As a follow-up of the Fetch.ai (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN) token merger, ASI (Artificial Superintelligence Alliance) recently revealed vital developments looming on the matter, scheduled for July 1. According to a post shared on X today, June 20, starting July 1, phase 1 of the merger will commence. This is anticipated to bring about a plethora of changes to the AI tokens’ functioning and future endeavors. Here’s a deeper dive into the announcement on the upcoming phase 1 process, as revealed by ASI.
ASI Outlines Token Merger Steps
In its post on X, ASI spotlighted a brief overview of phase 1 of the merger, demonstrating a well-structured and systematic approach. This encompassed the updation of project names and logos, the temporary merging of AGIX and OCEAN into FET, and token conversion rates.
Notably, starting July 1, the project logos and names are to be changed to ASI. Simultaneously, deposits and withdrawals for AGIX & OCEAN will begin to close across global exchanges, aiming to streamline the migration process.
However, FET is to remain unaffected by these migration processes as deposits and withdrawals for Fetch.ai will continue as usual. The migration platform for converting AGIX and OCEAN to FET is available on SingularityDAO dApp.
Lastly, AGIX and OCEAN will be delisted from exchanges. The conversion rate for AGIX is 1 AGIX to 0.433350 FET and the conversion rate for OCEAN is 1 OCEAN to 0.433226 FET.
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ASI Draws Hints At Phase 2
Meanwhile, ASI also rolled out a brief overview of what phase 2 aims to bring to the token merger. As per the post, the phase 2 ensures that the ASI token is deployed across chains. Further, the FET network upgrades to the ASI network.
The leftover AGIX/OCEAN to FET migration contracts will be eliminated and will no longer be supported. Moreover, new migration contracts will be introduced to ensure the transition to the ASI token.
Other developments encompass the inclusion of an EVM and other bridges, streamlining cross-chain transfers.
In the interim, upon the news surfacing in the market, FET stood at $1.64, up 26.05% over the past day. AGIX soared 24.77% to reach $0.6723, while OCEAN surged 23.38% to rest at $0.6736.
It’s also worth noting that, Binance, the world’s leading crypto exchange, recently revealed plans to extend support to the AI token merger.
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