- AI marketplace SingularityNET has announced details of the token merger of FET, AGIX and OCEAN, and Artificial Superintelligence Alliance (ASI) token launch.
- Token holders will be able to start migrating from June 11 in the case of FET and June 13 for AGIX and OCEAN.
- Swap rates differ for each of the tokens, with FET having the highest swap ratio and OCEAN the lowest.
Last month the decentralised AI marketplace SingularityNET announced the plans to merge three of the hottest AI projects in crypto FET, AGIX and OCEAN, but it didn’t provide much detail. New details on the merger have now been published.
On Monday SingularityNET revealed that as of June 11 Fetch.AI (FET) will be relaunched as Artificial Superintelligence Alliance (ASI) token, and the token merger of FET, AGIX and OCEAN tokens will be completed on June 13. Holders of FET will be able to start swapping their tokens for ASI on June 11, while AGIX and OCEAN holders will be able to swap starting June 13.
Related: FET, AGIX, OCEAN Rally on News About Merging Tokens into ‘ASI’, Eyeing $7.5B Valuation
More Details and Swap Schedule
SingularityNET’s post explained that the over 200,000 holders of eligible tokens will be able to swap them for ASI tokens using the “audited, secure token migration contract”.
The swap ratio differs for each of the eligible tokens, with the swap schedule being:
- FET tokens migrate to ASI at a conversion rate of 1:1;
- AGIX tokens migrate to ASI at a conversion rate of 1:0.433350;
- OCEAN tokens migrate to ASI at a conversion rate of 1:0.433226;
Step-by-step guides covering exactly how to swap each of the tokens are apparently set to be published in the next few days. These guides will include both the Ethereum-based ERC-20 tokens and the Cardano-based tokens.
Previous guidance from Fetch.AI indicated that if you hold $FET, $OCEAN or $AGIX via an exchange wallet, no action will be required—the tokens should be automatically re-labelled as $ASI.
Just The Beginning of Decentralised AI Collaboration, Says CEO
According to SingularityNET, the merger of these projects combines their resources, research and knowledge, which it claims will provide “unprecedented scale and power.”
Fetch, Ocean Protocol, and SingularityNET will remain separate legal entities and keep their existing leadership, teams and token treasuries—but will collaborate on joint projects in the future. A governing council, known as the ASI Alliance, includes Humayun Sheikh from Fetch.ai as Chairman, Ben Goertzel from SingularityNET as the CEO, and Trent McConaghy and Bruce Pon from Ocean Protocol.
CEO of the ASI Alliance and founder of SingularityNET, Ben Goertzel, said:
This merger paves the way for a new era in AI, combining our strengths to achieve unprecedented advancements.
Ben Goertzel, CEO of the ASI Alliance and founder of SingularityNET Related: NEAR, FET, RNDR: Why Are These Altcoins Rallying?
Goertzel added that this merger is just the beginning of what he sees as widespread collaboration among decentralised AI projects:
This is only the start of a broader movement to gather together forces working toward beneficial decentralized AGI and super-intelligence. The ASI token serves as a symbol and a practical tool for our shared quest to leverage advanced AI, blockchain and decentralized governance to move quickly and effectively toward an amazing future for all.
Ben Goertzel, CEO of the ASI Alliance and founder of SingularityNET
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