Phase 1 of the largest token merger has officially begun – Fetch.ai, SingularityNET, and Ocean Protocol become one!

The largest token merger in crypto industry history has kicked off, with the aim of decentralizing AI research and development.

Phase 1 of the ASI Alliance migration has begun

The first phase of the ASI Alliance token migration began on July 1st, 15:00 UTC. This phase marks a crucial step towards a decentralized AI ecosystem, consolidating assets from SingularityNET (AGIX), Fetch.ai (FET), and Ocean Protocol (OCEAN). The primary focus is on integrating AI technologies and resources from these prominent blockchain entities.

Impact on token holders

Token holders of AGIX and OCEAN will see their holdings pooled into Fetch.ai’s FET token as part of Phase 1, ultimately leading to the universal ASI token in Phase 2. This strategy aligns the goals and objectives of the three partners, enabling rapid scaling-up in their AI and blockchain capabilities.

By ASI Alliance strategy

Phase 1 of the migration process involves transforming AGIX and OCEAN tokens into FET. This will form the basis for the transition to ASI. The rebranding process requires removing AGIX and OCEAN tokens from exchanges and suspending their deposits, while leaving FET deposits unaffected. The goal is to get platforms to support this rebranding.

Detailed conversion rates and process

The conversion rates are carefully structured: 1 AGIX converts to approximately 0.433350 ASI and 1 OCEAN converts to approximately 0.433226 ASI. This sets the stage for a seamless migration, with a 1:1 conversion rate when transitioning to ASI in Phase 2, ensuring all three tokens reach their final stage of transformation.

SingularityDAO’s Role in the Migration

The on-chain token merger is being orchestrated via the SingularityDAO DApp, leveraging established DeFi infrastructure. SingularityDAO, known for its reliable DeFi solutions such as bridging, migration, and staking, was the natural platform to manage this complex migration. They have also played a crucial role in the SingularityNET ecosystem and projects including SophiaVerse, Rejuve.AI, HyperCycle, and Nunet.

Conclusion

This token migration represents a fundamental shift in the AI ​​blockchain domain, aimed at creating an open, decentralized AI future. The successful completion of this process is likely to set a new standard for large-scale collaborations in the blockchain and AI industry, and provide a blueprint for future innovations and partnerships.