The ASI token merger involving SingularityNET, Fetch.ai, and Ocean Protocol is a major happening in the AI crypto space. But with big changes come big questions!
Feeling lost in the technical jargon? Unsure what to do with your AGIX or OCEAN tokens?
This FAQ guide is here to rescue you! We'll tackle all the burning questions directly, sourced from the official Fetch.ai website, so you have the most accurate information at your fingertips.
Remember, we already explored the ASI Token Merger in previous blogs, detailing the two-phase process kicking off on July 1st, 2024. (Check out that post for a deeper dive!) But now, let's cut through the confusion and get you up to speed on what matters most – your crypto assets!
So, grab a coffee, get comfy, and let’s answer your questions together!
FAQs about the ASI Token Merger
What do I need to do specifically to transition my Ocean or AGIX or FET to ASI?
For Ocean (OCEAN) token holders:
If you hold OCEAN tokens on an exchange like Binance, you don't need to do anything. Your funds will be automatically (and temporarily) converted to FET on July 1, 2024.
For AGIX token holders:
Similar to OCEAN holders, if you have AGIX tokens on an exchange, they will also be automatically (and temporarily) converted to FET on July 1, 2024. No action is required on your part.
For FET token holders:
If you hold FET tokens on an exchange, you don't need to take any action. During the first phase of the token merger, OCEAN and AGIX will be temporarily merged into FET. In the second phase, FET will be rebranded to ASI across all major platforms, and the network will be upgraded.
For self-custody users:
If you hold OCEAN or AGIX as ERC-20 tokens on the Ethereum mainnet, you'll be able to convert them to ASI through the SingularityDAO conversion portal. This conversion portal will remain open for years, so you can take your time and migrate your tokens at your convenience.
For those of you who self-custody your FET tokens on the Fetch.ai mainnet, your funds will be automatically converted to ASI once the network upgrade is complete.
What is the timeline for the merger?
Phase I: Smooth Transition for Exchange Partners
July 1, 2024: Project rebranding takes place, and token deposits and withdrawals for AGIX and OCEAN will be halted. FET trading will continue during this phase.
July 1, 2024: AGIX and OCEAN tokens will be delisted from exchanges, and conversion contracts for AGIX and OCEAN to FET will become available.
Phase II: Self-Custodied Funds and Network Upgrades
Mid-July 2024: The ASI token will be deployed across various blockchain networks, and the Fetch.ai network will undergo an upgrade. New migration contracts will be introduced, and bridges to the EVM and other networks will be opened.
It's important to note that during the network upgrade in Phase II, there may be potential downtime and temporary disruptions on exchanges. Users should be prepared for the possibility of some service interruptions during this time.
How will my current tokens be affected?
During the initial phase of the merger, AGIX and OCEAN tokens will be consolidated into the FET token. This means that if you currently hold AGIX or OCEAN tokens, they will be temporarily converted to FET tokens.
Will my existing tokens be automatically converted to the new token?
The good news is that if you hold your tokens on a centralized exchange, this conversion process will be handled automatically. Exchanges that have expressed support for the merger will automatically convert your AGIX or OCEAN tokens to FET, and later to the new ASI token.
Again for token holders who self-custody their AGIX or OCEAN tokens, conversion tools will be made available through the SingularityDAO platform. These conversion portals will remain open for an extended period, so you can take your time and migrate your tokens at your own convenience.
How will the value of my holdings be affected during the token merger process?
During the token merger, you may see some market fluctuations in the value of your holdings. This is a common occurrence. You are advised to take caution and closely monitor the market conditions to make informed decisions about your investments.
What wallets will support the new shared token?
The good news is that the ASI token will be supported by a wide range of credible wallet providers, both software-based and hardware-based. Some of the major wallets that will support the ASI token include:
Software Wallets: MetaMask, Trust Wallet, and other popular Ethereum-compatible wallets
Hardware Wallets: Ledger, Trezor, and other leading hardware wallet solutions
The ASI team is diligently working to ensure that as many trusted and reputable wallet providers as possible are onboarded and ready to support the new ASI token.
Which software wallets (e.g., MetaMask, Trust Wallet) will be compatible with the new token?
All Ethereum-compatible software wallets, such as MetaMask and Trust Wallet, will be able to store the ERC20 tokens that are involved in the merger process, including OCEAN, AGIX, and FET.
Which hardware wallets (e.g., Ledger, Trezor) will be supported?
When it comes to hardware wallets, the ASI team is committed to ensuring that nearly all hardware wallets that the community wants to use are actively supported. This includes popular options like Ledger and Trezor.
Will my current wallet support the new token, or will I need to migrate to a different wallet?
The good news is that your current wallets supporting FET, AGIX, and OCEAN tokens will also be able to support the new ASI token. However, you may need to add ASI as a custom token within your wallet interface to ensure it's properly displayed.
How can I convert my existing tokens to the new shared token?
To convert your existing FET, AGIX, or OCEAN tokens to the new ASI token, you will need to connect your wallet to the official conversion portal on the SingularityDAO dApp.
The conversion process will involve two steps:
Approve the contract: This step allows the conversion portal to access your existing tokens and prepare them for the migration.
Approve the migration: Once the contract is approved, you can proceed with the actual migration of your tokens to the new ASI token.
The ASI team will provide clear and detailed instructions on the conversion process, ensuring that users can seamlessly transition their holdings to the new token.
Will there be any fees associated with the conversion?
For the token conversion, you can expect to pay the standard transaction fees required by the underlying blockchain network. These are the typical gas fees associated with any Ethereum or Binance Smart Chain (BSC) transaction.
However, there will be no additional conversion charges or fees imposed by the ASI team or the SingularityDAO platform. The conversion process is designed to be as cost-effective as possible for token holders.
Is there a deadline for converting my existing tokens to the new shared token?
The conversion window for transitioning your existing tokens to the new ASI token will remain open for an extended period, likely for several years.
What block explorers will support the new mainnet?
The new ASI token will be supported by popular block explorers, including:
Etherscan (for Ethereum-based transactions)
BscScan (for Binance Smart Chain-based transactions)
Mintscan (for Cosmos-based transactions)
These well-established block explorers will allow you to easily track and monitor the activity and status of your ASI token holdings, providing transparency and visibility throughout the conversion and beyond.
What will happen to my staked tokens or tokens committed to long-term programs?
If you currently have FET tokens staked across the Fetch.ai mainnet, the good news is that your staked tokens will be automatically migrated to the new ASI token. Your staking rewards will also continue uninterrupted, ensuring a seamless transition for stakers.
Will there be any impact on my staking rewards or benefits?
For tokens that are committed to long-term programs, such as those within the Ocean Ecosystem, the conversion process will be slightly different. The conversion portal will remain open for years allowing you to convert these tokens at a later stage, as and when it suits your needs.
What specific actions do I need to take if my tokens are in a liquidity pool or other DeFi protocols?
If your tokens are currently held in a liquidity pool or other DeFi protocols, you will need to manually withdraw and re-allocate those funds to updated pools that support the new ASI token. This is a necessary step to ensure your DeFi integrations are properly updated and compatible with the new token.
Is there a specific website or forum dedicated to merger information?
The definitive source of information regarding the Artificial Intelligence Alliance and the ASI token merger is the superintelligence.io website. This is the main hub where you can find the most accurate and authoritative details about the merger, including all relevant announcements, timelines, and instructions.
How frequently will updates be provided?
The ASI team is dedicated to providing timely updates to the community as the merger process unfolds. You can expect to receive frequent communications, informing you of the latest developments, milestones, and any actions you may need to take.
Will there be AMA (Ask Me Anything) sessions or community calls for real-time information?
The ASI team plans to host regular AMA (Ask Me Anything) sessions and community calls. These interactive events will allow you to engage directly with the team, gain a deeper understanding of the merger, and have your questions answered in a timely manner.
What are the benefits of the merger for token holders and community members?
The primary benefits of the ASI token merger for token holders and the broader community include:
Strengthening the overall ecosystem
Enhancing the resilience and competitiveness of the project
Introducing new features and use cases for the token
How will the merger improve the ecosystem and the value proposition of the new shared token?
The primary goal of the merger is to create a unified and powerful ASI ecosystem. This unified approach is expected to drive greater long-term value for the ASI token and the broader community.
What potential synergies and efficiencies will the merger bring?
The merger is designed to bring about several key synergies and efficiencies, including:
Improved ecosystem strength and resilience, allowing the ASI platform to better compete against major tech players
A continuous push towards innovation and commercialization, fueling the growth and development of the project
Streamlined operations and resource allocation, leading to greater operational efficiency
What are the risks and challenges associated with the merger?
While the merger is expected to bring significant benefits, there are also some potential risks and challenges to be aware of, such:
Temporary market volatility as the transition occurs
Potential for network downtime or service disruptions during the merger process
What potential issues should I be aware of during the merger process?
During the merger process, token holders should be mindful of possible market fluctuations and temporary service disruptions. The ASI team is working diligently to minimize any disruptions and ensure a smooth transition, but some temporary issues may arise.
That's a Wrap on the ASI Token Merger FAQ!
Phew! We tackled a heap of info about the ASI token merger. By now, you should be a total pro on what's happening with your AGIX and OCEAN tokens, and why this whole ASI thing is a big deal for AI crypto.
Remember, staying in the loop is key in the wild world of crypto. Be the first to know of exclusive updates and seize everything opportunity first by following me on Substack! That’s TheLuWizz (@theluwizz) get exclusive news straight to your inbox for free!
