Sign Up on MEXCBreaking: ASI Reveals Major Update On FET, AGIX, & OCEAN Tokens Merger
Highlights
- ASI reveals crucial updates on FET, AGIX, and OCEAN token merger.
- Upcoming developments are scheduled for July 1.
- AGIX and OCEAN to undergo token migration process.
- FET remains unaffected in the short-run.
The Artificial Superintelligence Alliance (ASI) has announced key updates on the merger of Fetch.ai (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN) tokens. In a tweet on June 20, ASI revealed that phase 1 of the merger will kick off on July 1. This initial stage is expected to introduce significant changes to how these AI tokens operate and what they aim to achieve. Let’s take a closer look at what ASI shared about the upcoming phase 1 process.
ASI Outlines Token Merger Steps
In its post on X, ASI spotlighted a brief overview of phase 1 of the merger, demonstrating a well-structured and systematic approach. This encompassed the updation of project names and logos, the temporary merging of AGIX and OCEAN into FET, and token conversion rates.
Notably, starting July 1, the project logos and names are to be changed to ASI. Simultaneously, deposits and withdrawals for AGIX & OCEAN will begin to close across global exchanges, aiming to streamline the migration process.
However, FET is to remain unaffected by these migration processes as deposits and withdrawals for Fetch.ai will continue as usual. The migration platform for converting AGIX and OCEAN to FET is available on SingularityDAO dApp.
Lastly, AGIX and OCEAN will be delisted from exchanges. The conversion rate for AGIX is 1 AGIX to 0.433350 FET and the conversion rate for OCEAN is 1 OCEAN to 0.433226 FET.
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ASI Draws Hints At Phase 2
Meanwhile, ASI also rolled out a brief overview of what phase 2 aims to bring to the token merger. As per the post, the phase 2 ensures that the ASI token is deployed across chains. Further, the FET network upgrades to the ASI network.
The leftover AGIX/OCEAN to FET migration contracts will be eliminated and will no longer be supported. Moreover, new migration contracts will be introduced to ensure the transition to the ASI token.
Other developments encompass the inclusion of an EVM and other bridges, streamlining cross-chain transfers.
In the interim, upon the news surfacing in the market, FET stood at $1.64, up 26.05% over the past day. AGIX soared 24.77% to reach $0.6723, while OCEAN surged 23.38% to rest at $0.6736.
It’s also worth noting that, Binance, the world’s leading crypto exchange, recently revealed plans to extend support to the AI token merger.
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