Fetch.ai, a decentralized artificial intelligence (AI) platform has unveiled the final plans for its token merger with SingularityNET (AGIX) and Ocean Protocol (OCEAN) commencing July 1. As per the announcement on X, the merger process shall be in two phases.
Phase I: Transition to Artificial Super Intelligence
According to the merger timeline, Phase 1 will see the tokens of SingularityNET and Ocean Protocol integrating into Fetch.ai (FET). This will eventually transition to Artificial superintelligence (ASI). While the process is ongoing, trading will proceed seamlessly without any interruption as the project rebrands to Artificial Super Intelligence Alliance across platforms like CoinMarketCap and CoinGecko.
🤖 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
Beginning on July 1, 2024, the project names and logos will be updated while AGIX and OCEAN deposits will close. However, FET deposits and trading will remain unaffected. Additionally, the migration platform will be accessible on the SingularityDAO dapp, and AGIX and OCEAN will begin delisting from exchanges.
The overall goal of the Phase 1 merger is to onboard exchanges and data aggregators to ensure a smooth transition during the rebranding process. Users were assured of careful management of the migration process.
As for holders with self-custody, phase II will take charge of them as this stage emphasizes community onboarding and the deployment of ASI. This process scheduled for around mid-July will also deploy ASI tokens across multiple chains, and introduce new migration contracts to users as Fetch.ai upgrades to ASI.
Fetch.ai Assures Long-Term Migration and Support
As per Fetch.ai, the conversion rates have been set at 1 AGIX = 0.433350 ASI, 1 OCEAN = 0.433226 ASI, and 1 FET = 1 ASI.
The transition from FET to ASI will involve deploying new migration contracts for AGIX and OCEAN tokens that have not yet been converted to $FET, as well as for EVM-based FET. Meanwhile, all FET Mainnet Tokens will automatically convert to ASI during Fetch.ai’s mainnet upgrade.
In order to ensure there is ample time for everyone to onboard, the migration contracts will remain open for several years. This includes those with funds locked in staking or various programs, so they can manually convert their tokens to $ASI.
As at the time of writing, the announcement is yet to affect the price of FET which is trading at $1.64, down 3.98% per CoinMarket but market volume is up by 36.17% to $296,975,414, according to CoinMarketCap.
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