A major development in the cryptocurrency world as the Artificial Superintelligence Alliance has secured approval to merge Fetch.AI’s FET, SingularityNET’s AGIX, and Ocean Protocol’s OCEAN tokens into the new ASI token. Anticipated to reach a total value of $7.5 billion post-merger in May, the new ASI token aims to bring these projects together without sacrificing their individuality. The decision-making within the alliance will remain decentralized, with community disputes to be settled through voting by token stakers.
The objective of ASI is to establish a network promoting decentralized technological development according to Humayun Sheikh, CEO of Fetch.AI and Chairman of the Alliance. The alliance, announced in March, has the shared goal of advancing artificial general intelligence (AGI) by pooling resources and expertise from the three prominent AI-related projects. The merger also seeks to challenge the dominance of Big Tech in the field of AI.
Despite recent market downturns affecting AI tokens, FET, AGIX, and OCEAN prices have experienced declines of 20.5%, 19.7%, and 20.7% respectively. Following the completion of the merger, FET will be rebranded to ASI with a new total supply of 2.63 billion tokens. AGIX and OCEAN holders will undergo a migration process to the new ASI token at specific conversion rates.
The conversion process will include swapping AGIX and OCEAN tokens held in self-custody wallets for ASI tokens. Exchanges with AGIX and OCEAN listings will automatically convert these tokens to ASI. Meanwhile, tickers for AGIX and OCEAN will be retired post-merger to streamline trading processes.
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