The initial phase of the ASI token merger, which involved the fusion of two AI tokens, SingularityNET’s AGIX and Ocean Protocol’s OCEAN, began on July 1. This $7.5 billion merger led to the conversion of the AI tokens into Fetch.ai’s FET token, resulting in the widespread delisting of the former tokens across all crypto exchanges.
Despite this, some crypto exchanges did not support the merger for their users. One such example is Coinbase, which chose not to facilitate the ASI merger and did not provide a mechanism for automatically converting users’ token holdings. As a result, FET and OCEAN trading will continue on Coinbase until further notice. Users who wish to manually migrate their holdings into FET can utilize a workaround provided by Coinbase.
Crypto exchanges and data aggregators that are willing to support the migration can do so through a newly launched migration platform called SingularityDAO. This platform will facilitate the migration of AGIX tokens to FET at a conversion rate of 1 AGIX to 0.43335 FET in the first phase, followed by the migration of FET tokens to ASI and their launch across multiple blockchains in the second phase.
The trading value of FET and AGIX tokens surged more than 30% on June 20 following a three-month downtrend, attributed to the announcement of the ASI token merger. According to Vlad Balaban, co-founder of GT Protocol, the hype surrounding the merger catalyzed the markets, with investors anticipating significant advancements and market leadership in AI technology as a result of the strategic move to form the largest decentralized AI ecosystem with Ocean Protocol.