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

UTC by Mayowa Adebajo · 3 min read
ASI Token Merger Shakes Up Crypto Market: AGIX & OCEAN Delisted as FET Soars
Photo: Depositphotos

The ASI token merger is a seemingly complex process. However, it represents a giant step towards AI development within the blockchain space.

Yesterday, July 1 witnessed the first phase of the highly-anticipated Artificial Superintelligence Alliance (ASI) token merger. The token merger saw two artificial intelligence (AI) tokens, SingularityNET’s AGIX and Ocean Protocol’s OCEAN tokens, come together towards a unified AI ecosystem in the blockchain space. However, the initial phase did not come without some unexpected eventualities. That is, some users have now run into some challenges on certain exchanges.

Exchanges Delist AGIX & OCEAN amid ASI Token Merger

The $7.5 billion token merger meant that the previous AGIX and OCEAN tokens were dissolved into Fetch.ai’s FET token. Because of this, virtually all cryptocurrency exchanges have delisted the AI tokens from their platforms. However, many of the platforms did allow the automatic conversion, at a predetermined rate, of the said tokens to FET before doing so. That is, to ensure the safety of their users’ assets and funds.

Meanwhile, not all exchanges support the automatic conversion to FET for their users. Coinbase is a notable exception in this regard. The major exchange has continued to allow FET and OCEAN trading on its platform for the time being. However, it says users who wish to join in on the merger will need to take manual action. They can migrate their holdings to FET using a self-custodial wallet, such as Coinbase Wallet, the exchange shared citing that the ASI team has assured compatibility with major software wallets in a bid to provide users with flexibility.

Migration Platform Launched as FET Price Surge

For exchanges and data providers looking to support the merger, a dedicated migration platform – SingularityDAO DApp – has been launched. Phase 1 focuses on converting AGIX and OCEAN to FET to set the tone for a more unified token structure. Phase 2 will see the migration of FET tokens to the final ASI token, launching across multiple blockchains for wider accessibility.

It is also worth noting that the hype around the ASI merger has had a significant impact on related tokens. On June 20, both FET and AGIX tokens saw a price surge exceeding 30%, breaking a three-month downtrend. Experts such as Vlad Balaban, co-founder of a blockchain-based AI protocol, believe that that was a direct consequence of the merger. That is, as investors are growing increasingly enthusiastic about the potential of a unified AI ecosystem. Balaban’s statement reads partly:

“This strategic move has ignited investor enthusiasm, anticipating significant advancements and market leadership in AI technology.”

The ASI token merger is a seemingly complex process. However, it represents a giant step towards AI development within the blockchain space. While some initial challenges may have been observed with some users on certain exchanges, the ASI team has provided options for participation.

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