- Fetch.ai, Ocean Protocol, and SingularityNET are merging their tokens into ASI starting July 1.
- Coinbase will not facilitate the merger, requiring users to manage the transition independently using self-custodial wallets.
The Artificial Intelligence (AI) community is witnessing a significant development as Fetch.ai (FET), Ocean Protocol (OCEAN), and SingularityNET (AGIX) announce the merger of their tokens into a unified asset, ASI. The announcement was made by Fetch.ai on its official X account, signaling the beginning of a transformative phase for the AI token space.
In Phase I, SingularityNET’s $AGIX and Ocean Protocol’s $OCEAN tokens will merge into $FET, then transition to $ASI. FET trading remains uninterrupted as the project rebrands to Artificial Superintelligence Alliance across platforms like @CoinMarketCap and @coingecko.
— Fetch.ai (@Fetch_ai) June 26, 2024
Merger Process and Timeline
According to the official announcement, the merger will unfold in a structured two-phase process. Phase 1, commencing on July 1, will involve the integration of AGIX and OCEAN tokens into Fetch.ai’s FET. This initial stage is crucial as it sets the foundation for rebranding, ensuring a seamless transition across platforms such as CoinMarketCap and CoinGecko. To maintain stability during this period, FET trading will continue without interruption.
The focus of Phase 1 is to bring exchanges and data aggregators onboard while ensuring a smooth transition during the rebranding process. Key activities include updating project names and logos on July 1 and delisting AGIX and OCEAN tokens from exchanges. Additionally, Singularity DAO’s decentralized applications (dApps) will launch a migration platform to facilitate the process.
Phase 2 will shift the focus to the deployment of ASI tokens and community onboarding. This phase will prioritize self-custody holders and the launch of ASI tokens across multiple blockchains. New migration contracts will enable the final transition from FET to ASI. The conversion rates are as follows: 1 AGIX to 0.433350 ASI, 1 OCEAN to 0.433226 ASI, and 1 FET to 1 ASI.
Coinbase Opts Out of Facilitating Merger
Coinbase, a leading US-based cryptocurrency exchange, has announced that it will not facilitate the token merger for its users. The exchange made this clear in a recent statement on the social media platform X, indicating that customers will need to handle the transition independently. Additionally, Coinbase emphasized that it will not execute the migration of OCEAN and FET tokens to the new ASI token on behalf of its users.
Ocean (OCEAN) and https://t.co/pOEE8X2oY0 (FET) have announced a merger to form the Artificial Superintelligence Alliance (ASI). Coinbase will not execute the migration of these assets on behalf of users.
— Coinbase Assets 🛡️ (@CoinbaseAssets) June 26, 2024
Instead, users will be responsible for initiating the merger using their own wallets. This decision underscores Coinbase’s stance on maintaining user autonomy and ensuring that individuals have control over their digital assets. Moreover, the exchange highlighted that the migration can be conducted via self-custodial wallets, such as Coinbase Wallet, and will be compatible with all major software wallets.
Humayun Sheikh, the founder of Fetch.ai, clarified that centralized exchanges, including Coinbase, do not need to delist or relist Fetch.ai’s FET token. In a recent post on X, Sheikh reassured token holders that they do not need to take any action. He further expressed confidence that his team would promptly address any complications arising from Coinbase’s decision.
$fet is ASI. $ocean and $agix are merging into $fet. CEXs don’t need to delist or relist $fet it is there already. If you hold $fet do nothing. We are working hard to resolve any issues please bear with us. Timeline has not changed. @coinbase has only announced that the swap will…
— Humayun (@HMsheikh4) June 27, 2024
Sheikh acknowledged that Coinbase likely has its own reasons for choosing not to support the token merger. However, he emphasized that this would not impact the timeline of the merger, which is set to proceed as planned.
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