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The AI Alliance merger is delayed by a month due to falling token prices
The Artificial Superintelligence Alliance has postponed the date of its proposed token merger, the group announced Tuesday. The merger of AI-themed coins FET, AGIX and OCEAN into a new ASI token will take place on July 15th.
The alliance, a consortium of blockchain developers focused on artificial intelligence SingularityNET, Fetch AI and Ocean Protocol, announced the fusion in April and set the date for the following month June 13th. However, it will no longer take place on Thursday.
“Due to technical constraints and the demanding regulatory environment, we recently realized the need to delay the merger to ensure we meet the rigorous processes required for our token holders,” Fetch CEO told Decrypt via Telegram AI, Humayun Sheikh.
Sheikh, who is also chairman of the board of directors of the Artificial Superintelligence Alliance, said the group is working with centralized exchanges to finalize the remaining steps.
“The finalization of the three-way tokenomic merger on July 15 will be an important milestone,” SingularityNET alliance founder and CEO Ben Goertzel said in a statement. “We envision a series of progressively more exciting milestones ahead as we leverage our $ASI token-based network to move towards increasingly capable AI systems and, over time, true superintelligence.”
It is unclear whether the merger delay had an immediate impact on the price of the three coins involved, given that AI tokens as a whole are in the doldrums, along with the rest of the cryptocurrency market.
According to the data, the market capitalization of AI tokens in general fell by 8.7% today. CoinGecko. Individual ASI member tokens are similarly in red: SingularityNET (AGIX) is trading at $0.67, down 6.6% on the day; Recover AI (FET) is $1.58, down 7.4% on the day, and Ocean Protocol (OCEAN) is $0.69, down 5.5% for the day.
Over the past seven days, the three are all down more than 20%: FET is down 25.8%, AGIX is down 24.0%, and OCEAN is down 23.5%.
It’s a far cry from March, when Alliance member tokens increased after the first merger announcement. If it goes through, the Artificial Superintelligence Alliance will have a combined market capitalization of $5.5 billion, based on their current token values.
By Ryan Ozawa.