AI Token Merger Worth $7.5 Billion Set for Community Vote, Introducing ASI Token
Summary:
A proposed merger of artificial intelligence protocols SingularityNet, Fetch.ai, and Ocean Protocol into the Artificial Superintelligence Allia (ASI) token, worth $7.5 billion, will undergo a community vote on April 2. If approved, ASI will replace SingularityNet (AGIX), Fetch.ai (FET), and Ocean Protocol (OCEAN) tokens. The existing tokens' combined market cap is $5.3 billion, but the merged ASI token will have a fully diluted market cap of $7.5 billion. A 1:1 swap mechanism will be available for $FET tokens and a fixed rate for exchanging OCEAN and AGIX tokens into ASI. An additional 1.48 billion ASI tokens will be minted for AGIX and OCEAN token holders.
An integration worth $7.5 billion, involving artificial intelligence protocols SingularityNet, Fetch.ai, and Ocean Protocol, is set for a public voting process on April 2. As per the announcement on March 27, each protocol will have its own community vote, with the complete voting process expected to conclude by April 16. Upon agreement, the Artificial Superintelligence Allia (ASI) token will step in for the SingularityNet (AGIX), Fetch.ai (FET), and Ocean Protocol (OCEAN) tokens. ASI's fully diluted market cap will be $7.5 billion across 2.631 billion tokens. The combined market cap of the three existing tokens currently stands at around $5.3 billion. If the proposal gets the go-ahead, a 1:1 swap of $FET for the Artificial Superintelligence token will be possible, as noted by the developers. In other words, a holder of 100 $FET will have the ability to swap them for 100 $ASI. $FET will stand as the reserve currency for ASI and holders will be able to exchange OCEAN and AGIX for ASI at a predetermined exchange rate. There will be an additional minting of 1.48 billion ASI tokens, with 867 million ASI earmarked for AGIX holders and 611 million ASI for OCEAN token holders. As a result of the consolidation, holders of Singularity and Ocean tokens will acquire 0.433226 $ASI per $OCEAN and 0.433350 $ASI per $AGIX, respectively. According to Fetch.ai developers, holders of $OCEAN and $AGIX tokens on exchanges will not need to perform any actions as tokens will be automatically converted to $ASI by the exchange. Also, individuals holding OCEAN and AGIX tokens in self-custody wallets can utilize the swap mechanism to convert their tokens indefinitely. The newly announced Superintelligence Alliance will aim to facilitate the development of decentralized AI protocols utilizing blockchain technology to prevent control by central authorities or major stakeholders.
Published At
3/27/2024 9:07:54 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.