The Artificial Superintelligence Alliance (ASI) has initiated its ambitious $7.5 billion token merger, commencing with the consolidation of SingularityNET (AGIX) and Ocean Protocol (OCEAN) tokens into Fetch.ai’s FET token.
This initial phase has already been confirmed through on-chain activity, signaling a major shift in the AI cryptocurrency landscape.
The Artificial Superintelligence Alliance (ASI) has initiated its highly anticipated token merger, starting with the consolidation of two AI token projects: SingularityNET (AGIX) and Ocean Protocol (OCEAN).
According to a post on X by analytics platform Scopescan, a significant whale transaction occurred, where 8 million AGIX tokens and 4.8 million OCEAN coins were converted into 5.6 million FET worth $7.5 million. The resulting FET tokens were then deposited into the Bitget exchange.
A #whale migrated 8M $AGIX and 4.8M $OCEAN into 5.6M $FET ($7.5M) then deposited to #Bitget.
This is the first step of the merger, $AGIX and $OCEAN migrated to $FET.
address:https://t.co/I5ZLKSJZF8
Follow @ScopeProtocol and @0xScopescan for more updates. pic.twitter.com/rK6PXaLJLW
— Scopescan (@0xScopescan) July 2, 2024
Notably, this consolidation was initially scheduled for June 13 but was delayed until July 15 to allow sufficient time to address the technical requirements of exchanges, validators, and other ecosystem partners. The initial phases are now underway.
The recent development, where AGIX and OCEAN tokens merged into the FET token, has led to the widespread delisting of the original tokens from cryptocurrency exchanges.
However, not all exchanges have chosen to support the merger for their users. Notably, U.S.-based Coinbase is among those opting not to implement an automatic conversion mechanism for users’ token holdings.
In a previous update, Coinbase announced that FET and OCEAN trading will continue on their platform until further notice. Users who wish to manually migrate their holdings to FET can utilize a workaround.
Data aggregators and exchanges can facilitate the ASI token migration through SingularityDAO, a newly launched migration platform. In the first phase, AGIX tokens will be exchanged for FET at a rate of 1 AGIX to 0.43335 FET. In the next phase, FET tokens will convert into ASI and launch across multiple blockchain networks.
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