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FET, AGIX, OCEAN Rally on News About Merging Tokens into ‘ASI’, Eyeing $7.5B Valuation
- AGIX, OCEAN, and FET tokens plan to merge into ‘ASI’, eyeing a combined US$7.5B valuation, showcasing significant AI sector growth.
- Token swap for ‘ASI’ is unhurried, with a 30+ year window, facilitated by exchanges; foundational structures of all three entities remain intact.
- The merge aims for technological synergy and enhanced AI development, with detailed planning set for the upcoming 2049 conference.
Artificial Intelligence is one of the hottest topics right now, gaining enormous traction in the crypto sector. In the recent weeks—somewhat muffled by all the noise around the launch of the Spot Bitcoin ETFs—memecoins and AI-related tokens have dominated the sector. At least when it comes to growth and gains, no other topic—tokenisation aside—has seen impressive gains like AI.
Related: Analyst Predicts Link Rally, Massive Price Targets Unveiled Amid Tokenisation Developments
Now, news has broken which has already caused some AI tokens to continue with impressive gains. As Bloomberg reports, three AI companies operating blockchains are in advanced stages of merging their tokens: SingularityNET, FetchAI and Ocean Protocol.
AGIX, SingularityNET’s token shot up 11% initially on the news of the potential merge—which would see them amalgamate into a token called ASI, holding a fully diluted value of approx. US$7.5bn (AU$11.5bn).
The three networks are among the ones with the highest developer activity, all landing in the top-ten by that measure.
It should be noted that this is initial reporting and no official announcement has been made and the communities of each individual network will need to approve the merge first. SingularityNET CEO and founder Ben Goertzel is said to be in charge of the three platforms which would still continue on as separate entities.
Aussie Crypto analyst Miles Deutscher commented on the potential merge, comparing it to the formation of a new “AI powerhouse.”
Related: Judge Sides With SEC, Advancing Case Against Coinbase in Setback for Crypto Industry
No Need to Rush to Swap Tokens
The unofficial X (formerly Twitter) account of Agixscan has gathered more info:
- OCEAN and AGIX can be swapped for ASI for over 30 years without urgency, with the swap ratio detailed in a Medium article. Exchanges will facilitate the swap process.
- The foundations of Ocean Protocol, SingularityNET, and Fetch.AI, including their management, teams, and treasuries, remain unchanged. This move aims to unite communities, enhance coordination, and integrate technologies seamlessly while maintaining a strong legal stance.
- The three teams plan to convene at the 2049 conference in two weeks to finalise details. Liquidity Providers (LPs) should stay updated as liquidity from all three teams will only be withdrawn when 95% is depleted.
- FET holders need not take any action during this transition.
- ASI aims to deliver a decentralised solution that supports the development of advanced artificial intelligence, leveraging the combined strengths and technologies of the three projects.
Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
