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FET, AGIX, OCEAN Up 7% as ASI Token Merger Launches
The Artificial Superintelligence (ASI) Alliance has announced the start of Phase 1 of its token merger involving Fetch.ai (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN).
This merger process will ultimately unify these tokens under the ASI brand.
Market Confidence Rises as ASI Alliance Launches Token Merger
Phase 1 of the ASI token merger focuses on the migration of OCEAN and AGIX tokens to FET. This initial phase involves closing deposits and withdrawals for AGIX and OCEAN to prepare for the migration. At the same time, the project branding has been switched to the Artificial Superintelligence Alliance on major platforms.
In the meantime, FET deposits, withdrawals, and trading will continue uninterrupted. The migration platform for this process has been launched on the decentralized application (dApp) SingularityDAO.
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The Fetch.ai team emphasized that this step is aimed at ensuring a smooth transition and onboarding of exchanges and data aggregators. They assured token holders that there is no need to rush, as the process will be meticulously managed to avoid disruptions.
“The focus of Phase 1 is on integrating exchanges and data aggregators, as well as ensuring a smooth transition as the rebrand begins,” the team said. declared.
This rebranding also involves Delisting of AGIX and OCEAN from exchangesHowever, Fetch.ai markets remain open under the ticker FET.
This development occurred after ASI Alliance postponed token merger in mid-June. This careful planning allowed for comprehensive preparation, addressing all technical and logistical concerns to ensure a smooth transition for token holders.
After the start of phase 1 of the merger, FET pricesAGIX and OCEAN are up about 7%. At the time of writing, FET is trading at $1.46, AGIX at $0.6138 and OCEAN at $0.6105.
What are the next steps for Phase 2 of the token migration?
Phase 2 of the merger is scheduled to follow the initial migration. It will focus on community onboarding and the distribution of ASI tokens across multiple chains.
This phase prioritizes self-custodial holders and will introduce new migration contracts as Fetch.ai upgrades to ASI. Additionally, the ASI Alliance has ensured that migration contracts will remain open for years, allowing token holders plenty of time to transfer their assets.
The final step of the merger involves the transition from the FET ticker token to ASI. This step will see new migration contracts for any remaining AGIX and OCEAN Tokens and the automatic conversion of FET Mainnet tokens to ASI during the Fetch.ai mainnet upgrade. The conversion rates for this final transition are 1 FET to 1 ASI, 1 AGIX to 0.433350 ASI, and 1 OCEAN to 0.433226 ASI.
For those who have funds on centralized exchanges like Binance, OCEAN and AGIX Tokens will automatically convert to FET at the appropriate ratios. In the meantime, self-custodial holders on the Ethereum mainnet should follow the detailed guides and tutorials provided by the ASI Alliance to facilitate a smooth transition.
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To manually convert tokens, holders must connect their existing wallets to the official conversion portal on the SingularityDAO dApp and follow the on-screen instructions. The ASI Alliance has ensured compatibility with major software and hardware wallets, simplifying the process for users.
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