The initial stage of the merger for the Artificial Superintelligence Alliance (ASI) commenced on July 1, marking the amalgamation of two prominent artificial intelligence (AI) tokens: SingularityNET’s AGIX and Ocean Protocol’s OCEAN.
In the first phase of the $7.5 billion token amalgamation, the AI tokens integrated into Fetch.ai’s FET token, leading to the extensive removal of the former tokens from all cryptocurrency exchanges.
Despite this, not every cryptocurrency exchange extended its support for the merger to their users. Coinbase, for example, chose not to facilitate the ASI merger, thereby failing to implement a mechanism for the automatic conversion of users’ token holdings.
Source:
Coinbase Assets
In the interim, trading activities for FET and OCEAN tokens will remain operational on Coinbase until further notice. Users wishing to manually transfer their holdings into FET can follow a workaround provided by Coinbase.
To facilitate the ASI migration, crypto exchanges and data aggregators willing to offer support can leverage a newly introduced migration platform called SingularityDAO.
The user interface of the SingularityDAO migration platform. Source: SingularityDAO
According to the platform’s website, in phase one, AGIX tokens will transition to FET at a conversion rate of 1 AGIX to 0.43335 FET.
In phase two, FET tokens are set to transition to ASI and be launched across multiple blockchains.
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On June 20, the trading value of FET and AGIX tokens experienced a surge of over 30% following a three-month decline. Vlad Balaban, co-founder of GT Protocol — a blockchain-based AI execution protocol — attributed the surge to the buzz surrounding the ASI token merger, which served as a catalyst for the markets.
“The over 30% surge can be attributed to their announced merger with Ocean Protocol, with the goal of establishing the largest decentralized AI ecosystem. This strategic maneuver has sparked investor enthusiasm, as it anticipates substantial progress and market dominance in AI technology,” he explained.
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