According to Cointelegraph: A significant $7.5 billion token merger involving artificial intelligence (AI) protocols SingularityNet, Fetch.ai, and Ocean Protocol is awaiting community approval, scheduled for a vote on April 2. As per the March 27 announcement, three separate community votes will take place for each individual protocol, with the voting process set to finalize on April 16.
If the community approves, SingularityNet’s AGIX token, Fetch.ai’s FET token, and Ocean Protocol’s OCEAN token will be substituted with the new Artificial Superintelligence Alliance’s ASI token.
As of March 26, the resulting token would represent a fully-diluted market capitalization of $7.6 billion among 2.631 billion tokens. The total present combined market cap of these tokens is approximately $5.3 billion.
The coalition intends to enact a 1:1 swap rate between Fetch.ai’s FET and the new ASI token. Thus, owners can trade 100 FET tokens for 100 ASI tokens, for example. FET will serve as the reserve currency for ASI, while holders will have the chance to convert both OCEAN and AGIX into ASI at a fixed rate.
An extra 1.48 billion ASI tokens are planned to be minted, with 867 million allocated to AGIX holders and 611 million dedicated to OCEAN tokenholders. Thus, Singularity and Ocean tokenholders will be able to convert their ownership at a rate of 0.433226 ASI per OCEAN and 0.433350 ASI per AGIX.
The exchange asserts that no action needs to be taken by tokenholders who keep their OCEAN and AGIX tokens in an exchange. The tokens will automatically convert into ASI on the platform. Moreover, the swap mechanism will permanently be available for tokenholders who prefer to hold their investments in self-custody wallets. The newly-formed Superintelligence Alliance aims to develop decentralized AI protocols using blockchain technology, free from control by centralized entities or large stakeholders.