Artificial Superintelligence (ASI) Alliance has announced the start of Phase 1 of the token merger involving Fetch.ai (FET), SingularityNET (AGIX) and Ocean Protocol (OCEAN), which will eventually merge the 3 tokens into code. ASI.
Market confidence soars as ASI Alliance launches token merger process
Phase 1 of the ASI token merger focuses on migrating OCEAN and AGIX tokens to FET. This initial phase involves closing deposits/withdrawals for AGIX and OCEAN in preparation for the migration.
Meanwhile, FET deposits, withdrawals, and trading will continue uninterrupted. The migration platform for this process has been launched on the SingularityDAO decentralized application (dApp).
The Fetch.ai team is focused on ensuring a smooth transition and has included exchanges and data aggregators in the first phase of the rebrand. They have reassured token holders that there is no need to rush, as the process will be carefully managed to avoid disruption.
ASI Phase 1 Token Migration
Exchanges have begun delisting of AGIX and Ocean, users may see their balances affected by this, we are working with all supporting parties to execute the migration, and then user balances will reappear as FET.
The first AGIX and OCEAN migrations…
— Artificial Superintelligence Alliance (@ASI_Alliance) July 1, 2024
“Exchanges have started delisting AGIX and Ocean, users may see balances affected by this, we are working with all support parties to implement the migration and then the number The user’s residual will appear again as FET. The first AGIX and OCEAN migration has begun with 1,780,753.42 AGIX converted to 771,689.49 FET and 336,445.31 OCEAN converted to 145,756.86 FET. Hodler FET does not need to take any action.”
This development comes after the token merger was delayed in mid-June. Careful planning allowed for comprehensive preparations, addressing all technical and logistical concerns to ensure smooth implementation. The transition is smooth for token holders.
After the start of phase 1 of the merger, the prices of FET, AGIX and OCEAN increased by 3-5% on the day. At the time of writing, FET is trading at $1.42, AGIX and OCEAN are both trading at $0.61.
Source: Coinmarketcap
What next?
Phase 2 of the merger is expected to take place after the initial migration, focusing on community onboarding and deploying ASI tokens across multiple chains.
This phase prioritizes self-custodial holders and will introduce new migration contracts when Fetch.ai upgrades to ASI. Furthermore, ASI Alliance has guaranteed that migration contracts will remain open for many years, allowing token holders enough time to convert their assets.
The final step of the merger involves the migration from FET to ASI. This will see new migration contracts for all remaining AGIX and OCEAN tokens as well as the automatic conversion of FET Mainnet Tokens to ASI during the Fetch.ai mainnet upgrade. This final conversion rate is 1 FET to 1 ASI, 1 AGIX to 0.433350 ASI, and 1 OCEAN to 0.433226 ASI.
For those holding tokens on centralized exchanges like Binance, OCEAN and AGIX tokens will automatically convert to FET at the appropriate rate. Meanwhile, self-custodial holders on the Ethereum mainnet must follow detailed instructions provided by ASI Alliance for a smooth transition.
To convert tokens manually, hodlers must connect their existing wallet to the official conversion portal on dApp SingularityDAO and follow the on-screen instructions. ASI Alliance has ensured compatibility with major software and hardware wallets, simplifying the process for users.
Itadori
According to BeinCrypto
