AGIX, FET, and OCEAN Merger into ASI: Important Details

The Artificial Superintelligence Alliance (ASI) token merger is an unprecedented development in the world of decentralized AI. This merger involves three major players in the AI token space: SingularityNET's AGIX, Fetch ai's FET, and Ocean Protocol's OCEAN. 

Starting on July 1, 2024, this merger will unfold in two significant phases, ultimately uniting these tokens under the ASI banner. 

Here’s a comprehensive look at what this means for the stakeholders and the broader AI ecosystem.

Phase I: The Initial Merger and Rebranding

Phase I focuses on the consolidation of AGIX and OCEAN tokens into FET on the Ethereum blockchain. This step is crucial for establishing a unified front under the new ASI identity.

Rebranding: The project will be rebranded as the Artificial Superintelligence Alliance across all major platforms. New logos and branding elements will replace the existing ones for AGIX, FET, and OCEAN.

Token Merge: AGIX and OCEAN will temporarily merge into FET under the Artificial Superintelligence Alliance banner. This step simplifies the transition to ASI by using FET as an intermediary.

FET Trading: Throughout Phase I, FET markets will remain open and uninterrupted. This ensures liquidity and trading continuity for token holders.

Supporting Exchanges: A number of major exchanges have announced plans to support the ASI merger. In particular, Bitfinex, Cooperative, Bitget, Binance, and KuCoin were expected to pause token offerings on July 1 or 2. 

Coinbase, however, opted out of the ASI token merger migration. In a statement last week, the exchange said users could manually participate in the merger. OCEAN and FET tokens will continue to be traded on Coinbase until further notice.

Phase I Other Details

• Project name and logos updated to reflect the new ASI branding.

• Deposits and withdrawals for AGIX and OCEAN will close in preparation for migration.

• FET deposits, withdrawals, and trading will continue as usual.

• Migration platform for AGIX and OCEAN to FET opens on the SingularityDAO dApp.

• Spot and perpetual trading for AGIX and OCEAN will continue under the FET ticker.

Token Migration Process

For token holders with funds on centralized exchanges like Binance, no action is required. Your OCEAN and AGIX tokens will automatically convert to FET at the appropriate ratio on July 1, followed by a smooth transition to ASI in mid-July. 

For those holding funds in self-custody across the Ethereum mainnet, detailed guides and tutorials will be provided to facilitate a hassle-free transition.

Conversion Rates

The conversion rates for the merger are as follows:

• AGIX tokens will migrate to FET at a rate of 1 AGIX to 0.433350 FET.

• OCEAN tokens will migrate to FET at a rate of 1 OCEAN to 0.433226 FET.

Phase II: Final Transition to ASI

Phase II will focus on the final transition to the ASI token and network upgrades to enhance the capabilities of the newly formed ASI ecosystem.

Community Onboarding: This phase will prioritize onboarding community members who have opted to self-custody their funds. It ensures that all token holders are included in the transition.

ASI Deployment: The ASI token will be deployed across multiple blockchain networks, enhancing interoperability.

Network Upgrades: Fetch ai’s network will upgrade to the ASI network, incorporating enhancements in performance, security, and scalability.

New Migration Contracts: These contracts will be introduced to facilitate the final conversion from FET, AGIX, and OCEAN to ASI.

EVM and Bridges: Ethereum Virtual Machine and other bridges will open to support ASI token transfers, ensuring a seamless transition.

Exchange Migration: Exchanges will start migrating spot markets from FET to ASI, completing the token transition.

Token Migration Journey

During Phase II, new migration contracts will become available for any remaining AGIX and OCEAN tokens yet to be converted to FET. Migration contracts will also be deployed for EVM-based FET tokens. 

FET Mainnet tokens will be automatically converted to ASI as the Fetch ai mainnet completes its scheduled upgrade.

Conversion Rates for ASI

• FET tokens will migrate to ASI at a rate of 1 FET to 1 ASI.

• AGIX tokens will migrate to ASI at a rate of 1 AGIX to 0.433350 ASI.

• OCEAN tokens will migrate to ASI at a rate of 1 OCEAN to 0.433226 ASI.

Impact on Network and Wallets

A crucial component of the token migration is the network upgrade, which involves significant improvements to the underlying blockchain infrastructure. This upgrade ensures that the ASI network will be more efficient, secure, and scalable.

During the network upgrade, there may be potential network downtime and temporary disruptions on exchanges as they update their markets. 

All trading pairs on exchanges will be updated to reflect the new ASI token, and integrations with popular wallet and block explorer providers will be completed to ensure broad accessibility.

The new ASI token merger will be compatible with all major software wallets (e.g., MetaMask, Trust Wallet) and hardware wallets (e.g., Ledger, Trezor). For manual conversion (on-chain, self-custody):

Future plans include increasing interoperability with other ecosystems such as BNB Chain and Cardano, which will be active in Phase II.

Worth noting, Staked FET tokens will be automatically migrated during Phase II. Staking rewards will continue uninterrupted. However, liquidity providers will need to manually withdraw their funds and re-allocate them to updated pools for optimal efficiency. More details will be provided.