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AI tokens FET, AGIX, OCEAN merger delayed to July

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AI tokens FET, AGIX, OCEAN merger delayed to July

FET, AGIX and OCEAN, the native tokens of the Artificial Intelligence (AI) projects Fetch.ai, SingularityNET, and Ocean Protocol, traded lower on Tuesday as Bitcoin dumped amid market anxiety around Fed’s take on interest rates in the US.

But that’s not the only factor that could have had the three AI-related tokens dumping more than 7% each. On Tuesday, the Artificial Superintelligence Alliance, an AI research entity bringing Fetch.ai, SingularityNET and Ocean Protocol together, released a news update.

Posted on X, an update related to the three project’s anticipated token merger into one under the ticker ASI.

In short, the team announced that the expected merger has moved from June 13, 2024 to July 15, 2024.

Delay means FET, AGIX and OCEAN will continue to trade as distinct tokens on exchanges until the new merger date in July. Meantime, it offers exchanges, validators and other ecosystem partners the time they need to accommodate logistical requirements.

What was said

The ASI update notes that while unfortunate, a delay in the merger will see the community benefit from a better experience, with “standards of accuracy and efficiency.”

Humayun Sheikh, CEO of Fetch.ai, said: 

“This temporary delay does not impact the substantial progress we have made towards creating a decentralized superintelligence network. Our teams are actively working with centralized exchanges to finalize the remaining steps. We appreciate the continued support and patience of our community and stakeholders as we work through these final logistical steps.”

Ben Goertzel, founder and CEO of SingularityNET Foundation, noted: 

“The finalization of the 3-way tokenomic merger on July 15 will be a major milestone, and we anticipate a series of progressively more exciting milestones after that as we leverage our $ASI token based network to move toward increasingly capable AI systems and in time actual superintelligence.”

Next steps for FET, AGIX and OCEAN

Following today’s announcement, Fetch.ai, SingularityNET and Ocean Protocol tokens remain independent and will trade as such on exchanges.

In the future, finalization of third-party integrations will see the unveiling of the ASI token. FET, AGIX and OCEAN tokens will then merge and become ASI.

FET currently trades at $1.60, while AGIX and OCEAN are both changing hands at $0.68.