Fetch.ai, SingularityNET, and Ocean Protocol set to finalize token merger on June 13
As of May 28, 2024, ASI's market cap was $5.8 billion.
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The ASI Alliance, a new alliance formed by Fetch.ai, SingularityNET (SNET), and Ocean Protocol, is expected to complete its token merger on June 13, 2024, according to a press release shared by the team.
The move follows an announcement in March that the three major players united to build an ethical, decentralized AI ecosystem. As part of the union, the $FET, $AGIX, and $OCEAN tokens will be merged into one new token called the Artificial Superintelligence ($ASI) token.
Existing token holders can swap their tokens for $ASI through a secure migration contract. The newly combined token marks the formation of the biggest open-source, decentralized network focused on Artificial Intelligence (AI).
As of June 11, $FET will be rebranded to $ASI, with a total supply of 2.63055 billion tokens. Token holders can begin swapping their $FET for the new $ASI tokens at a 1:1 ratio.
Holders of $AGIX tokens can migrate them to $ASI through a secure bridge at a conversion rate of 0.433226:1. Similar to $AGIX, users can migrate their $OCEAN tokens to $ASI through a bridge at a conversion rate of 0.433226:1.
Ben Goertzel, CEO of ASI Alliance and a pioneering figure in AI, expressed his enthusiasm for the merger’s potential to drive progress in AI.
“This merger paves the way for a new era in AI, combining our strengths to achieve unprecedented advancements,” Goertzel stated. “The ASI token serves as a symbol and a practical tool for our shared quest to leverage advanced AI, blockchain, and decentralized governance to move quickly and effectively toward an amazing future for all.”
The merger’s goal is to set up a decentralized AI infrastructure capable of ethical and trustworthy AI development and deployment. It also promises rapid market adoption of AI applications, challenging Big Tech’s stronghold on AI innovation.
Bruce Pon, Ocean Protocol Founder and ASI Council Board Director, highlighted the merger’s significance for Web3 and AI adoption.
“The ASI Alliance is going to be a gamechanger for web3 adoption for AI and data,” Pon noted. “We’ve worked through a lot of details to make the process go smoothly and we look forward to formally launching ASI.”
Humayun Sheikh, CEO & Founder of Fetch.ai and ASI Chairman, is bullish on the Alliance’s potential to alter Big Tech’s control over AI.
“With our newfound economies of scale, the Alliance can make real inroads to change the way Big Tech controls the narrative and direction of AI,” Sheikh said.
With the completion of the token merger, the ASI Alliance is poised to accelerate the commercialization of AI technologies and facilitate access to advanced AI platforms and datasets, setting the stage for the next wave of AI innovation.
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