Blockchain-based AI marketplace SingularityNet (AGIX), decentralized multi-agent AI platform FetchAI (FET), and decentralized data exchange protocol Ocean (OCEAN) have jointly announced the approval of a proposal to merge their respective tokens into the Artificial Superintelligence Alliance (ASI). The merger, estimated at $7.5 billion, is slated for an early May launch. The merger’s culmination will result in the official launch of the ASI token on May 24th.
The token merger will involve migrating AGIX tokens to ASI at a rate of 0.433350 to 1. Similarly, FET tokens will be converted to ASI at a 1 to 1 ratio, resulting in a total supply of 2,630.55 million tokens. OCEAN tokens will also undergo migration to ASI, with an exchange rate of 0.433226 to 1.
As of the writing time, AGIX is trading close to $0.80, marking a decrease of more than 9%. FET is currently priced at $1.96, reflecting a decline of 12%, while OCEAN is trading slightly above $0.80, with a decline of over 9% in the last 24 hours, as per CoinMarketCap data.
The merger is anticipated to elevate this new token into the top 20 cryptocurrencies by market capitalization.
We are excited to announce that the supermajority of AGIX token holders has approved the Artificial Superintelligence (ASI) Alliance proposal.This historic decision marks the formation of the largest open-source, decentralized network dedicated to accelerating the development… pic.twitter.com/hybqyUpyn8
— SingularityNET (@SingularityNET) April 16, 2024
SingularityNet, FetchAI And Ocean Forge Alliance To Drive AGI Development And Access
The ASI represents a notable AI research and development entity. This collaboration between projects marks a significant milestone in response to the rapid expansion of AI initiatives and endeavors to disrupt the prevalence of major corporations in the development of AI, application, and revenue generation.
Within the framework of the alliance, the three companies remain distinct entities but will collaborate closely within the unified ASI tokenomic ecosystem and the alliance’s operations. Through token usage, ASI plans to establish an extensive open-source decentralized network, expediting the pursuit of AGI among its participants.
The recent token merger is anticipated to accelerate funding for AGI, fostering the advancement of state-of-the-art AI and providing broader entry to AI platforms and extensive databases.
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