The Artificial Superintelligence Alliance (ASI) has recently announced significant updates regarding the merger of Fetch.ai (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN) AI tokens. The merger is scheduled to begin on July 1, marking a crucial milestone in the development of these tokens.

Key Highlights

1. The ASI will update project names and logos to reflect the merger.

2. AGIX and OCEAN will undergo a token migration process, while FET remains unaffected in the short-term.

3. Deposits and withdrawals for AGIX and OCEAN will close across global exchanges to streamline the migration process.

4. The conversion rates for AGIX and OCEAN will be 1 AGIX to 0.433350 FET and 1 OCEAN to 0.433226 FET, respectively.

Phase 1 Process

The ASI outlined a structured approach for phase 1 of the merger, which includes updating project names and logos to ASI, temporarily merging AGIX and OCEAN into FET, and token conversion rates. Deposits and withdrawals for AGIX and OCEAN will begin to close across global exchanges, aiming to streamline the migration process. FET, however, will continue to operate as usual.

Phase 2 Developments

Phase 2 of the merger aims to deploy the ASI token across chains and upgrade the FET network to the ASI network. The leftover AGIX/OCEAN to FET migration contracts will be eliminated, and new migration contracts will be introduced to ensure the transition to the ASI token. Additionally, the inclusion of an EVM and other bridges will streamline cross-chain transfers.

Market Reaction

Following the announcement, FET surged 26.05% to $1.64, while AGIX and OCEAN rose 24.77% and 23.38%, respectively. Binance, the world's leading crypto exchange, has also announced plans to support the AI token merger.