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The inaugural stage of the Artificial Superintelligence Alliance (ASI) token consolidation kicked off on July 1, marking the union of two major AI tokens: SingularityNET’s AGIX and Ocean Protocol’s OCEAN.
During the initial stage of this ambitious $7.5 billion token integration, AGIX and OCEAN tokens were consolidated under Fetch.ai’s FET token, leading to the widespread removal of the original tokens from cryptocurrency exchanges worldwide.
Ongoing hurdles for ASI merger
Despite the broad support for the token merger, several cryptocurrency exchanges have been reluctant to facilitate this process for their users. Notably, Coinbase has declined to participate in the ASI merger, opting not to implement an automatic token conversion for its customers.
For the time being, trading activities for FET and OCEAN will persist on Coinbase until an unspecified date. Coinbase has outlined a manual process for users interested in transferring their tokens to FET, stating:
“Following the launch of the migration, users will have the option to transfer their OCEAN and FET holdings to ASI by using a self-custodial wallet, like Coinbase Wallet. This merger process will be supported by all leading software wallets.”
Workaround for ASI migration
Cryptocurrency exchanges and data platforms that choose to facilitate the migration can access resources through the newly established platform, SingularityDAO.
As detailed on their official site, in the first phase, AGIX tokens will be converted to FET at a rate of 1 AGIX to 0.43335 FET. The subsequent phase will see FET tokens converted to ASI and introduced on various blockchains.
Prior to this merger, the trading value of FET and AGIX tokens experienced a notable increase of over 30% on June 20, following a three-month decline.
Vlad Balaban, co-founder of GT Protocol—a blockchain platform dedicated to AI solutions—commented on the merger’s impact on the market.
“The notable price increase by more than 30% was driven by the announcement of their strategic merger with Ocean Protocol, which is poised to create the largest decentralized AI ecosystem. This move has sparked significant interest and excitement among investors, who are keen on the potential leadership and advancements in AI technology,” he explained.
