It is worth noting that this ASI token merger aims to integrate these three tokens into a unified single token, heralding the arrival of a new era of artificial intelligence super leagues. Fetch AI focuses on the key details of the ASI token merger
The ASI token merger will be carried out in two major stages, starting with the integration of AGIX and OCEAN tokens into Fetch AI (FET). Subsequently, the FET token will transition to ASI.
According to Fetch AI, "In the first phase, SingularityNET's AGIX and Ocean Protocol's OCEAN tokens will be merged into FET and then transitioned to ASI." However, the update confirmed that FET trading will remain uninterrupted during this phase, ensuring seamless rebranding on platforms such as CoinMarketCap and CoinGecko.
At the same time, the rebranding will officially begin on July 1, 2024, updating the project name and logo, and closing AGIX and OCEAN deposits. FET deposits and trading will continue without any changes, with an open migration platform on the SingularityDAO decentralized application (dApp).
This phase focuses on onboarding exchanges and data aggregators to ensure a smooth transition. Notably, Fetch AI advises that there is “no need to rush,” as the initial focus is on laying the foundation for the rebrand.
Phase 2, on the other hand, will focus on community engagement and deployment of the ASI token. This phase will prioritize holders of self-custody tokens, deploy ASI tokens on multiple chains, and introduce a new migration contract to upgrade Fetch AI to ASI.
According to the update, key dates include July 1 for the conversion and launch of the ASI brand. The conversion rates are set at 1 AGIX = 0.433350 ASI, 1 OCEAN = 0.433226 ASI, and 1 FET = 1 ASI. The transition from FET to ASI will involve deploying new migration contracts for AGIX and OCEAN tokens that have not yet been converted to FET, as well as FET based on the Ethereum Virtual Machine (EVM). During Fetch AI's mainnet upgrade, all FET mainnet tokens will be automatically converted to ASI.
