob Robert Steeves, co-founder of Bittensor, on X, he publicly addressed the Covenant AI incident, stating that recent developments over the past several days have “deeply shaken” him. He accused Covenant AI founder Samuel Dare of deliberately inflicting maximum harm on both himself and the protocol, causing losses for all TAO holders—especially users who believed in its subnet vision and purchased its tokens. “He has betrayed everyone,” Steeves said. He also apologized to users who suffered losses as a result of this incident.
Analysis: Bitcoin Volatility Approaches Critical Juncture; Bittensor Developer Exodus Triggers Ecosystem Turmoil
According to CoinDesk, Bitcoin and Ethereum prices continue to fluctuate within a narrow range, with technical indicators suggesting a potential price move of up to 40%. The Bittensor ecosystem has recently undergone significant changes: Covenant AI, a key developer, announced its exit and accused the network of failing to uphold its decentralization commitments—causing the TAO token to fall over 12% since midnight. Meanwhile, privacy coin DASH stood out, surging 34% in the past 24 hours. Markets are closely watching the U.S. March Consumer Price Index (CPI) data, expected to show a year-on-year increase of 3.3%, which could pressure risk assets like Bitcoin. Bitcoin futures open interest rose by 1%, and the funding rate hit a new high since February, signaling strengthening bullish sentiment among investors.
Bittensor Co-Founder Responds to Community Governance and Token Release Controversy
Const, co-founder of Bittensor, responded to recent controversies, stating that he has no authority to pause token emissions for his subnet—only a partial sale of his alpha holdings caused the emission changes, and his actions were identical to those of any ordinary TAO holder. Regarding community administration rights, Const clarified that Samuel, founder of Covenant AI, voluntarily abandoned the channel and publicly explained his decision; some administrative privileges were temporarily revoked but have since been restored, and Samuel’s admin status was never removed. Additionally, Const denied selling large amounts of tokens, noting that the amount sold constituted less than 1% of his total investment, and emphasized that transaction transparency is foundational to the dTao system. There remain discrepancies between the two parties’ explanations concerning community governance and token operations, and related discussions are ongoing.