On April 2, a planned $7.5 billion token merger involving artificial intelligence (AI) protocols SingularityNet, Fetch.ai, and Ocean Protocol was ratified through a community vote. The approval was announced following a community voting process, which commenced on March 27 and concluded on April 16. If finalized, SingularityNet’s AGIX token, Fetch.ai’s FET token, and Ocean Protocol’s OCEAN token will be replaced by the new Artificial Super Intelligence Alliance’s ASI token.
The proposed merger will see each protocol undergo three rounds of community voting, with the ultimate goal of integrating them under the Artificial Super Intelligence Alliance. As of March 26, the combined token is projected to have a fully diluted market capitalization of $7.6 billion, with a total of 2.631 billion tokens in circulation. Currently, the three tokens collectively boast a market capitalization of around $5.3 billion.
Under the proposed merger, Fetch.ai’s FET tokens will be exchangeable for ASI tokens at a 1:1 ratio. Similarly, Ocean Protocol’s OCEAN and SingularityNet’s AGIX tokens will also be convertible to ASI tokens at fixed exchange rates. FET is slated to become the reserve currency for ASI, facilitating seamless exchanges among the participating protocols.
To facilitate the transition, an additional 1.48 billion ASI tokens will be minted, with a portion allocated to AGIX and OCEAN token holders. Post-merger, Singularity and Ocean token holders will receive ASI tokens based on predetermined allocation ratios. Fetch.ai has assured token holders that no action is required for those holding OCEAN and AGIX tokens on exchanges, as exchanges will handle the conversion process automatically.
Furthermore, users holding OCEAN and AGIX tokens in self-hosted wallets will have the option to redeem their balances through the redemption mechanism, which will remain available indefinitely. The merger announcement also outlined the common goal of the new super-intelligence alliance to develop a decentralized AI protocol based on blockchain, ensuring autonomy and transparency in AI development.
