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ASI Alliance’s Token Merger Sparks 7% Surge in FET, AGIX, OCEAN Prices

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The Synthetic Superintelligence (ASI) Alliance introduced the graduation of Part 1 of its token merger involving Fetch.ai (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN).

This merger course of will finally unify these tokens beneath the ASI banner.

Market Confidence Soars as ASI Alliance Kicks Off Token Merger

Part 1 of the ASI token merger focuses on migrating OCEAN and AGIX tokens into FET. This preliminary part entails closing deposits and withdrawals for AGIX and OCEAN to arrange for migration.

In the meantime, FET deposits, withdrawals, and buying and selling will proceed uninterrupted. The migration platform for this course of has been launched on the SingularityDAO decentralized software (dApp).

Learn extra: How To Put money into Synthetic Intelligence (AI) Cryptocurrencies?

The Fetch.ai staff emphasised that this part goals to make sure a easy transition and onboarding of exchanges and knowledge aggregators. They assured token holders that there isn’t a have to rush, as the method might be managed meticulously to keep away from disruptions.

“The focus of Part 1 is to onboard exchanges and knowledge aggregators in addition to to make sure a easy transition because the rebranding begins,” the staff acknowledged.

The official transition started on July 1, 2024. On this date, AGIX and OCEAN tokens started their migration to FET. Concurrently, the mission branding shifted to the Synthetic Superintelligence Alliance throughout main platforms.

This rebranding additionally entails delisting AGIX and OCEAN from exchanges. Nonetheless, Fetch.ai markets stay open beneath the FET ticker.

This growth got here after the ASI Alliance postponed the token merger in mid-June. This cautious planning allowed for complete preparation, addressing all technical and logistical issues to make sure a easy transition for token holders.

Following the start of the part 1 merger, the costs of FET, AGIX, and OCEAN have surged by roughly 7%. As of this writing, FET is buying and selling at $1.46, AGIX at $0.6138, and OCEAN at $0.6105.

FET Value Efficiency. Supply: BeInCrypto

What’s Subsequent within the Part 2 Token Migration?

Part 2 of the merger is scheduled to observe the preliminary migration. It would deal with neighborhood onboarding and deploying ASI tokens throughout a number of chains.

This part prioritizes self-custody holders and can introduce new migration contracts as Fetch.ai upgrades to ASI. Moreover, the ASI Alliance has ensured that the migration contracts will stay open for years, permitting token holders ample time to transition their property.

The ultimate step of the merger entails transitioning from the FET token ticker to ASI. This step will see new migration contracts for any remaining AGIX and OCEAN tokens and the automated conversion of FET Mainnet Tokens to ASI throughout Fetch.ai’s mainnet improve. The conversion charges for this remaining transition are 1 FET to 1 ASI, 1 AGIX to 0.433350 ASI, and 1 OCEAN to 0.433226 ASI.

ASI Token Merger Phases. Supply: X/ASI_Alliance

For these with funds on centralized exchanges like Binance, OCEAN and AGIX tokens will routinely convert to FET on the applicable ratios. In the meantime, self-custody holders on the Ethereum mainnet should observe detailed guides and tutorials offered by the ASI Alliance to facilitate a hassle-free transition.

Learn extra: How Will Synthetic Intelligence (AI) Rework Crypto?

To manually convert tokens, holders should join their current wallets to the official conversion portal on the SingularityDAO dApp and observe the on-screen directions. The ASI Alliance has ensured compatibility with main software program and {hardware} wallets, simplifying the method for customers.

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