The initial phase of the Artificial Superintelligence Alliance (ASI) token merger began on July 1, leading to the integration of SingularityNET’s AGIX and Ocean Protocol’s OCEAN tokens into Fetch.ai’s FET token.
In this first phase of the $7.5 billion merger, AGIX and OCEAN tokens were widely delisted from crypto exchanges as they merged into FET. However, not all exchanges supported this transition. For example, Coinbase chose not to facilitate the merger, meaning it did not provide a mechanism for automatically converting users’ holdings during this phase.
Despite this, trading for FET and OCEAN will continue on Coinbase until further notice. Users wishing to manually migrate their holdings into FET can use a workaround provided by Coinbase:
“Once the migration has launched, users will be able to migrate their OCEAN and FET to ASI using a self-custodial wallet, such as Coinbase Wallet. The ASI token merger will be compatible with all major software wallets.”
Workaround for ASI Migration
Crypto exchanges and data aggregators that want to support the migration can do so through a new platform called SingularityDAO DApp. According to the platform, in Phase 1, AGIX tokens will be converted to FET at a rate of 1 AGIX to 0.43335 FET.
In Phase 2, FET tokens will then be migrated to ASI and launched across multiple blockchains.
Ongoing Challenges for the ASI Merger
While the ASI merger marks a significant milestone in the consolidation of AI tokens, the process has encountered challenges, particularly with exchange support. As the merger progresses, users and exchanges will need to adapt to the new systems and processes to ensure a smooth transition.
Summary Review: ASI token merger represents a significant step in the consolidation of artificial intelligence tokens within the blockchain ecosystem. The first phase has led to the integration of AGIX and OCEAN tokens into Fetch.ai’s FET token, resulting in their widespread delisting across crypto exchanges. However, the transition has not been without challenges, particularly regarding exchange support, with major platforms like Coinbase opting out of facilitating automatic conversions. Despite these hurdles, users have been provided with workarounds to manually migrate their holdings, and the launch of the SingularityDAO DApp aims to streamline the process for those willing to participate. As the merger progresses into its next phases, it is expected that more users and exchanges will adapt to the changes, paving the way for a more unified and efficient AI token landscape.
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