Fetch.ai, SingularityNET, and Ocean Protocol token merger delayed to July 15 Fetch.ai, SingularityNET, and Ocean Protocol token merger delayed to July 15
The native tokens of the AI projects suffered an average 10% decline following news of the delay.
2 min read
Updated: Jun. 11, 2024 at 8:17 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The planned merger of Fetch.ai (FET), SingluarityNET (AGIX), and Ocean Protocol (OCEAN) into Artificial Superintelligence Alliance (ASI) has been postponed to July 15.
In March, the three networks announced intentions to unify their tokens into the ASI token, with a total supply of 2.63055 billion tokens. The move aims to establish ASI as the AI industry’s largest open-source, decentralized network and challenge major tech companies’ dominance in AI development and commercialization.
Cause of delay
In a June 11 statement to CryptoSlate, the projects said the delay was caused by a need to meet their ecosystem partners’ technical requirements.
They further explained that the rescheduling would ensure a seamless transition to the new ASI network and token, as the preparation for the token merger involves managing complex integrations and coordinating numerous elements.
Originally, FET token holders were set to migrate to ASI through a token migration contract on June 11, with AGIX and OCEAN holders following later. Now, all token holders will merge into the new ASI token simultaneously on July 15.
Until then, FET, AGIX, and OCEAN tokens will continue trading independently on exchanges.
Humayun Sheikh, chairman of the Artificial Superintelligence Alliance and CEO of Fetch.ai, emphasized that the delay does not affect the significant progress toward creating a decentralized superintelligence network. He added:
“While the finalization of the ASI token merger is now scheduled for July due to necessary adjustments by our partners, the commitment and vision driving this alliance remain stronger than ever…Our teams are actively working with centralized exchanges to finalize the remaining steps.”
Ben Goertzel, CEO of the ASI Alliance, noted that the three-way token merger represents a major milestone. He anticipates a series of progressively exciting developments that will bolster the ecosystem’s growth.
The values of FET, AGIX, and OCEAN tokens declined by an average of 10% over the last 24 hours. The price drop mirrors broader market trends, with Bitcoin down 5% during the reporting period to around $66,000, according to CryptoSlate data.
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SingularityDAO
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SingularityDAO is a Decentralized Autonomous Organization with the main goal of governing DynaSets, diversified baskets of cryptocurrency assets dynamically managed by AI.
Ocean Protocol
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Ocean Protocol is a tokenized service layer that exposes data, storage, compute and algorithms for consumption with a set of deterministic proofs on availability and integrity that serve as verifiable service agreements.
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Fetch.AI, founded in 2017 and launched on Binance in March 2019, is an innovative platform combining artificial intelligence with blockchain technology.