Reported by Cointelegraph, a token merger to the tune of $7.5 billion consisting of artificial intelligence (AI) protocols SingularityNet, Fetch.ai and Ocean Protocol is scheduled for a community vote of approval on April 2.
According to the March 27 announcement, there will be three separate community votes for each individual protocol, with completion of all voting scheduled for April 16. If the union is approved, SingularityNet’s AGIX token, Fetch.ai’s FET (FET) token and Ocean Protocol’s OCEAN token will be replaced with the new Artificial Superintelligence Alliance’s ASI token.
As of March 26, the merged token would have a fully diluted market capitalization of $7.6 billion across 2.631 billion tokens. The three tokens’ current combined market cap is around $5.3 billion.
“If approved, it will then be possible to swap $FET for Artificial Superintelligence token at a rate of 1:1," the teams wrote. “For example, if you hold 100 $FET, you will be able to swap it for 100 $ASI.” FET will be the reserve currency of ASI, while users will be able to convert OCEAN and AGIX into ASI at a new fixed rate.
An additional 1.48 billion ASI tokens will be minted, with 867 million ASI allocated to AGIX holders and 611 million ASI allocated to OCEAN tokenholders. Therefore, Singularity and Ocean tokenholders will “receive 0.433226 $ASI per $OCEAN and 0.433350 $ASI per $AGIX” as a result of the merger. As per Fetch.ai:
“If you have $OCEAN and $AGIX tokens on an exchange, no action is needed. We will work with each exchange to ensure a smooth conversion and your holdings will automatically be converted to $ASI tokens directly by the exchange. You won’t see $OCEAN or $AGIX on the exchange — but don’t panic! Your tokens are there, just look for the $ASI symbol.”
In addition, the swap mechanism will be available indefinitely for OCEAN and AGIX users holding tokens on self-custody wallets to convert their balance. Announced the same day, the novel Superintelligence Alliance will share the common goal of developing blockchain-based decentralized AI protocols, which can’t be controlled by centralized parties or large stakeholders.
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