ASI Token Merger Will Take Place with First Migration for FET Token on July 1

Key Points:

• Fetch.ai’s FET assets will automatically convert to ASI tokens on July 1, 2024, as part of a $7.5 billion merger with SingularityNET and Ocean Protocol.
• During the upgrade, AGIX and OCEAN tokens will first convert to FET, then to ASI, with scheduled downtime but secure user funds.
• Binance supports the ASI token merger by halting OCEAN and AGIX trading, while Coinbase opts out of supporting the migration.

Fetch.ai has officially announced that its FET assets held or staked on its mainnet will be automatically converted to native ASI tokens.

Fetch.ai Announces Automatic Conversion During ASI Token Merger

The transition is part of a broader ASI token merger involving SingularityNET, Fetch.ai, and Ocean Protocol, totaling a $7.5 billion consolidation of assets.

The Artificial Superintelligence Alliance has scheduled this merger for July 1, 2024. In the initial phase, SingularityNET’s AGIX and Ocean Protocol’s OCEAN tokens will merge into Fetch.ai’s FET tokens before being converted to ASI tokens. During this upgrade, the network will experience scheduled downtime, but users’ staked funds and rewards will remain secure.

Exchange Support Varies for ASI Token Migration

Ahead of this transition, major exchanges will close deposit and withdrawal functions for AGIX and OCEAN. However, FET transactions will continue as usual. Users can perform the migration through the SingularityDAO dApp platform, exchanging 1 AGIX for 0.433350 FET and 1 OCEAN for 0.433226 FET. Eventually, all FET tokens will be converted to ASI tokens at a 1:1 conversion rate.

Support for ASI token merger varies among exchanges. Binance has confirmed its participation, updating its system to remove OCEAN and AGIX spot trading pairs and halting trading on July 1, 2024. In contrast, Coinbase has decided not to support the Artificial Superintelligence Alliance’s migration.