The Artificial Superintelligence (ASI) Alliance recently announced the official launch of Phase One in its token merger involving Fetch.ai (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN). This strategic move has garnered significant market attention, resulting in modest price increases across all three tokens.
Key Developments in Phase One
The ASI Alliance clarified that Phase One primarily focuses on migrating AGIX and OCEAN tokens to the FET blockchain platform. To facilitate this transition:
- AGIX and OCEAN deposits/withdrawals are temporarily suspended
- FET transactions remain operational without interruption
- Migration occurs via SingularityDAO's decentralized application (dApp)
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Technical Implementation
Fetch.ai's development team emphasized their commitment to a seamless transition, incorporating exchanges and data aggregators into the rebranding process. Token holders are assured of minimal disruption, with meticulous oversight throughout the migration.
Conversion metrics from initial migration:
| Token | Amount Converted | FET Equivalent |
|-------------|------------------|----------------|
| AGIX | 1,780,753.42 | 771,689.49 FET |
| OCEAN | 336,445.31 | 145,756.86 FET |
Market Impact and Price Movements
Following the merger announcement:
- FET rose 5% to $1.42
- AGIX and OCEAN both gained 3%, stabilizing at $0.61
Exchanges have begun delisting AGIX/OCEAN pairs, with user balances transitioning to FET equivalents post-migration.
Upcoming Phases Overview
Phase Two: Community Integration
- Focuses on cross-chain deployment of ASI tokens
- Prioritizes self-custody holders
- Introduces new migration contracts during Fetch.ai's upgrade to ASI
Final Conversion Stage
- Converts remaining FET to ASI during mainnet upgrade
Fixed exchange rates:
- 1 FET = 1 ASI
- 1 AGIX = 0.433350 ASI
- 1 OCEAN = 0.433226 ASI
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User Guidance
For exchange-held tokens:
Automatic conversion of OCEAN/AGIX to FET at prescribed rates.
For self-custody holders:
- Connect ERC-20 wallet to SingularityDAO's conversion portal
- Follow on-screen instructions for asset migration
- Verify compatibility with major hardware/software wallets
FAQs
Q: How long will AGIX/OCEAN deposits remain frozen?
A: Until Phase One migration completes (typically 7-14 days).
Q: Are there tax implications for token conversion?
A: Consult local regulations; conversions may trigger taxable events.
Q: What happens if I miss the migration window?
A: ASI guarantees extended contract availability for late conversions.
Q: Will staked tokens automatically migrate?
A: Yes, though unstaking periods may apply depending on the platform.
Q: How does this impact existing dApp functionalities?
A: Services remain operational with temporary AGIX/OCEAN suspensions.