The initial phase of the ASI token merger began on July 1, involving the integration of two artificial intelligence (AI) tokens, SingularityNET’s AGIX and Ocean Protocol’s OCEAN, into Fetch.ai’s FET token. This merger led to the widespread delisting of AGIX and OCEAN tokens across various crypto exchanges.
Challenges in the ASI Merger
Despite the merger, not all crypto exchanges supported the transition. For example, Coinbase chose not to support the ASI merger and did not provide an automatic conversion mechanism for users’ token holdings. However, trading for FET and OCEAN on Coinbase will continue until further notice. Users who wish to manually migrate their holdings into FET can do so using a self-custodial wallet like Coinbase Wallet. The ASI token merger will be compatible with all major software wallets.
Migration Process
Exchanges and data aggregators that wish to support the migration can use the newly launched migration platform, SingularityDAO. According to the platform, AGIX tokens will migrate to FET at a conversion rate of 1 AGIX to 0.43335 FET in the first phase. In the second phase, FET tokens will be migrated to ASI and launched across multiple blockchains.
Recent Market Activity
On June 20, the trading value of FET and AGIX tokens surged more than 30% following a three-month downtrend. This surge was attributed to the ASI token merger and the anticipation of forming the largest decentralized AI ecosystem. Vlad Balaban, co-founder of GT Protocol, noted that the merger with Ocean Protocol has generated significant investor enthusiasm, expecting substantial advancements and market leadership in AI technology.
