The Artificial Superintelligence (ASI) Alliance announced the commencement of Phase 1 of its token merger involving Fetch.ai (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN).

This merger process will eventually unify these tokens under the ASI banner.

Market Confidence Soars as ASI Alliance Kicks Off Token Merger

Phase 1 of the ASI token merger focuses on migrating OCEAN and AGIX tokens into FET. This initial phase involves closing deposits and withdrawals for AGIX and OCEAN to prepare for migration.

Meanwhile, FET deposits, withdrawals, and trading will continue uninterrupted. The migration platform for this process has been launched on the SingularityDAO decentralized application (dApp).

Read more: How To Invest in Artificial Intelligence (AI) Cryptocurrencies?

The Fetch.ai team emphasized that this phase aims to ensure a smooth transition and onboarding of exchanges and data aggregators. They assured token holders that there is no need to rush, as the process will be managed meticulously to avoid disruptions.

“The focal point of Phase 1 is to onboard exchanges and data aggregators as well as to ensure a smooth transition as the rebranding begins,” the team stated.

The official transition began on July 1, 2024. On this date, AGIX and OCEAN tokens began their migration to FET. Concurrently, the project branding shifted to the Artificial Superintelligence Alliance across major platforms.

This rebranding also involves delisting AGIX and OCEAN from exchanges. However, Fetch.ai markets remain open under the FET ticker.

This development came after the ASI Alliance postponed the token merger in mid-June. This careful planning allowed for comprehensive preparation, addressing all technical and logistical concerns to ensure a smooth transition for token holders.

Following the beginning of the phase 1 merger, the prices of FET, AGIX, and OCEAN have surged by approximately 7%. As of this writing, FET is trading at $1.46, AGIX at $0.6138, and OCEAN at $0.6105.

What’s Next in the Phase 2 Token Migration?

Phase 2 of the merger is scheduled to follow the initial migration. It will focus on community onboarding and deploying ASI tokens across multiple chains.

This phase prioritizes self-custody holders and will introduce new migration contracts as Fetch.ai upgrades to ASI. Furthermore, the ASI Alliance has ensured that the migration contracts will remain open for years, allowing token holders ample time to transition their assets.

The final step of the merger involves transitioning from the FET token ticker to ASI. This step will see new migration contracts for any remaining AGIX and OCEAN tokens and the automatic conversion of FET Mainnet Tokens to ASI during Fetch.ai’s mainnet upgrade. The conversion rates for this final transition are 1 FET to 1 ASI, 1 AGIX to 0.433350 ASI, and 1 OCEAN to 0.433226 ASI.

For those with funds on centralized exchanges like Binance, OCEAN and AGIX tokens will automatically convert to FET at the appropriate ratios. Meanwhile, self-custody holders on the Ethereum mainnet must follow detailed guides and tutorials provided by the ASI Alliance to facilitate a hassle-free transition.

Read more: How Will Artificial Intelligence (AI) Transform Crypto?

To manually convert tokens, holders must connect their existing wallets to the official conversion portal on the SingularityDAO dApp and follow the on-screen instructions. The ASI Alliance has ensured compatibility with major software and hardware wallets, simplifying the process for users.