ASI Token Merger: Fetch AI Reveals Key Details On Merger With AGIX And OCEAN
The eagerly awaited ASI token merger involving Fetch AI (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN) is set to reshape the landscape of AI tokens. As anticipation mounts, Fetch AI has disclosed crucial information about the upcoming merger, scheduled to kick off on July 1, 2024.
Notably, this ASI token merger aims to consolidate these three tokens into a unified single token, heralding a new era for the Artificial Superintelligence Alliance.
Fetch AI Spotlights Key Details On ASI Token Merger
The ASI token merger will unfold in two significant phases, starting with the integration of AGIX and OCEAN tokens into Fetch AI (FET). Following that, the FET token will transit to ASI.
According to Fetch AI, “In Phase I, SingularityNET’s AGIX and Ocean Protocol’s OCEAN tokens will merge into FET, then transition to ASI.” However, the update affirmed that during this phase, FET trading will remain uninterrupted, ensuring a seamless rebranding process across platforms such as CoinMarketCap and CoinGecko.
Meanwhile, the rebranding will officially commence on July 1, 2024, updating project names and logos, and closing AGIX and OCEAN deposits. FET deposits and trading will continue without any change, and a migration platform will open on the SingularityDAO decentralized application (dApp).
This phase emphasizes onboarding exchanges and data aggregators to ensure a smooth transition. Notably, Fetch AI advises, “There will be no need to rush,” as the initial focus will be on laying the groundwork for the rebranding.
On the other hand, the second phase will concentrate on community engagement and the deployment of ASI tokens. This phase will prioritize holders who self-custody their tokens, deploy ASI tokens across multiple chains, and introduce new migration contracts to Fetch AI upgrades to ASI.
According to the update, key dates include July 1 for the conversion and rollout of ASI branding. The conversion rates are set at 1 AGIX = 0.433350 ASI, 1 OCEAN = 0.433226 ASI, and 1 FET = 1 ASI.
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Scam Caution Amid Transition
The transition from FET to ASI will involve deploying new migration contracts for AGIX and OCEAN tokens that have not yet converted to FET, as well as for Ethereum Virtual Machine (EVM)-based FET. All FET Mainnet tokens will automatically convert to ASI during Fetch AI’s mainnet upgrade.
“The migration contracts will be open for years,” Fetch AI stated. This remark ensures ample time for all token holders to manually convert their tokens, including those with funds locked in staking or various programs.
Furthermore, Fetch AI emphasizes the importance of caution during this transition, warning against impersonation scams, fake links, and fraudulent social media accounts. The update urges users to verify information through official channels to ensure a secure transition.
The ASI token merger represents a pivotal moment for the AI coin sector, potentially setting a new standard for token integration and rebranding within the crypto space. However, for now, the focus remains on ensuring a seamless transition and capitalizing on the renewed enthusiasm surrounding the ASI token.
Meanwhile, all three cryptos, that are set to merge, stayed in red today. FET price slipped 4.18% to $1.61 during writing, with its trading volume rising 33% to $281.78 million. On the other hand, AGIX price plunged 4.24% to $0.6636.
Simultaneously, OCEAN price fell nearly 4% over the last 24 hours, and its one-day trading volume slipped 8% to $76.73 million.
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