~0.085% of pool alpha sold by operators on a normal day is manageable; the damage comes from tail events like Covenant dumping ~37k TAO worth of alpha and leaving holders to price governance risk after the fact. Conviction turns that risk into an observable carry cost, but it also creates a new moat: mature teams with fat owner balances can harden control while younger teams that spend the 18% owner stream on infra show up weaker at the one-year takeover window. Watch the UI layer here: if wallets, custodians, TrustedStake/Mentat-style allocators and subnet indexers don’t make lock state legible, conviction becomes whale coordination dressed up as accountability.

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