- From the first of July, the ASI merger will mix OCEAN and AGIX with FET.
- Surprisingly, worth of OCEAN and FET fell considerably.
On the twenty sixth of June, Fetch.ai [FET] introduced the initiation of the ASI merger with Ocean Protocol [OCEAN] and SingularityNET [AGIX]. This two-phase course of will start from the first of July.
ASI merger unites AI tokens
The merger will unfold in two phases. The primary section, starting on the first of July, will consolidate AGIX and OCEAN tokens into the present FET token.
This preliminary integration lay the groundwork for the broader adoption of ASI throughout the cryptocurrency ecosystem.
Crypto exchanges like Binance [BNB] and information aggregators like CoinMarketCap and CoinGecko will play a vital function in reflecting this token merger.
They are going to delist AGIX and OCEAN tokens, changing them with the ASI token. Customers holding these tokens on exchanges will now not be capable of deposit them, with solely FET deposits remaining lively.
This section primarily focuses on integrating exchanges and information platforms into the brand new ASI id.
Conversion charges for the merger have been set. 1 FET will stay equal to 1 ASI, whereas 1 OCEAN will convert to 0.433226 ASI and 1 AGIX to 0.433350 ASI.
Part 2, anticipated round mid-July, will deal with increasing the ASI token’s attain. This can contain onboarding the broader crypto neighborhood and deploying ASI throughout a number of blockchain networks.
The ASI token merger is anticipated to generate a optimistic ripple impact all through the crypto neighborhood, notably for AI-focused tokens. Nevertheless, some potential roadblocks exist.
Coinbase paves its personal method
Coinbase, a serious cryptocurrency alternate, has opted out of facilitating the automated token migration for its customers.
Whereas Coinbase will proceed buying and selling assist for OCEAN and FET, customers might want to carry out the migration themselves via self-custody wallets.
This determination stands in distinction to different exchanges that can deal with the conversion course of.
Regardless of this, Coinbase will nonetheless enable buying and selling of OCEAN and FET and facilitate self-custodial migrations, sustaining some involvement within the merger.
A number of different main exchanges, together with Bitfinex, HTX, Bitget, Binance, and KuCoin, have confirmed their assist for the merger.
Life like or not, right here’s FET’s market cap in BTC’s phrases
These exchanges will halt buying and selling of the affected tokens (AGIX and OCEAN) on or across the 1st or 2nd of July and can convert them to FET earlier than the complete transition to ASI.
At press time, FET’s worth had declined by 4% within the final 24 hours. OCEAN’s worth had declined by 5.07% throughout the identical interval.