Despite Covenant’s departure a few weeks ago and the questions raised around @bittensor's decentralization, fundamentals continue to improve. The proportion of TAO staked in alpha subnets has steadily increased and now sits at 28%. Subnets across the Bittensor ecosystem have continued to ship performance upgrades and reaffirm their commitment to the network, signaling continued alignment despite recent concerns. The potential introduction of locked stake, which would require subnet owners to lock TAO for a defined period, should further strengthen this alignment. It creates a more credible signal of long-term commitment and reduces the risk of short-term opportunistic exits, as seen with Covenant. TAO and subnet tokens were among the strongest performers prior to this incident and remain one of the clearest ways for crypto funds to gain exposure to the AI narrative. Price action also suggests that momentum may be starting to build again.