On March 27th, Fetch.AI, Ocean Protocol, and SingularityNET announced their wish to unite and merge their three respective tokens ($FET, $OCEAN, and $AGIX) into one: ‘Artificial Superintelligence’ ($ASI). A few weeks later, on April 16th, the union was officially approved by the governance of each project.
Yesterday, we received confirmation that the $ASI token will be officially launched on June 13th.
Source : Twitter (X)
The Three Projects
Let’s make a quick recap of what each project does :
- Founded in 2018, Fetch.AI specializes in autonomous AI agents and blockchain infrastructure.
- Ocean Protocol is a project founded in 2017 that specializes in data monetization with privacy.
- SingularityNET was created in 2017 and plans to develop an Artificial General Intelligence (AGI) for a beneficial technological singularity (a superintelligence).
So, as you can see, these are three long-term projects that revolve around AI, and they have decided to work together to build the future of AI.
Source : Twitter (X)
What Will Happen ?
An important thing to note is that Humayun Sheikh the actual CEO of Fetch.AI will become the new chairman of the Artificial Superintelligence Alliance.
So now that you know that three separate tokens will merge into one ($ASI). We will take a look at the conversion rate :
-$FET is the reserve token of The Superintelligence Alliance and will become $ASI at a rate of 1:1
-$AGIX tokens will migrate to $ASI, at a conversion rate of 0.433350 to 1
-$OCEAN tokens will migrate to $ASI, at a conversion rate of 0.433226 to 1
This means that if you hold 1 $FET it will be converted to 1 $ASI and that if you have 0.433350 $AGIX you will have 0.433350 $ASI
Furthermore, $FET will becomes $ASI with a total supply of 2.63055 billion tokens so they’ve double their actual supply.
What To Do With My Tokens ?
So the Fetch.AI article is very well written so I’ll just paraphrase it from here :
If you have $OCEAN and $AGIX tokens on an exchange :
“No action is needed. We will work with each exchange to ensure a smooth conversion and your holdings will automatically be converted to $ASI tokens directly by the exchange. You won’t see $OCEAN or $AGIX on the exchange — — but don’t panic! Your tokens are there, just look for the $ASI symbol.
Don’t Deposit $OCEAN / $AGIX tokens into Exchanges after they’ve Executed a Conversion When an exchange has converted all $OCEAN and $AGIX tokens, the tickers $OCEAN and $AGIX will be retired from the exchange. If anyone accidentally sends $OCEAN or $AGIX an exchange after the conversion event, we cannot guarantee that the tokens will be available or converted to $ASI. So please keep abreast of notices and announcements from your exchanges.”
If you hold your tokens in hard wallets or offline :
“A token swap mechanism will be available in the coming weeks to allow holders to exchange their $OCEAN and $AGIX for $ASI.
Once made available, this swap mechanism will be available indefinitely to allow long-term stakers to exchange their $OCEAN and $AGIX for $ASI tokens when their tokens unlock, without any FX or exchange risk.”
Learn more on Fetch.AI Blog
As always thank you for reading !
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Disclaimer : This is not a financial advice, you need to do your own research !
