- From the 1st of July, the ASI merger will combine OCEAN and AGIX with FET.
Surprisingly, price of OCEAN and FET fell significantly.
As a researcher with extensive experience in the crypto market, I find the ASI merger between FET, OCEAN, and AGIX an intriguing development. The announcement of the merger on June 26th was followed by a surprising dip in the prices of both FET and OCEAN.
Beginning on July 1st, Fetch.ai (FET) has initiated a merger between ASI, Ocean Protocol (OCEAN), and SingularityNET (AGIX). The two-phased process was announced on June 26th.
ASI merger unites AI tokens
As a crypto investor, I’d describe it this way: Starting from the 1st of July, there are going to be two significant steps in the merger process for Fetch.AI (FET). In the first phase, AGIX and OCEAN tokens will get absorbed into the existing FET token. This consolidation is aimed at streamlining our investment portfolio and making our holdings more manageable.
The first implementation paved the way for the widespread use of ASI throughout the cryptocurrency sector.
As a researcher studying the cryptocurrency market, I can assert that platforms such as Binance (BNB) and data aggregators like CoinMarketCap and CoinGecko will significantly influence how this token merger is perceived and reflected within the industry. These entities serve as important intermediaries, shaping the way investors and traders interact with and evaluate digital assets. Consequently, their roles in disseminating information and facilitating transactions cannot be overstated during times of market changes like a token merger.
The AGIX and OCEAN tokens will be removed from the exchange’s listings, making way for the introduction of the new ASI token instead. Consequently, those who have deposited AGIX or OCEAN tokens on exchanges will no longer be able to do so, while FET deposits will remain an active option.
This phase primarily focuses on integrating exchanges and data platforms into the new ASI identity.
As an analyst, I would express it this way: In the upcoming merger, one FET will retain its value and equivalence to one unit of ASI. Meanwhile, the conversion rate for one OCEAN will be set at 0.433226 ASI, and for one AGIX, the conversion rate will be 0.433350 ASI.
In the second stage, which is anticipated to commence around mid-July, we aim to broaden the influence of the ASI token. To achieve this, we will bring in the larger crypto community and integrate ASI into various blockchain platforms.
As an analyst, I anticipate that the merger of ASI tokens will have a significant and positive impact on the crypto community, specifically benefiting those focused on artificial intelligence (AI). This ripple effect could lead to increased adoption, investment, and innovation within this sector. However, it’s important to acknowledge potential challenges that might arise during this process.
Coinbase paves its own way
As a cryptocurrency market analyst, I would express it this way: Coinbase, one of the leading cryptocurrency exchanges, has decided against providing an automated token migration service for its users.
Moving forward, Coinbase will keep facilitating trades for OCEAN and FET. However, it’ll be up to individual users to carry out the transfer process themselves using personal wallets for safekeeping.
This decision stands in contrast to other exchanges that will handle the conversion process.
As a researcher examining the situation, I would put it this way: Although Coinbase won’t be directly involved in the merger between Ocean Protocol andFetch.ai, they will continue to support trading of OCEAN and FET on their platform. Additionally, they will assist users in facilitating self-custodial migrations during the merger process.
As a crypto investor, I can share that Bitfinex, Huobi Global (HTX), Bitget, Binance, and KuCoin are among the major exchanges that have announced their backing for the upcoming merger.
Realistic or not, here’s FET’s market cap in BTC’s terms
The trading of the impacted tokens, AGIX and OCEAN, is expected to be suspended around the 1st or 2nd of July. During this time, these tokens will be converted into FET in preparation for the complete shift to ASI.
As a crypto investor, I’ve observed that FET‘s value dropped by 4% within the past 24 hours, while OCEAN experienced a more significant decrease of 5.07% during the same time frame.
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2024-06-27 19:03