In one declare On June 26, Coinbase clarified its position on the upcoming ASI token merger affecting three tokens: Ocean Protocol (OCEAN), SingularityNET (AGIX), and Fetch.ai (FET). The exchange said it will continue to support trading for OCEAN and FET tokens “until further notice.”
However, this exchange will not support migration on behalf of users. Users who want to participate in the ASI token merger will need to initiate the process themselves using self-managed wallets, such as Coinbase Wallet. According to Coinbase, the ASI token merger will be compatible with all major software wallets, ensuring users can securely manage their tokens off-exchange.
The ASI token merger, scheduled to begin July 1, aims to combine OCEAN, FET, and AGIX into a single token. The initiative is aimed at promoting the development of decentralized AI infrastructure and challenging Big Tech’s dominance in the AI sector. The merged tokens currently have a combined market capitalization of $5.8 billion.
Several other major exchanges have announced plans to support the merger. Bitfinex, Cooperative, Bitget, Binance and KuCoin will pause offerings of the affected tokens on July 1 or 2, while Crypto.com plans to do so on June 28. These exchanges usually intend to make the transition to FET, although exact dates vary.
Coinbase’s decision not to facilitate migration contrasts with the approach of other exchanges, potentially affecting users who prefer custodial solutions. However, by continuing to support trading and allowing self-curated migration, Coinbase maintains a level of participation in the process while shifting responsibility to users for making token swaps.
The two-phase merger into ASI will conclude the long-awaited token integration of three AI protocols.
Fetch.ai announced on Wednesday that it will begin phase 1 of merging AGIX and OCEAN tokens into FET on July 1.
🤖 Important news for the https://t.co/kJ9URVpOul and $ASI community: the @ASI_Alliance token merger begins on July 1, 2024. Here’s what you need to know: pic.twitter.com/2idP9fPSNA
— Fetch.ai (@Fetch_ai) June 26, 2024
This merger will precede the transition to ASI on crypto exchanges like Binance and crypto data aggregators like CoinMarketCap and CoinGecko.
This process will involve delisting AGIX and OCEAN tokens from exchanges, followed by rebranding their symbols and names. All deposits in both tokens will also cease, with only FET deposits remaining unaffected. This process will primarily see exchanges and data aggregators deployed during the rebranding process.
The conversion rates are 1 FET = 1 ASI, 1 OCEAN = 0.433226 ASI and 1 AGIX = 0.433350 ASI.
Phase 2 will take place later, around mid-July, and will focus on community onboarding and cross-chain ASI deployment. While all Mainnet tokens will automatically be converted and deployed as ASI, new migration contracts will be issued to users who have locked their tokens or staked them to various other platforms.
These migration contracts will be valid for a long time to ensure all holders of all three tokens can manually convert them to ASI.
Furthermore, some crypto community members predict a bull run in AI tokens, including the upcoming ASI, as the alliance represents a major feat for crypto and AI.
Itadori
Bitcoin Magazine
