Bijiewang reported:
Starting from July 1st, the ASI merger will combine OCEAN and AGIX with FET. Surprisingly, the prices of OCEAN and FET have dropped significantly.
On June 26th, Fetch.ai [FET] announced the launch of the ASI merger with Ocean Protocol [Ocean] and SingularityNET [AGIX]. This two-phase process will begin on July 1st.
ASI merger unites AI tokens
The merger will take place in two phases. The first phase, starting on July 1st, will integrate the AGIX and OCEAN tokens into the existing FET token.
This initial integration lays the foundation for wider adoption of ASI in the cryptocurrency ecosystem.
Cryptocurrency exchanges such as Binance [BNB], as well as data aggregators like CoinMarketCap and CoinGecko, will play a crucial role in reflecting the token merger.
They will delist the AGIX and OCEAN tokens and replace them with the ASI token. Users holding these tokens on exchanges will no longer be able to deposit them, only FET deposits will remain valid.
This phase primarily focuses on integrating the exchanges and data platforms into the new ASI identity.
The conversion rates for the merger have been determined. 1 FET will remain equal to 1 ASI, while 1 OCEAN will be converted to 0.433226 ASI, and 1 AGIX will be converted to 0.4533350 ASI.
The second phase, expected in mid-July, will focus on expanding the coverage of the ASI token. This will involve joining a wider crypto community and deploying ASI on multiple blockchain networks.
The ASI token merger is expected to generate positive ripple effects throughout the cryptocurrency community, especially for AI tokens. However, there are also some potential obstacles.
Coinbase paves its own way
The major cryptocurrency exchange Coinbase has chosen not to facilitate the automatic token migration for its users.
While Coinbase will continue to provide trading support for OCEAN and FET, users will need to execute the migration themselves through self-custody wallets.
This decision stands in stark contrast to other exchanges handling the conversion process.
Nevertheless, Coinbase will still allow trading of OCEAN and FET, and facilitate self-custody migration to some extent in the merger.
Several other major exchanges, including Bitfinex, HTX, Bitget, Binance, and KuCoin, have confirmed their support for the merger.
Regardless of reality, here is FET’s market value in BTC terms
These exchanges will halt trading of the affected tokens (AGIX and OCEAN) on July 1st or 2nd and convert them to FET before fully transitioning to ASI.
As of the time of writing, FET’s price has dropped by 4% in the past 24 hours. During the same period, OCEAN’s price has decreased by 5.07%.
