What happened to TAO and Bittensor yesterday was a one-time event.

The damage is done.
From the moment I entered TAO ecosystem, something always felt off about one team running three incentive subnets at once (Templar/SN3, Basilica/SN39, and Grail/SN81).
Three separate streams of TAO emissions flowing to the same group raised flags for me.
I stayed away from staking into any of them. Glad I trusted my gut, even when many were hyping the "Claude-mentioned" subnet as one of the best.
Covenant could have exited gracefully: migrated their community, wound things down properly, and handed off responsibly. Instead, they dropped a public attack letter and immediately dumped ~37,000 TAO ($10M+) straight into their own community's face.
Most of the discourse is about how a team chose to nuke their own followers' and miners' bags on the way out.
Bad actors take their money and leave. Ecosystems get stronger.
Bittensor's models, active subnets, and real builders are still here. The halving is already behind us. dTAO mechanics will keep improving, and governance proposals around vesting and cooldowns are already being discussed as a direct result.
Every serious protocol goes through a "spring forward" moment like this.
TAO will come out the other side stronger.