ASI Launches First Phase of $7.5B AI Token Merger Essential to Forming Largest Decentralized AI Ecosystem
Summary:
The Artificial Superintelligence Alliance (ASI) commenced the first phase of a $7.5 billion token merger on July 1, combining SingularityNET’s AGIX and Ocean Protocol’s OCEAN AI tokens into Fetch.ai’s FET token. However, the merger was not supported by all crypto exchanges, with Coinbase opting not to participate. Despite this, trading of FET and OCEAN will continue on Coinbase while users can manually migrate their holdings into FET. Other platforms can support the migration through SingularityDAO DApp. In Phase 1, AGIX tokens will move to FET at a rate of 1 AGIX to 0.43335 FET, and in Phase 2, FET tokens will be transferred to ASI across multiple blockchains. Following the announcement, the trading value of FET and AGIX tokens rose by more than 30%.
The initial part of the Artificial Superintelligence Alliance (ASI) token amalgamation started on July 1st, when SingularityNET’s AGIX and Ocean Protocol’s OCEAN tokens, both artificial intelligence (AI) cryptocurrencies, were merged. The first stage of this $7.5 billion union saw these AI tokens conjoined into the Fetch.ai’s FET (FET) token, leading to a broadscale removal of the former tokens from all cryptocurrency trading platforms.
Unfortunately, not all platforms were on board with this merger for their users. For instance, Coinbase chose not to participate in the ASI amalgamation and failed to introduce a system that would auto switch users' tokens during the uniting process.
In the meantime, FET and OCEAN transactions will remain functional on Coinbase until more information is available. Users wanting to transition their assets manually into FET can take advantage of an alternate method suggested by Coinbase. Upon the initiation of the migration, users can transfer their OCEAN and FET into ASI using a custodial wallet of their own, such as Coinbase Wallet. The ASI token amalgamation will be suitable with all major software wallets.
Cryptocurrency platforms and data aggregators that wish to back this migration can avail a recently released migration platform, SingularityDAO DApp. According to the website, during Phase 1, AGIX tokens will transition to FET at a swapping rate of 1 AGIX to 0.43335 FET. The FET tokens will be then transitioned to ASI and released across several blockchains during Phase 2.
On June 20th, the trading value of FET and AGIX tokens soared over 30% following a decline over the past three months. Vlad Balaban, the co-founder of GT Protocol, a blockchain-situated AI execution protocol, attributes this sudden upswing to the enthusiasm around the ASI token merger. He stated that this increase of over 30% is due to their announced consolidation with Ocean Protocol, the goal being to establish the largest decentralized AI ecosystem. This strategic action has sparked investor excitement, predicting substantial progress and market dominance in AI technology.
Published At
7/2/2024 12:23:06 PM
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