The ASI token merger has officially begun, with Phase 1 now underway. This development has prompted a user alert regarding ongoing token migrations. As part of this transition, exchanges have started delisting AGIX and OCEAN tokens, which may temporarily affect user balances. The process involves converting SingularityNET’s AGIX and Ocean Protocol’s OCEAN tokens into Fetch AI’s FET. Fetch AI has assured FET holders that they don’t need to take any immediate action during this network upgrade, as the process is being handled automatically.
Migration Details and Exchange Actions
Fetch AI launched Phase 1 of its ASI token merger commenced today. This phase emphasizes onboarding exchanges and data aggregators to ensure a smooth transition. Notably, Fetch AI has earlier advised that, “There will be no need to rush,” as the initial focus will be on laying the groundwork for the rebranding. This phase integrates SingularityNET’s AGIX and Ocean Protocol’s OCEAN tokens into Fetch AI’s FET token.
The migration has already seen progress, with 1,780,753.42 AGIX converted to 771,689.49 FET and 336,445.31 OCEAN converted to 145,756.86 FET. Fetch AI has confirmed that holders and stakers on its mainnet will have their assets automatically converted to ASI during this network upgrade, marking a significant milestone in Fetch AI’s blockchain ecosystem development. In response to the migration, exchanges have begun delisting AGIX and OCEAN tokens.
Users may notice temporary changes in their balances, but Fetch AI is working closely with all supporting parties to ensure a smooth migration process. Once completed, user balances will reappear as FET. Despite these changes, FET trading continues uninterrupted on participating exchanges. The rebranding process has also begun, including updates to project names and logos, and the closure of AGIX and OCEAN deposits.
Also Read: Japan’s Metaplanet Buys Bitcoin Worth 200M Yen, Share Price Jumps 60% MoM
Artificial Superintelligence Alliance (FET) Market Performance
As of the latest update, the price of Artificial Superintelligence Alliance (FET) stands at $1.40, with a 24-hour trading volume of $193.2 Million. The open interest in FET has seen a 4.69% increase over the past 24 hours, currently valued at $48.1 Million, depicting high likelihood of growing interest as a result of the migration process.
However, despite the growing open interest, FET has experienced a 0.94% price decline in the last 24 hours and a 4.17% decrease over the past week. With a circulating supply of 2.5 Billion FET, Artificial Superintelligence Alliance currently holds a market capitalization of $3.5 Billion.
Also Read: Binance Warns Of Delisting These Tokens, Price Drop Ahead?
✓ Share:
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
