A community vote is set to take place on April 2 for a token merger worth $7.5 billion, involving artificial intelligence protocols SingularityNet, Fetch.ai, and Ocean Protocol. The merger will be subject to three separate community votes for each protocol, with all voting set to be completed by April 16. If approved, the SingularityNet (AGIX), Fetch.ai (FET), and Ocean Protocol (OCEAN) tokens will be replaced by the Artificial Superintelligence Allia (ASI) token, which will have a fully diluted market cap of $7.5 billion across 2.631 billion tokens. The current combined market cap of the three tokens is around $5.3 billion.
Developers have stated that if the merger is approved, holders of Fetch.ai tokens will be able to swap them for Artificial Superintelligence tokens at a rate of 1:1. The FET token will become the reserve currency of ASI, and users will also be able to convert OCEAN and AGIX into ASI at a fixed rate.
As part of the merger, an additional 1.48 billion ASI tokens will be created, with 867 million ASI allocated to AGIX holders and 611 million ASI allocated to OCEAN token holders. This means that Singularity and Ocean token holders will receive 0.433226 ASI per OCEAN and 0.433350 ASI per AGIX. The swap mechanism will be available indefinitely for OCEAN and AGIX users holding tokens on self-custody wallets.
The merger is part of the Superintelligence Alliance, which aims to develop decentralized AI protocols based on blockchain technology, with the goal of avoiding control by centralized parties or large stakeholders.
In related news, Fetch.ai has announced the introduction of GPU rewards for tokenholders following a $100 million investment in infrastructure.