The first phase of the Artificial Superintelligence Alliance (ASI) token merger commenced on July 1, with the merger of two artificial intelligence (AI) tokens, SingularityNET’s AGIX and Ocean Protocol’s OCEAN tokens.
In phase 1 of the $7.5 billion token merger, the AI tokens merged into Fetch.ai’s FET (FET) token, which resulted in the widescale delisting of the former tokens across all crypto exchanges.
Ongoing hurdles for ASI merger
However, not all crypto exchanges supported this merger for their users. Coinbase opted not to support the ASI merger. As a result, Coinbase did not introduce a mechanism that would automatically convert users’ token holdings during the merger.
In the meantime, FET and OCEAN trading will continue working on Coinbase until further notice. Users that wish to manually migrate their holdings into FET can use a workaround Coinbase shared:
“Once the migration has launched, users will be able to migrate their OCEAN and FET to ASI using a self-custodial wallet, such as Coinbase Wallet. The ASI token merger will be compatible with all major software wallets.”
Workaround for ASI migration
Crypto exchanges and data aggregators willing to support the migration can do so through a newly launched migration platform, SingularityDAO DApp.
According to the website, in Phase 1, AGIX tokens will migrate to FET at a conversion rate of 1 AGIX to 0.43335 FET.
In Phase 2, the FET tokens will be migrated to ASI and launched across multiple blockchains.
On June 20, the trading value of FET and AGIX tokens surged more than 30% following a three-month downtrend.
According to Vlad Balaban, co-founder of GT Protocol, a blockchain-based AI execution protocol, the hype around the ASI token merger catalyzed the markets.
“The surge of over 30% is attributed to their announced merger with Ocean Protocol, aimed at forming the largest decentralized AI ecosystem. This strategic move has ignited investor enthusiasm, anticipating significant advancements and market leadership in AI technology,” he said.