Fetch.ai's planned merger (FET), SingluarityNET (AGIX) and the Ocean Protocol (OCEAN) within the Artificial Superintelligence Alliance (ASI) has been postponed until July 15.
In March, the three networks announcement intentions to unify their tokens into the ASI token, with a total supply of 2.63055 billion tokens. This decision aims to make ASI the The AI industry's largest open source decentralized network and challenge the dominance of big tech companies in the development and commercialization of AI.
Cause of delay
In a June 11 statement to CryptoSlateThe projects said the delay was due to the need to meet the technical requirements of their ecosystem partners.
They further explained that the rescheduling would ensure a seamless transition to the new ASI network and token, as preparing for the token merger involves managing complex integrations and coordinating many elements.
Originally, FET token holders had to migrate to ASI via a token migration contract on June 11, followed later by AGIX and OCEAN holders. Now, all token holders will merge simultaneously with the new ASI token on July 15.
Until then, FET, AGIX and OCEAN tokens will continue to be traded independently on exchanges.
Humayun Sheikh, Chairman of the Artificial Superintelligence Alliance and CEO of Fetch.ai, stressed that the delay does not affect significant progress towards creating a decentralized superintelligence network. He added:
“While completion of the ASI token merger is now scheduled for July due to necessary adjustments from our partners, the commitment and vision driving this alliance remains stronger than ever… Our teams are actively working with centralized exchanges to finalize the remaining steps.”
Ben Goertzel, CEO of ASI Alliance, noted that the three-way token merger represents a major milestone. He foresees a series of increasingly exciting developments that will strengthen the growth of the ecosystem.
The values of FET, AGIX and OCEAN tokens have decreased by an average of 10% over the last 24 hours. The price decline reflects broader market trends, with Bitcoin falling 5% over the reporting period to around $66,000, according to CryptoSlate data.