- From the 1st of July, the ASI merger will combine OCEAN and AGIX with FET.
- Surprisingly, price of OCEAN and FET fell significantly.
On the 26th of June, Fetch.ai [FET] announced the initiation of the ASI merger with Ocean Protocol [OCEAN] and SingularityNET [AGIX]. This two-phase process will begin from the 1st of July.
ASI merger unites AI tokens
The merger will unfold in two phases. The first phase, beginning on the 1st of July, will consolidate AGIX and OCEAN tokens into the existing FET token.
This initial integration lay the groundwork for the broader adoption of ASI across the cryptocurrency ecosystem.
Source: X
Crypto exchanges like Binance [BNB] and data aggregators like CoinMarketCap and CoinGecko will play a crucial role in reflecting this token merger.
They will delist AGIX and OCEAN tokens, replacing them with the ASI token. Users holding these tokens on exchanges will no longer be able to deposit them, with only FET deposits remaining active.
This phase primarily focuses on integrating exchanges and data platforms into the new ASI identity.
Conversion rates for the merger have been set. 1 FET will remain equal to 1 ASI, while 1 OCEAN will convert to 0.433226 ASI and 1 AGIX to 0.433350 ASI.
Phase 2, expected around mid-July, will focus on expanding the ASI token’s reach. This will involve onboarding the wider crypto community and deploying ASI across multiple blockchain networks.
The ASI token merger is anticipated to generate a positive ripple effect throughout the crypto community, particularly for AI-focused tokens. However, some potential roadblocks exist.
Coinbase paves its own way
Coinbase, a major cryptocurrency exchange, has opted out of facilitating the automatic token migration for its users.
While Coinbase will continue trading support for OCEAN and FET, users will need to perform the migration themselves through self-custody wallets.
This decision stands in contrast to other exchanges that will handle the conversion process.
Despite this, Coinbase will still allow trading of OCEAN and FET and facilitate self-custodial migrations, maintaining some involvement in the merger.
Source: X
Several other major exchanges, including Bitfinex, HTX, Bitget, Binance, and KuCoin, have confirmed their support for the merger.
Realistic or not, here’s FET’s market cap in BTC’s terms
These exchanges will halt trading of the affected tokens (AGIX and OCEAN) on or around the 1st or 2nd of July and will convert them to FET before the full transition to ASI.
At press time, FET’s price had declined by 4% in the last 24 hours. OCEAN’s price had declined by 5.07% during the same period.
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