Good news springs up for the Artificial Intelligence (AI) community as they will finally see the merger of the Fetch.ai (FET) Ocean Protocol (OCEAN) and the SingularityNET (AGIX) tokens into ASI. Fetch.ai gave the announcement on its official X account, stating that the merger will commence on July 1.
Merger Processes of FET and AGIX
According to the announcement, the initial phase of the merger will begin with AGIX and Ocean Protocol's OCEAN tokens merging into FET, before transitioning to ASI. However, FET trading will remain uninterrupted to ensure a smooth rebranding process across platforms like CoinMarketCap and CoinGecko.
In Phase I, SingularityNET's $AGIX and Ocean Protocol's $OCEAN tokens will merge into $FET, then transition to $ASI. FET trading remains uninterrupted as the project rebrands to Artificial Superintelligence Alliance across platforms like @CoinMarketCap and @coingecko.
— Fetch.ai (@Fetch_ai) June 26, 2024
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The primary focus of Phase 1 is to enroll exchanges and data aggregators while also ensuring a smooth transition when the rebranding process begins. As highlighted in the update, this integration will be done without haste, as the phase is the foundation for the rebranding process.
Project names and logos will be updated on July 1, while AGIX and OCEAN will be delisted from exchanges. On the same day, the migration platform will debut on the Singularity DAO Decentralized Applications (dApps).
On the other hand, Phase 2 will focus on the deployment of ASI and community onboarding. During this Phase, self-custody holders will be prioritized and ASI tokens launched across different chains. Finally, new migration contracts will be introduced as FET migrates to ASI. Conversion rates have been set at 1 AGIX to 0.433350 ASI, 1 OCEAN to 0.433226 ASI, and 1 FET to 1 ASI.
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ASI Alliance Prioritizes Users
The team said the migration contracts will be open for years, ensuring users get enough time to convert their tokens. Specifically, individuals whose funds are locked in staking or various programs will have ample time to manually convert their tokens into ASI.