Heads up on Fetch.ai's token merger with OCEAN and AGIX

Fetch.ai (FET) announced in an X post on Wednesday that it will begin the ASI token merger with Ocean Protocol (OCEAN) and SingularityNET (AGIX) on July 1. The process, which has two phases, will conclude the long-awaited token integration across the three Artificial Intelligence (AI) protocols.

FET outlines ASI merger process

FET disclosed in an X post on Wednesday that its  Artificial Super Intelligence (ASI) alliance with Ocean Protocol and SingularityNET is slated for July 1 and will comprise two phases.

Phase 1 will involve merging SingularityNET's AGIX and Ocean protocol's OCEAN tokens into Fetch.ai's FET token. 

This merge will precede the transition to ASI across crypto exchanges like Binance and crypto data aggregators such as CoinMarketCap and CoinGecko.

The process will involve delisting AGIX and OCEAN tokens from exchanges, followed by a rebrand of their symbols and names. All deposits in both tokens will also cease, with only FET deposits remaining unaffected. This process will mainly see the onboarding of exchanges and data aggregators during the rebranding process.

The conversion rates are 1 FET = 1 ASI, 1 OCEAN = 0.433226 ASI, and 1 AGIX = 0.433350 ASI.

Phase 2 will happen later, around mid-July, and will focus on community onboarding and deploying ASI across multiple chains. While all the Mainnet tokens will automatically be converted and deployed as ASI, new migration contracts will be released to users who have either locked their tokens or staked them in various other platforms.

These migration contracts will serve a long time to ensure everyone who holds any of the tokens can manually convert them to ASI.

Furthermore, several crypto community members anticipate a rally in AI tokens, including the upcoming ASI token, as the alliance represents a major feat for crypto and AI.