The landmark merger between Fetch.ai, Ocean Protocol, and SingularityNET to form the "Superintelligence Alliance" includes a major token redistribution. This article explains the conversion ratios to the new ASI cryptocurrency and what it means for current token holders.
Understanding the Token Conversion Process
The Superintelligence Alliance, formed from the merger of Fetch.ai (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN), has announced the specific conversion rates for the new ASI token. The redistribution is as follows:
- 1 FET = 1 ASI
- 1 OCEAN = 0.433226 ASI
- 1 AGIX = 0.433350 ASI
A snapshot taken on March 25th was used as the basis for this distribution, calculated from the average price of each token over the previous 15 days. The total supply of ASI tokens will be 2.631 billion, which includes 1.15 billion FET tokens that will be automatically renamed to ASI. The remaining 1.48 billion tokens will be allocated to AGIX and OCEAN holders: 867 million to AGIX holders and 611 million to OCEAN holders.
The merger and token swap depend on approval from each project's respective community. Voting on governance proposals is scheduled to begin on April 2nd. If the vote passes, the process of converting FET, AGIX, and OCEAN tokens to ASI will commence.
What This Means for Token Holders
The process for converting your tokens depends on how and where you store them. Here's a breakdown of what to expect based on your holding method.
For Exchange Users
If you hold FET tokens on a supporting exchange, your tokens will be automatically renamed to ASI without any action required on your part. The same automatic conversion will apply to OCEAN and AGIX tokens held on exchanges.
For Self-Custody Wallet Users
If you hold your tokens in a private wallet (hardware, software, or offline):
- FET holders: You will need to use a dedicated swap mechanism to exchange your FET for ASI at the 1:1 ratio.
- AGIX and OCEAN holders: You can either continue holding your existing tokens or exchange them for ASI using the provided mechanism. There's no time limit for this conversion, as the exchange rates are fixed.
Project Independence Post-Merger
Despite this significant token redistribution, the Fetch.ai, Ocean Protocol, and SingularityNET foundations will maintain their legal and operational independence. Each foundation remains free to pursue its own initiatives and continue promoting the values and adoption of decentralized artificial intelligence.
Additional news and updates will be released as the project evolves. Currently, the official website and token swap mechanism are not yet live.
Strategic Implications of the Merger
The formation of the Superintelligence Alliance represents a significant consolidation in the AI cryptocurrency space. This merger brings together three prominent projects with complementary technologies in decentralized machine learning, data exchange, and AI services.
By combining resources and expertise, the alliance aims to create a more robust ecosystem for decentralized artificial intelligence development and adoption. The unified ASI token is expected to streamline operations and create a stronger economic model for the combined network.
For investors and token holders, this consolidation may potentially lead to increased utility, broader adoption, and enhanced network effects across the previously separate ecosystems.
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Frequently Asked Questions
What is the Superintelligence Alliance?
The Superintelligence Alliance is a merger between Fetch.ai, Ocean Protocol, and SingularityNET that aims to create a unified ecosystem for decentralized artificial intelligence. The alliance will operate under a single token economy using the ASI token.
Do I need to immediately convert my tokens?
No, there's no urgency to convert your tokens. The exchange rates are fixed, and for AGIX and OCEAN holders using private wallets, there's no time limit for conversion. Only FET holders in private wallets will need to actively swap their tokens to receive ASI.
Will the individual projects continue to operate separately?
Yes, the three foundations will maintain their legal and operational independence while collaborating under the Superintelligence Alliance framework. Each will continue to develop their respective technologies and promote decentralized AI adoption.
What happens if I don't convert my AGIX or OCEAN tokens?
If you hold AGIX or OCEAN tokens in a private wallet and choose not to convert them, you can continue to hold them indefinitely. However, these tokens will not be part of the new ASI ecosystem and may have limited functionality over time.
How will this merger affect the value of my holdings?
The merger aims to create stronger network effects and utility for all token holders through a unified ecosystem. While specific value implications cannot be guaranteed, the consolidation is designed to benefit all participants through increased adoption and functionality.
When will the token conversion process begin?
The conversion process depends on community voting scheduled for April 2nd. If approved, the conversion will begin shortly after. Exchange users will experience automatic conversion, while private wallet users will need to use the dedicated swap mechanism once it becomes available.
The Superintelligence Alliance merger represents a significant development in the cryptocurrency and AI sectors, potentially creating one of the largest decentralized AI networks in the blockchain space.