- Humayun Sheikh confirms the FET, Agix, and Ocean merger, introducing the ASI token despite Coinbase’s lack of support.
- Binance, Bitget, and Bitfinex support the ASI token merger, while Coinbase will allow FET and Ocean trading until further notice.
- The merger will distribute 2.631 billion ASI tokens, with fixed allocations to FET, Agix, and Ocean holders, starting July 1.
Fetch.ai (FET) founder Humayun Sheikh reassured users concerned by Coinbase’s decision to not support the planned merger with SingularityNET (Agix) and Ocean Protocol (Ocean). Despite this setback, Sheikh emphasised that the merger will proceed as scheduled. He stated that “all exchanges have their reasons and methods” and confirmed the merger’s first phase will start on July 1.
Merger Details and Coinbase’s Decision
The merger involves creating a new token called ‘Artificial Superintelligence’ (ASI). This token will replace FET, Agix, and Ocean. Consequently, the merger will occur in phases, with the first phase commencing on July 1. Coinbase announced on X (Twitter) that it would not support this migration. However, the exchange clarified that it would allow trading of FET and Ocean tokens until further notice. Users must use a self-custodial wallet to migrate their tokens to ASI.
Token Swap and Exchange Support
Sheikh responded on X, stating centralised exchanges like Coinbase do not need to delist or relist FET tokens. He assured holders that FET tokens would remain in circulation throughout and after the merger. He advised FET holders “to do nothing” with their tokens for now. Sheikh asked users to bear with the company as they work through any issues.
Under the merger’s terms, FET will function as the base currency of the Alliance. Consequently, 2.631 billion ASI tokens will be distributed, replacing FET, Agix, and Ocean tokens. FET can be swapped one-to-one into ASI. For example, 100 FET tokens will be converted to 100 ASI tokens. Additionally, 867 million ASI tokens will be allocated to Agix holders and 611 million to Ocean holders at fixed rates.
Several exchanges, including Binance, Bitget, and Bitfinex, have signalled support for the merger. As of writing, FET dropped 8.6% to $1.41, Agix fell 7.8% to $0.59, and Ocean decreased 7.4% to $0.60, according to Coinmarket cap.
Future Potential and Industry Impact
The merger aims to integrate decentralised AI firms into a unified alliance. Despite Coinbase’s stance, the process is gaining support from other exchanges. This merger is expected to revolutionise the decentralised AI industry by creating a robust and unified token ecosystem. The support from Binance, Bitget, and Bitfinex indicates confidence in the merger’s success and future potential.
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