ASI Token Merger Shakes Up Crypto Market: AGIX & OCEAN Delisted as FET Soars

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As an analyst with a background in blockchain technology and artificial intelligence, I’m closely monitoring the developments surrounding the Artificial Superintelligence Alliance (ASI) token merger. Yesterday marked the beginning of this highly-anticipated event, as SingularityNET’s AGIX and Ocean Protocol’s OCEAN tokens merged towards a unified AI ecosystem.

Yesterday, July 1 marked the beginning of the first stage of the Artificial Superintelligence Alliance (ASI) token merge. This significant event brought together SingularityNET’s AGIX and Ocean Protocol’s OCEAN tokens within a unified ecosystem for artificial intelligence in the blockchain sector. The merger, however, encountered some unexpected issues during its initial implementation. Specifically, some users have experienced difficulties when trying to trade these tokens on specific exchanges.

Exchanges Delist AGIX & OCEAN amid ASI Token Merger

The $7.5 billion token merger led to the dissolution of AGIX and OCEAN tokens into Fetch.ai’s FET token. As a result, most cryptocurrency exchanges removed these tokens from their platforms. However, many exchanges facilitated the conversion of AI tokens into FET prior to delisting, at a predetermined exchange rate, to protect their users’ assets and funds.

Currently, not all cryptocurrency exchanges enable automatic conversion of tokens for their users. One exception is Coinbase, which continues to permit FET and OCEAN trading on its platform. However, the exchange advises that those who wish to participate in the merger must take manual steps. Users can transfer their holdings to FET using a self-custodial wallet, such as Coinbase Wallet. The ASI team has assured compatibility with major software wallets to give users flexibility.

Migration Platform Launched as FET Price Surge

To facilitate the merger for exchanges and data providers, a specialized migration platform called SingularityDAO DApp has been introduced. In the initial phase, this platform will convert AGIX and OCEAN tokens into FET to establish a more unified token system. Subsequently, in phase 2, FET tokens will be transferred to the ultimate ASI token, which will be released on multiple blockchains for broader reach.

It’s important to acknowledge that the anticipated merger between ASI has sparked considerable excitement in the market, resulting in substantial price increases for related tokens. Specifically, on June 20th, both FET and AGIX experienced a surge exceeding 30%, marking an end to their three-month downward trend. This upward shift is believed by industry experts like Vlad Balaban, co-founder of a blockchain AI protocol, to be directly linked to the merger. Essentially, as investors become more bullish on the prospect of a unified AI ecosystem, these tokens have experienced heightened demand.

“This strategic action has sparked great interest among investors, who expect substantial progress and dominance in the field of artificial intelligence technology as a result.”

The ASI token fusion procedure might appear intricate at first glance. Yet, it signifies a significant advancement in the realm of AI progress within the blockchain sector. Although some early hurdles have been reported by specific users on certain trading platforms, the ASI team has offered alternative means for engagement.

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2024-07-02 16:00