According to Binance, the leading cryptocurrency exchange has successfully completed the token merge of Ocean Protocol (OCEAN) and SingularityNET (AGIX), resulting in Fetch.ai (FET). The merge is part of a new initiative under the project name Artificial Superintelligence Alliance.
Token Merge Details
Deposits and withdrawals for the newly merged FET tokens are now open. Binance has also provided a conversion function that allows users to exchange OCEAN and AGIX tokens for FET tokens. The conversion rate is set as follows:
- 1 ocean = 0.433226 FET
- 1 AGIX = 0.433350 completed
It is important to note that after this merge, withdrawals of OCEAN and AGIX tokens will no longer be supported.
Implications for token holders
The merger aims to integrate the strengths of the three projects into Fetch.ai’s unified framework, focusing on autonomous agent technology. This move is expected to enhance the utility and adoption of the FET token within the Artificial Superintelligence Alliance.
Anyone currently holding OCEAN and AGIX tokens is encouraged to utilize Binance’s conversion feature to convert their holdings to the new FET tokens. This strategic merger could potentially streamline operations and spur innovation in the AI and blockchain sectors.
Market impact
The merger has received mixed reactions from the market. Some investors see it as a positive step towards greater integration and efficiency, while others are cautious about the long-term impact on the individual projects involved. The market performance of the FET token in the coming months will provide additional insight into the success of this initiative.
Binance continues to play a significant role in the evolution of blockchain technology and digital assets. The exchange’s ability to facilitate such a significant merger underscores its influence and strategic vision in the crypto space.
Image source: Shutterstock