Three of the most popular AI projects are joining forces this week to challenge the big-tech dominance in the filed of machine learning and Artificial Intelligence. These are the projects behind the popular tokens OCEAN (Ocean Protocol), FET (Fetch Ai) and AGIX (Singularity Net). All three tokens will merge into one new token called ASI (Artificial Super-Intelligence) and it’s a significant event in the cryptocurrency market, particularly in the Artificial Intelligence sector.
This merger allows the companies to consolidate their market share and gain a competitive advantage. By joining forces, they can enhance their position in the industry and compete more effectively with other players, mainly, to compete with (and challenge) the dominance of Big Tech in the AI sector.
Here are the key details:
Timeline
The merger process is scheduled as follows:
- June 11, 2024: FET is renamed to ASI, and the migration bridge opens for FET tokens.
- June 13, 2024: The token merger begins, and users can swap FET tokens for ASI tokens via a secure and audited migration contract.
- July 15, 2024: The token merger completes, and FET, AGIX, and OCEAN tokens are merged into the new ASI token.
Tokens Conversion Rates
The conversion rates for the tokens are as follows:
Key Benefits
The merger promises to bring several benefits:
- Unprecedented scale and power: The ASI token will operate across the combined decentralized AI network, providing unprecedented scale and power.
- Market Cap Target: ASI aims to achieve a market cap of $7.5 billion, which would position it among the top 20 cryptocurrencies in the world. This ambitious target reflects the potential of the merger to reshape the competitive landscape and drive innovation in the AI and blockchain industries.
- Enhanced token utility: The end result is a versatile token that integrates the strengths of three leading AI projects.
- Voting and Approval: The merger and token exchange were subject to the approval of the respective communities of each project. The communities voted on governance proposals, and in case of a favorable vote, the process of converting FET, AGIX, and OCEAN tokens to ASI cryptocurrency began.
- Decentralized Superintelligence: The movement aims to challenge Big Tech’s dominance and promote ethical AI development.
What to Do if Holding The Tokens
If you are holding FET, OCEAN, or AGIX tokens, here are the key actions to consider:
- If you hold FET tokens, you will be able to swap them for ASI tokens at a one-to-one ratio. The swap will likely happen automatically on centralized exchanges, so you may not need to take any action.
However, it is always advisable to check with your exchange for specific instructions. In my case, I sent my tokens to Binance, but you can choose another exchange, like Kucoin or others. - Conversion Rates: If you hold AGIX or OCEAN tokens, they will be converted into ASI at fixed conversion rates (see above) and the easiest way to go about it, is again, to just send your tokens for a few days to an exchange that will support the merger. After 15th, you can move them back into self-custody, if this is what you prefer but first, you might have to wait a little for the cold wallets to update their systems and provide support for the new ASI token.
- Voting and Governance: Stay informed about any voting or governance proposals related to the merger. Participating in the decision-making process can help shape the future direction of the ASI ecosystem.
- Market Monitoring: Keep an eye on the market movements of FET, AGIX, and OCEAN tokens, as well as the newly formed ASI token. Understanding the dynamics and potential price impacts can help you make informed decisions regarding your holdings.
- You should also join the AMA session on Twitter, where you can ask questions about this merger: https://twitter.com/oceanprotocol/status/1800582457458401323
Key Takeaways:
Mergers often result in synergies and increased efficiency. By combining their resources, technologies, and expertise, the companies involved in this merger can leverage each other’s strengths and achieve economies of scale. This can lead to cost reductions and improved overall performance. By combining forces, the ASI Alliance aims to expedite the commercialization and monetization of decentralized AI technologies, enabling widespread access to cutting-edge AI platforms and datasets, and challenge Big Tech’s dominance in AI development and promote ethical AI innovation.
This merger was first proposed early this year and the communities of the three projects had a vote, which was held throughout April 2024. Once the voting results were in, it was a positive outcome and the date for the merger was set. We are now in the last day before this occurs, so if you’re holding any of these tokens in self-custody, you have to make sure that you’re holding their native tokens and not a bridged version (for instance, if you’re holding FET, make sure it’s the native token and not a BEP20 bridged version. I was holding my FET bridged on BSC (BEP20) tokens in my Tangem wallet, so I decided to send them to Binance rather than holding in Tangem, because the bridged version most likely will not be swappable. Same goes for the other 2 tokens. From my experience it’s always easier to let an exchange deal with the token swap or else you risk getting something wrong and not being able to complete the process, plus there’s always phishing attempts that you can fall a victim of.
☝These are my opinions, not financial advice, always DYOR.
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⚠️ DISCLAIMER ⚠️
The information contained in this video is for informational purposes only. Nothing herein shall be construed to be financial or legal advice. The content of this post reflects solely my own opinions. Purchasing cryptocurrencies poses considerable risk of losses.
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