3 days ago
4 ARTICLE AD
The migration platform on the SingularityDAO dApp will open for users to convert their OCEAN and AGIX tokens to FET.
Artificial Intelligence-based blockchain platform Ocean Protocol (OCEAN) and open blockchain platform Fetch.ai (FET) have announced their merger, creating the Artificial Superintelligence Alliance (ASI). With an emphasis on interoperability and resource sharing, the new ASI seeks to offer a strong foundation for the next blockchain and artificial intelligence advancements. According to a blog post, this merger will happen in two phases starting on July 1.
Phase 1
First up, the native tokens of SingularityNET and Ocean Protocol, OCEAN, and AGIX respectively, will be integrated into FET on the Ethereum blockchain. This will streamline the tokens under the new Artificial Superintelligence Alliance banner.
It is important to note that the OCEAN and AGIX holders on other blockchains would have to conduct a bridging process to participate in the Phase 1 merger. Alternatively, users can also hold off till Phase 2, which will support more blockchains like Polygon and Cardano.
The deposits and withdrawals for OCEAN and AGIX will be stopped in preparation for the migration. However, trading, deposits, and withdrawals for FET token will continue uninterrupted. The native tokens for the two platforms, OCEAN and FET, are currently trading around $0.65 and $1.58, respectively, down by around 8% in the last 24 hours.
The migration platform on the SingularityDAO dApp will open for users to convert their OCEAN and AGIX tokens to FET. Meanwhile, exchanges will start delisting OCEAN and AGIX, but spot and perpetual trading will continue under the FET ticker. For those holding tokens on centralized platforms like Binance, the conversion to FET will be automatic, requiring no additional action from users. Fetch.ai states in an X post:
“The focal point of phase I is to onboard exchanges and data aggregators as well as to ensure a smooth transition as the rebranding begins. There will be no need to rush.”
Phase 2
The second phase of the merger will mainly focus on deploying the ASI token across multiple blockchains and onboarding community members, particularly those who have opted for self-custody of their assets. This phase includes special efforts to guide users through the transition, with detailed instructions for self-custody holders.
During this phase, the new ASI token will be rolled out across various chains and the Fetch.ai network will start to support the ASI infrastructure after its mainnet upgrade. Meanwhile, the new migration contracts will facilitate the conversion from FET, AGIX, and OCEAN to the Artificial Superintelligence Alliance. Spot markets will gradually move from FET to ASI as the Ethereum Virtual Machine (EVM) and other bridges start facilitating ASI tokens.
For those using self-custodial wallets such as MetaMask or hardware wallets like Ledger, the SingularityDAO dApp will facilitate the token conversions, with a user-friendly interface that includes an “Add to Wallet” feature to simplify the process.
As per the announcement, The migration contracts will remain open for several years, providing ample time for all users. This includes those with funds locked in staking or other programs, to manually convert their tokens into ASI.
