Fetch.ai, Ocean Protocol and SingularityNET have merged their projects to create the Superintelligence Alliance mission, launching the ASI token with a market cap of $7.5 billion.
Holders of AGIX, OCEAN and FET will swap their tokens to ASI, with FET as the benchmark token; the new project will mint an additional 1.48 billion tokens.
The three biggest decentralized artificial intelligence projects are merging into one giant movement with a common goal and a unifying token. SingularityNET, Fetch.ai and Ocean Protocol were revealed to be eyeing a merger yesterday, as Crypto News Flash reported. The three have now officially announced the merger and revealed more details about the new token, handing their individual tokens a price boost.
In a blog post and social media posts, the three announced the decision to form the Superintelligence Alliance, bringing together their infrastructure, expertise, communities and skills for the common good.
The ASI Token
The alliance will be powered by ASI, a new token that will replace the three individual tokens—OCEAN, FET and AGIX. Pending the approval of their communities, the three will allow users to swap their tokens.
This is where it gets interesting; holders of FET will swap their tokens for the new ASI at a 1:1 rate since FET will serve as the benchmark crypto for the new ecosystem. In fact, FET will be the native currency, but it will change its name to ASI, according to one blog post.
Holders of the other two tokens—AGIX and OCEAN—will not have such a straightforward swap process. Instead, OCEAN will swap at a rate of 0.433226:1 to ASI. AGIX will swap at a rate of 0.433350:1.
At press time, AGIX trades at $1.36 following a 2,2% daily gain for a market cap of $1.737 billion, while OCEAN trades at $1.47 after a 1.9% gain on the day for a $885 million market cap. FET, the benchmark crypto for the new ecosystem, trades at $3.28 for a $3.423 billion market cap.
Upon approval, FET will be renamed ASI. This will be followed up by the minting of 1.48 billion ASI tokens; 867 million will be allocated to holders of AGIX, while 611 million will go to OCEAN holders. The total supply will combine FET’s existing maximum supply of 1.152 billion with the newly minted 1.48 billion to hit 2.63 billion.
Holders of any of the three tokens will not be required to take any action if they hold them with exchanges. The teams behind the three projects will coordinate with exchanges to automatically swap the tokens into ASI. Those holding them on hardware wallets will have to await the teams to avail tools for the conversion.
The teams warned against sending the outdated tokens once the exchanges have made the migration, stating:
When an exchange has converted all $OCEAN and $AGIX tokens, the tickers $OCEAN and $AGIX will be retired from the exchange. If anyone accidentally sends $OCEAN or $AGIX an exchange after the conversion event, we cannot guarantee that the tokens will be available or converted to $ASI. So please keep abreast of notices and announcements from your exchanges.
