Board Thread:Lore Discussion/@comment-25958616-20150108072340

If you found Ash Lake under Blightown then you probably found the Dragon Covenant. Not much is known about this covenant except that it is run by an ancient dragon from the war between the gods and dragons. As you already know (assuming you made it past the opening cutscene) the gods and Seath killed most of the dragons, so why is the Ancient Dragon in Ash Lake alive? Perhaps it was simply able to escape the war but I don't think so. There is no way the gods would allow the covenant devoted to an ancient dragon to exists, unless they were somehow apart of it. We're told that Seath betrayed the dragons to help Gwyn and the rest of the gods, but was he the only one? The Ancient Dragon might have also switched sides after sensing that the dragns were on the brink of defeat and allowing the dragon covenant was its reward, like how Seath became a duke and was given special privlages. Then again, like Black Dragon Kalameet, the Ancient Dragon may have been overwhelmingly powerful and established the covenant as a way to take the world back when the age of fire ends.

What do you guys think? 