Binance, the leading global cryptocurrency exchange, has declared its support for the upcoming merger of artificial intelligence-based tokens Fetch.ai (FET), SingularityNet (Agix), and Ocean Protocol (Ocean) into a single token named ‘Artificial Superintelligence’ (ASI).
This announcement follows a recent update from the three AI companies about a delay in their planned consolidation. Due to unresolved logistical and technical issues at the exchange level, the consolidation is now set to be completed by July 15.
Exchange preparations and trading suspensions
To facilitate the merger, Binance will suspend all deposits and withdrawals of the FET, Agix, and Ocean tokens starting July 1, 2024. Furthermore, spot trading for these tokens will cease on the same day, with futures trading concluding on June 25. The exchange advises token holders to ensure all deposits are finalized well before the suspension to avoid inconveniences.
Binance has committed to managing all technical aspects of the transition and promises to notify users when the new ASI token becomes available for deposits and withdrawals. As part of the merger terms, token holders in specific Binance products will have their FET automatically converted to ASI on a one-to-one basis unless they opt out, in which case their original tokens will be returned to their spot wallets.
This conversion process is critical to streamline the integration of the three tokens into the new ASI token. Following the merger announcement, the value of all three AI tokens declined significantly, mirroring a broader downturn in the cryptocurrency market. FET dropped 9% to $1.45, Agix 8% to $0.61, and Ocean 8.5% to $0.62. This decline reflects market reactions to the significant structural changes involved in the merger process.
Alliance and plans
The newly formed Artificial Superintelligence Alliance, emerging from this merger, clarified that the additional delay to mid-July was necessary to ensure the merger’s precision and efficiency. The alliance highlighted the complexity of integrating these tokens, involving significant coordination across various stakeholders, including exchanges and validators.
The Alliance plans to distribute 2.631 billion ASI tokens, replacing the existing FET, Agix, and Ocean tokens, with additional allocations to Agix and Ocean holders to maintain equitable value across the new unified token system.
This strategic move by Binance to back the ASI token signifies a significant step in consolidating AI-driven blockchain initiatives, potentially enhancing the functionality and interoperability within the decentralized AI sector. As the cryptocurrency landscape continues to evolve, the success of such mergers could pave the way for more streamlined and powerful AI integrations in blockchain technology.
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