Fetch AI Unveils Two-Phase Plan for Landmark ASI Token Merger

The highly anticipated ASI token merger, involving Fetch AI (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN), is poised to revolutionize the landscape of AI-powered cryptocurrencies. As excitement builds, Fetch AI has shared crucial details about the upcoming merger, scheduled to begin on July 1, 2024.

This initiative, spearheaded by Fetch AI, seeks to consolidate these three tokens into a single, unified token under the Artificial Superintelligence Alliance (ASI) banner, marking a new era for collaboration within the AI crypto space.

Fetch AI’s Streamlined Integration: A Two-Phase Approach

The ASI token merger will unfold in two distinct phases, meticulously designed to ensure a smooth transition. The first phase will prioritize the integration of AGIX and OCEAN tokens into the existing Fetch AI (FET) ecosystem. Subsequently, the FET token itself will transform ASI.

Fetch AI’s official announcement states, “In Phase I, SingularityNET’s AGIX and Ocean Protocol’s OCEAN tokens will be merged into FET, eventually transitioning to ASI.” They further confirm that FET trading will remain uninterrupted throughout this process, guaranteeing a seamless rebranding experience across platforms like CoinMarketCap and CoinGecko.

July 1st marks a significant date as the rebranding initiative officially kicks off. Project names and logos will be updated to reflect the ASI branding and deposits for AGIX and OCEAN tokens will be halted. Importantly, there will be no disruption to FET deposits or trading activities. A dedicated migration platform will be launched on the SingularityDAO decentralized application (dApp) to facilitate the conversion process.

This initial phase emphasizes collaboration with exchanges and data aggregators to ensure a smooth transition. Fetch AI advises token holders to remain patient, emphasizing, “There will be no need to rush,” as the primary focus remains laying the groundwork for a successful rebranding effort.

The second phase will center around fostering community engagement and the strategic deployment of ASI tokens. This phase will prioritize token holders who self-custody their holdings. It will also involve deploying ASI tokens across multiple blockchain networks and introducing new migration contracts alongside the upcoming upgrades to the Fetch AI network for ASI compatibility.

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Key Dates and Conversion Rates

The official update outlines crucial dates to remember. The conversion process and the rollout of the ASI branding will commence on July 1st. The conversion rates have been pre-determined: 1 AGIX token will be equivalent to 0.433350 ASI, 1 OCEAN token will be worth 0.433226 ASI, and there will be a 1:1 conversion ratio for FET tokens (1 FET = 1 ASI).

Prioritizing Security During the Transition

The migration from FET to ASI will involve deploying new migration contracts specifically designed for AGIX and OCEAN tokens that haven’t yet been converted to FET, alongside those built on the Ethereum Virtual Machine (EVM). All FET Mainnet tokens will automatically convert to ASI during the planned Fetch AI Mainnet upgrade.

Fetch AI assures token holders that “The migration contracts will be open for years,” providing ample time for everyone to manually convert their holdings, including those with tokens locked in staking programs or other ventures.

Security remains paramount throughout this transition period. Fetch AI strongly cautions against potential scams that may arise during this time. These scams may involve impersonation, fake links, or fraudulent social media accounts. The update urges users to exclusively rely on official channels for verified information to ensure a secure transition process.

The ASI token merger represents a watershed moment for the AI crypto sector, potentially establishing a new benchmark for token integration and rebranding within the cryptocurrency space. However, the immediate focus remains on ensuring a smooth transition and leveraging the renewed enthusiasm surrounding the ASI token.