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The token merger of SingularityNET, Fetch.ai and Ocean Protocol is live
Key points
- The ASI token merger integrates FET, AGIX and OCEAN into a unified platform to advance decentralized AI technologies.
- Major cryptocurrency exchanges support the new ASI token, even if Coinbase chooses to continue trading FET and OCEAN separately.
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The Artificial Superintelligence Alliance, which includes SingularityNET, Fetch.ai, and Ocean Protocol, today announced the launch of a multi-coin merger. Their respective tokens, including FET, AGIX and OCEAN, will begin to be merged into a single unified token called ASI.
Introduced in March, the merger is part of the alliance’s goal to build an ethical, decentralized AI ecosystem using resources and expertise from member companies. The team also plans to build a robust AI alternative that could challenge Big Tech’s control over AI development.
As before reported by Crypto Briefing, the token merger involves two phases.
Phase 1 begins with the merger of AGIX and OCEAN tokens into FET. Meanwhile, FET trading continues as the rebranding takes place across all platforms. The migration platform is also open on the SingularityDAO dApp to facilitate the conversion of AGIX and OCEAN tokens to FET tokens.
AGIX and OCEAN tokens will begin to be removed from various exchanges as part of the migration process. This phase focuses on onboarding exchanges and data aggregators for a smooth transition.
After Phase 1, Phase 2 is expected to take place in mid-July. This phase focuses on community onboarding and ASI token implementation.
The Fetch.ai network will undergo an upgrade to become the ASI network. The new ASI token will be introduced and distributed across multiple blockchain networks. As noted, self-custodial asset holders will be able to convert their tokens to ASI.
New smart contracts will also be available to facilitate the conversion of FET, AGIX and OCEAN tokens into ASI tokens. Ethereum Virtual Machine (EVM) and other blockchain bridges for ASI token transfers will also be activated.
According to ASI, migration contracts will remain open for several years. The team will release detailed instructions to ensure a smooth transition. All preparations for the second phase are currently underway.
Cryptocurrency exchanges will transition their spot markets from FET tokens to ASI tokens in the second phase. Several major exchanges have announced plans to support the ASI merger. Specifically, Bitfinex, Cooperative, Bitget, Binance, and KuCoin will suspend offerings of the affected tokens on July 1 or 2. Crypto.com already did so on June 28.
However, Coinbase Will Not Participate in ASI Token Merger migration. Last week, the exchange said that users who wanted to participate in the merger could do so manually. Coinbase will continue to support trading for OCEAN and FET tokens “until further notice.”
Humayun Sheikh, Chairman of the Artificial Superintelligence Alliance and CEO of Recover.aisaid the merger aims to set new standards of collaboration and openness in the AI industry.
“Today’s token merger highlights our commitment to advancing safe artificial intelligence,” Sheikh said. “By merging our tokens, we aim to improve operational efficiency and seamlessly integrate decentralized AI systems, ensuring broad access to cutting-edge AI technologies.”
Ben Goertzel, CEO of Artificial Superintelligence Alliance and SingularityNET, believes the merger will foster product collaborations, helping them achieve cost-effective superintelligence.
“We are thrilled to have reached this milestone on the path to realizing our vision of an AI Superintelligence Alliance that can win the AGI vs. ASI race for the decentralized ecosystem,” said Goertzel.
Bruce Pon, board director of the Artificial Superintelligence Alliance and founder of Ocean Protocol, said the token merger will pave the way for future user-centric products.
“We are grateful to the community, exchanges, and other partners for embracing this token merger. We are very much looking forward to focusing on our users and the products that drive adoption,” Pon said.
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