- Starting July 1st, OCEAN and AGIX will be integrated into FET through the ASI merger.
- Surprisingly, the prices of OCEAN and FET have fallen significantly.
On June 26, Fetch.ai (FET) announced that it is initiating the merger of Ocean Protocol (OCEAN) and SingularityNET (AGIX) with ASI. This two-stage process will begin on July 1.
AI token integration through ASI merger
The merger will proceed in two stages. The first phase, starting on July 1, will integrate AGIX and OCEAN tokens into the existing FET token.
This initial integration laid the foundation for broader adoption of ASI across the cryptocurrency ecosystem.
Source: X
Cryptocurrency exchanges such as Binance (BNB) and data aggregators such as CoinMarketCap and CoinGecko will play an important role in reflecting this token merger.
AGIX and OCEAN tokens will be delisted and replaced with ASI tokens. Users holding these tokens on exchanges will no longer be able to deposit them, only FET deposits will be active.
This phase primarily focuses on integrating exchanges and data platforms into the new ASI identity.
The merger conversion rate has been set. 1 FET remains equal to 1 ASI, 1 OCEAN translates to 0.433226 ASI, and 1 AGIX translates to 0.433350 ASI.
Phase 2, expected in mid-July, will focus on expanding the reach of the ASI token. This includes onboarding the wider crypto community and deploying ASI across multiple blockchain networks.
The ASI token merger is expected to have positive ripple effects across the cryptocurrency community, especially AI-focused tokens. However, several potential obstacles exist.
Coinbase blazes its own path
Major cryptocurrency exchange Coinbase has opted out of facilitating automatic token migrations for its users.
While Coinbase continues to provide trading support for OCEAN and FET, users will need to perform the migration directly through self-custodial wallets.
This decision contrasts with other exchanges that handle the conversion process.
Despite this, Coinbase will continue to allow trading of OCEAN and FET, facilitate self-custodial transfers, and participate in some form of merger.
Source: X
Other major exchanges including Bitfinex, HTX, Bitget, Binance, and KuCoin have also confirmed their support for the merger.
Realistic or not, the market cap of FET in BTC terms is:
These exchanges will cease trading in the affected tokens (AGIX and OCEAN) around July 1 or 2 and convert them to FET before fully converting to ASI.
As of press time, the price of FET has fallen 4% in the last 24 hours. During the same period, Ocean’s price fell 5.07%.