ASI Alliance Kicks Off Token Merger Involving Fetch.ai (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN)

Phase 1 of the ASI token merger focuses on migrating OCEAN and AGIX tokens into FET. This initial phase involves closing deposits and withdrawals for AGIX and OCEAN to prepare for migration.

The Artificial Superintelligence (ASI) Alliance has commenced the first phase of its token merger, which will eventually unify Fetch.ai (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN) tokens under the ASI banner. This merger was initially announced in March and has been highly anticipated by the crypto community.

The first phase of the ASI token merger is focused on migrating OCEAN and AGIX tokens into FET. To prepare for this migration, deposits and withdrawals for AGIX and OCEAN will be closed, while FET deposits, withdrawals, and trading will continue uninterrupted. The migration platform for this process has been launched on the SingularityDAO decentralized application (dApp).

This phase aims to ensure a smooth transition and onboarding of exchanges and data aggregators. According to the Fetch.ai team, there is no need for token holders to rush, as the process will be managed meticulously to avoid disruptions.

“The focal point of Phase 1 is to onboard exchanges and data aggregators as well as to ensure a smooth transition as the rebranding begins,” the team stated.

The official transition began on July 1, 2024, with AGIX and OCEAN tokens starting their migration to FET. Concurrently, the project branding shifted to the Artificial Superintelligence Alliance across major platforms.

This rebranding also involves delisting AGIX and OCEAN from exchanges, while Fetch.ai markets will remain open under the FET ticker.

This development follows the ASI Alliance postponing the token merger in mid-June. The careful planning for this merger has allowed for comprehensive preparation, addressing all technical and logistical concerns to ensure a smooth transition for token holders.

After the commencement of the phase 1 merger, the prices of FET, AGIX, and OCEAN have surged by approximately 7%. At the time of writing, FET is trading at $1.46, AGIX at $0.6138, and OCEAN at $0.6105.

What’s Next in the Phase 2 Token Migration?

The second phase of the merger will follow the initial migration, focusing on community onboarding and deploying ASI tokens across multiple chains.

This phase will prioritize self-custody holders and will introduce new migration contracts as Fetch.ai upgrades to ASI. The ASI Alliance has stated that these migration contracts will remain open for years, giving token holders ample time to transition their assets.

The final step of the merger will be transitioning from the FET token ticker to ASI. This step will see new migration contracts for any remaining AGIX and OCEAN tokens and the automatic conversion of FET Mainnet Tokens to ASI during Fetch.ai’s mainnet upgrade. The conversion rates for this final transition are 1 FET to 1 ASI, 1 AGIX to 0.433350 ASI, and 1 OCEAN to 0.433226 ASI.

For those with funds on centralized exchanges like Binance, OCEAN and AGIX tokens will automatically convert to FET at the appropriate ratios. Meanwhile, self-custody holders on the Ethereum mainnet will need to follow detailed guides and tutorials provided by the ASI Alliance to facilitate a hassle-free transition.

To manually convert tokens, holders must connect their existing wallets to the official conversion portal on the SingularityDAO dApp and follow the on-screen instructions. The ASI Alliance has ensured compatibility with major software and hardware wallets, simplifying the process for users.

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