Formation and Objectives of the ASI Alliance
Fetch.ai, SingularityNET (SNET), and Ocean Protocol have formed the Artificial Superintelligence Alliance (ASI) to create an ethical, decentralized AI ecosystem. On June 11, the ASI team announced a revised schedule for merging their respective tokens, FET, AGIX, and OCEAN, into a single cryptocurrency called Artificial Superintelligence (ASI). Originally planned for June 13, the merger will now take place on July 15.
Reasons for the Delay
The delay is attributed to the complexity of the merger process. The integration requires meticulous planning and coordination with exchanges, validators, and other ecosystem partners. Ensuring seamless alignment of all these elements is crucial for the success of the merger. The ASI Alliance views the delay as a strategic decision to maintain high standards of accuracy and efficiency.
Statements from Alliance Leaders
Humayun Sheikh, CEO of Fetch.ai and President of the ASI Alliance, emphasized that the delay does not hinder the alliance's progress toward creating a decentralized superintelligence network. He stated:
"Although the completion of the ASI token merger is now scheduled for July due to necessary adjustments by our partners, our commitment and vision remain as strong as ever."
Ben Goertzel, CEO of SingularityNET and the ASI Alliance, echoed this sentiment, noting that the merger represents a significant milestone for the three companies. He added:
"Following the merger, we anticipate achieving progressively more exciting milestones as we leverage our ASI token-based network to advance towards increasingly capable AI systems and, ultimately, true superintelligence."
Impact on Token Holders
Holders of FET, AGIX, and OCEAN tokens do not need to take any immediate action. These tokens will continue to trade independently until the merger is completed. The ASI Alliance assures that the merger is proceeding as planned, with no further delays expected. Post-merger, the tokens will cease to be traded independently and will be unified into the ASI token.
Bruce Pon, CEO of Ocean Protocol and ASI board member, expressed gratitude for the community's patience and enthusiasm regarding the unified ASI token.
Binance's Role and Early Trading
Binance, the world's largest cryptocurrency exchange, has announced that it will begin trading the ASI token on July 5, ahead of the official merger date. Binance will suspend all transactions related to FET, OCEAN, and AGIX from July 1 and will allow users to convert these tokens into ASI at specific rates:
- 1 FET = 1 ASI
- 1 AGIX = 0.433350 ASI
- 1 OCEAN = 0.433226 ASI
Binance will resume deposits and withdrawals for the ASI token after the merger, phasing out the old tokens.
Detailed Trading and Transition Plans
From July 5, ASI will be available for trading on Binance with multiple pairs, including BNB, BTC, BRL, FDUSD, TRY, USDC, and USDT. To mitigate risks during the transition, Binance will remove and adjust all futures contracts related to FET, OCEAN, and AGIX by June 25. The exchange will also remove cross-margin and isolated margin pairs for these tokens by June 26, advising users to close or transfer their positions to avoid potential losses.
All outstanding loan positions and flexible earning products associated with FET, OCEAN, and AGIX will be closed and automatically converted to ASI according to the specified conversion rates.
Broader Implications
The merger and introduction of the ASI token reflect a broader trend in the cryptocurrency sector towards consolidation and technological integration. By aligning FET, OCEAN, and AGIX under a unified token, the ASI Alliance aims to enhance the functionality and marketability of AI-related cryptocurrencies.