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ASI Token To Hit Markets Soon Following AGIX, FET, OCEAN Merger

ASI token to hit the market on June 13 following the merger of SingularityNET, Fetch.ai, and Ocean Protocol AI coins via a token migration contract.
ASI Token To Hit Markets Soon Following AGIX, FET, OCEAN Merger

Highlights

  • ASI merger set for June 13, unites $FET, $AGIX, $OCEAN into single $ASI token.
  • Post-merger $ASI valued at $6 billion, positioned to reshape AI market.
  • Over 200,000 token holders to engage in $ASI swap via secure contract.

The Artificial Superintelligence Alliance (ASI) has announced that their merger will be finalized on June 13, 2024. This event represents the official listing of the $ASI token that unites the capabilities of SingularityNET, Fetch ai, and Ocean Protocol.

The merger is anticipated to offer an efficient and strong AI network that could potentially compete with the current large firms in the AI market.

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ASI Token To Hit Markets Soon Following Merger

Before the actualization of the merger, the current $FET tokens will be renamed to $ASI from June 11, 2024, and on June 13 the token merger will be completed. This change is one of the measures that are being implemented to simplify the integration of technologies and communities from the three merging entities. The process of $AGIX and $OCEAN token conversion into $ASI will be made possible through a specially designed token migration contract. According to a report, as of June 11th, ERC20 tokens will be made available for users to swap FET for ASI tokens via a token migration contract. this will be followed by AGIX and OCEAN on June 13th.

More than 200,000 community members will engage in this swap, which is a safe and audited process that will facilitate the token’s movement through the entire decentralized AI system.

Ben Goertzel, the chief executive of ASI Alliance, stressed the importance of this merger. 

“This merger paves the way for a new era in AI, combining our strengths to achieve unprecedented advancements,” Goertzel noted.

He also focused on the benefits of the merger in creating a culture that supports the development of decentralized AGI and super-intelligence tools.

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Economic Impact and Market Potential

The act of unifying these pioneers under the ASI token umbrella is not only a technical act but also an economic strategy. Currently with a fully diluted market capitalization of $6 billion as of May 28, 2024, the $ASI token has the potential to influence the cryptocurrency market substantially.

The fixed exchange rates for token swaps — 1:1 for $FET to $ASI, and approximately 0.433 for $AGIX and $OCEAN to $ASI — have been designed to maintain equity and fairness in the distribution of the new token, providing clarity and confidence for current holders.

The merger is expected to bring new synergies and innovations through the integration of Fetch. autonomous AI agents of ai, data sharing and monetization of data framework of Ocean Protocol, and AI integration research and development of SingularityNET. This sort of integration is expected to help drive the pace of the AI technologies commercialization and spread its use across different sectors.

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Adjustments to Existing Incentive Programs

Another of the changes that will take place after the merger will be in the incentives for data farming in Ocean Protocol. A governance vote conducted on the 28th of March halted the program with further plans to be aligned under the new ASI governance structures.

Despite these changes, existing veOCEAN holders will continue to receive rewards, ensuring that long-term stakeholders are not left at a disadvantage.

This continuation is crucial for ensuring community support and stability as the platforms transition to a unified operational model.

Read Also: Mastercard Crypto Credential Service Goes Live

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Kelvin Munene Murithi

Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary . With a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets. His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content. Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape. Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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