Fetch.ai Founder Clears Key Misconceptions about Merger with OCEAN and AGIX

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As a seasoned crypto investor with a diverse portfolio, I have learned to keep an open mind and adapt to the ever-changing landscape of the digital asset market. The recent announcement of the proposed merger between Fetch.ai, SingularityNET, and Ocean Protocol, known as the Artificial Superintelligence Alliance (ASI), piqued my interest due to its potential impact on the DeFi and AI ecosystems.

Humayun Sheikh, the founder of Fetch.ai, recently shared details about the planned merge between Fetch.ai, SingularityNET, and Ocean Protocol on X.

Coinbase Withdraws Support For ASI Token Merger

Approximately a week prior to the merger commencement, Coinbase Global Inc (NASDAQ: COIN), an American cryptocurrency exchange, opted out of endorsing the deal.

“Coinbase will not execute the migration of these assets on behalf of users,” the exchange said.

Sheikh replied that it wasn’t necessary for centralized exchanges, including Coinbase, to take any action regarding Fetch.ai’s FET token – be it delisting or relisting. Similarly, token holders were encouraged to take no action themselves. The Sheikh reassured users that his team would handle any potential consequences of Coinbase’s decision.

$fet is ASI. $ocean and $agix are merging into $fet. CEXs don’t need to delist or relist $fet it is there already. If you hold $fet do nothing. We are working hard to resolve any issues please bear with us. Timeline has not changed. @coinbase has only announced that the swap will…

— Humayun (@HMsheikh4) June 27, 2024

The Founder of Fetch.ai acknowledges that the exchange may have had valid reasons for withdrawing its backing for the token merge. However, the schedule for the merger remains undeterred and is set to proceed as originally intended.

In the interim, Coinbase announced that trading of FET and Ocean Protocol’s OCEAN tokens would continue as normal. They provided a solution for their users:

After initiating the migration process, users can transfer their OCEAN and FET tokens to ASI through personal wallets like Coinbase Wallet. Post-migration, the ASI token merge will support all popular software wallets.

SingularityNET, Fetch.ai, and Ocean to Merge Tokens

The Artificial Superintelligence Alliance (ASI) will be formed by the convergence of the three protocols. This union will pave the way for merging their distinct tokens – SingularityNET’s AGIX and Ocean Protocol’s OCEAN – into Fetch.ai’s FET as an initial step. Eventually, the combined tokens will adopt the ASI identifier.

As an analyst, I’d explain it this way: For those holding OCEAN or AGIX tokens on blockchains other than Ethereum, they would need to undergo a bridging process to transfer their tokens to the Ethereum network in order to take part in the Phase 1 merger. Alternatively, they could choose to wait until Phase 2 and participate without the need for bridging.

In the second stage, we’ll add compatibility with additional blockchains such as Polygon and Cardano. This will entail releasing the ASI token on various platforms and welcoming new community members to join us.

As a seasoned analyst, I can rephrase that statement as follows: My analysis indicates that the primary objective behind this merger is to optimize operations for the benefit of token holders, leading to improved efficiency. This merger represents a pivotal moment in the evolution of Decentralized Finance (DeFi) and Artificial Intelligence (AI) ecosystems.

As an analyst, I’d like to point out that the merger between the three businesses will not disrupt their individual operations. Following the approval of the merger, each entity will continue to function independently while collaborating under the umbrella of a Superintelligence Collective, with SingularityNET CEO Ben Goertzel leading the way.

As a crypto investor, I’ve learned that a merger worth $7.5 billion involving certain tokens is set to begin on July 1, according to the relevant parties. Some popular cryptocurrency exchanges have announced their intention to facilitate this process by automatically converting users’ token holdings on the specified date.

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2024-06-28 14:22