Fetch AI has assured holders and stakers of FET on the platform’s mainnet that their assets will be automatically converted to the new ASI as it gears up for its network upgrade. This pivotal transition marks a significant step in the evolution of Fetch AI’s blockchain ecosystem.
Automatic and Secure Conversion to ASI
In the announcement on the X platform, Fetch AI has stated that there was going to be a temporary shutdown of the network as a measure of the upgrade. This step is needed to meet the new system architecture needed for the ASI tokens.
Nevertheless, during the network upgrade, Fetch AI has guaranteed the security and the accuracy of all the staked funds and the rewards. FET holders on the mainnet do not have to do anything as their tokens will automatically transfer to ASI when the upgrade is done.
While the upgrade is underway, there will be scheduled network downtime, but your natively staked funds and rewards will remain secure throughout the process.
— Fetch.ai (@Fetch_ai) June 28, 2024
This process guarantees that users’ value and operational continuity are not affected and remain intact. Moreover, the organization has highlighted that adequate measures have been taken to secure the assets during the scheduled downtime that is expected during the upgrade process.
Provisions for Holders on Non-Supporting Exchanges
Concurrently, Fetch AI has provided a roadmap for those who have their FET tokens on exchanges that do not support the migration to ASI. After the completion of the network upgrade, a manual conversion portal will be released where users can manually transfer their assets to ASI tokens.
This approach includes all the users across different platforms in order to avoid excluding anyone during the migration process. In addition, Fetch AI has assured that users will have enough resources to help them in this process and therefore, users will have an easy time when it comes to the conversion process.
Phased Approach to Token Merger
According to the report by CoinGape, the ASI token merge will happen in two major steps. The first phase will include tokenization of AGIX and OCEAN in Fetch AI (FET) and then moving them to ASI.
This phase guarantees that FET trading continues without being affected, thus allowing a smooth rebranding process on sites such as CoinMarketCap and CoinGecko.
The rebranding process will start from July 1, 2024, and will include changing the names of the projects and their logos as well as the termination of AGIX and OCEAN deposits. The second phase will focus on the community activation and distributing of ASI tokens focusing on the users who hold their tokens in their own wallets and distribute ASI tokens across different chains.
FET, AGIX, OCEAN Price Trend
Despite the increased investor interest ahead of the merger, FET, AGIX, and OCEAN have experienced significant downturns. For instance, Fetch AI (FET) has failed to breach the intra-day high of $0.6665, dropping to a low of $0.6054.
Source: CoinMarketCap
At press time, FET was exchanging hands at $1.45, an 8.70% decline from the resistance level. Accompanying this downtrend, FET’s market capitalization and 24-hour trading volume fell by 8.27% to 25.66% to $1,226,786,413 and $223,293,436.
Source: CoinMarketCap
SingularityNET (AGIX) has also been bearish, with the price swaying between a 24-hour high and low of $0.6665 and $0.6054. At press time, AGIX was trading at $0.6117, a 7.70% plunge from the intra-day high. AGIX’s market cap and trading volume followed suit, plummeting 7.99% and 35.28%, respectively, to $787,225,281 and $55,775,872.
Source: CoinMarketCap
Ocean Protocol (OCEAN), after failing to breach the 24-hour high of $0.6636, also faced a sharp decline, dipping to a support level of $0.6034. Exchanging hands at $0.61, OCEAN was down 7.97%. During the dip, OCEAN’s market capitalization and 24-hour trading volume fell by 7.97% and 30.39%, respectively, to $346,245,863 and $46,836,706.
Read Also: ASI Token Merger: Fetch AI Reveals Key Details On Merger With AGIX And OCEAN
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Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery.
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.
