Fetch.ai (FET) experienced a notable surge, briefly touching $1.80 before a slight correction in anticipation of its upcoming merger with Ocean Protocol and SingularityNET.
This significant move, set for a July 1 merger, has positioned FET to encapsulate all three projects under one ticker. This development boosts FET’s visibility as a leading AI narrative token, with plans to transition to ASI in the second phase of the merger.
Market movements pre-merger
The merger anticipation has affected Fetch.ai and influenced Ocean Protocol and SingularityNET tokens. Ocean Protocol (OCEAN) rose from monthly lows of $0.48 to $0.70, while SingularityNET (AGIX) climbed to $0.67.
This rally comes despite a general market downturn, with Bitcoin falling below the $60,000 mark again. The combined market capitalization of the merging entities reaches approximately $7.5 billion, highlighting this union’s scale and potential impact.
Challenges and token conversion
A crucial aspect of this merger is the token conversion process, especially concerning significant exchanges. Fetch.ai has secured cooperation from most trading platforms to facilitate the merger of FET and OCEAN tokens, except for Coinbase. Coinbase users must manually transfer their holdings to Coinbase Wallet to participate in the swap, as the platform will not support the automated merger or the subsequent transition to ASI.
Just in: @coinbase will NOT support the migration from $OCEAN to $FET / $ASI – thanks for nothing, I guess.(enjoy the transaction fees, twats) pic.twitter.com/UVEyD3pPHj
— Mad Orkestra (@MadOrkestra) June 27, 2024
An automated merger will occur for those holding tokens on platforms like Binance, ensuring a smoother transition. The conversion rates have been set at one token for 0.43 new ASI tokens for OCEAN and AGIX. Fetch.ai has reassured token holders that they can safely keep their funds on participating exchanges until the automated processes are implemented.
Future directions and expansion plans
Beyond the merger, Fetch.ai is setting its sights on expanding its technological footprint to include multiple blockchain networks. Initially rooted in the Ethereum L1 chain, plans are underway to integrate with Binance Smart Chain and explore other networks like Cardano. This move aims to enhance the scalability and reach of Fetch.ai’s innovative AI agent technology, which focuses on automating decisions and facilitating negotiations across decentralized networks.
As the AI token sector navigates through a challenging period, marked by a general market slump in May and June, Fetch.ai’s strategic merger and expansion plans signal a robust pathway forward. While some older ICO projects are rebranding and aligning with the AI narrative, Fetch.ai’s proactive approach could position it as a leader in this evolving market, which currently boasts a collective market capitalization of $29.4 billion.
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