The first phase of the Artificial Superintelligence Alliance (ASI) token merger began on July 1, resulting in significant changes for the involved AI tokens. SingularityNET’s AGIX and Ocean Protocol’s OCEAN tokens merged into Fetch.ai’s FET token, leading to the delisting of AGIX and OCEAN across all crypto exchanges.
Key Developments in Phase One
In this initial phase of the $7.5 billion ASI token merger, AGIX and OCEAN tokens were integrated into FET. This widespread integration has led to the delisting of AGIX and OCEAN from all participating crypto exchanges, simplifying the token landscape for users and investors.
Challenges in the Merger Process
Despite the scale of the merger, not all crypto exchanges have supported it seamlessly. For instance, Coinbase decided not to support the ASI merger, leaving users without an automatic conversion mechanism for their token holdings. Instead, Coinbase will continue supporting FET and OCEAN trading until further notice. Users wishing to migrate their holdings manually can do so using self-custodial wallets, such as Coinbase Wallet, as stated by Coinbase:
“Once the migration has launched, users will be able to migrate their OCEAN and FET to ASI using a self-custodial wallet. The ASI token merger will be compatible with all major software wallets.”
Crypto exchanges and data aggregators that choose to support the migration can utilize the newly launched SingularityDAO migration platform. This platform offers a user-friendly interface for migrating AGIX tokens to FET at a conversion rate of 1 AGIX to 0.43335 FET.
Also Read: AI-Linked Tokens Surge 35%, Outperforming Broader Crypto Market
Phase Two and Future Prospects
Phase two of the merger will see FET tokens migrating to ASI, with plans to launch across multiple blockchains. The excitement around this merger has already impacted the market. On June 20, the trading values of FET and AGIX surged by more than 30% after a prolonged downtrend, reflecting investor enthusiasm and anticipation for the largest decentralized AI ecosystem.
Vlad Balaban, co-founder of GT Protocol, highlighted the market’s response to the ASI merger:
“The surge of over 30% is attributed to their announced merger with Ocean Protocol, aimed at forming the largest decentralized AI ecosystem. This strategic move has ignited investor enthusiasm, anticipating significant advancements and market leadership in AI technology.”
