Fetch AI merges AGIX and OCEAN into FET for Phase 1 of ASI token migration. Users alerted as exchanges delist tokens and balances temporarily affected.
The ASI token merger has launched, with Phase 1 currently ongoing. This development has resulted in a user alert concerning the ongoing token migrations.
Exchanges have initiated the delisting of AGIX and OCEAN tokens as part of this transition, which may have a temporary impact on user balances.
The procedure entails the conversion of SingularityNET’s AGIX and Ocean Protocol’s OCEAN tokens into Fetch AI’s FET.
FET holders have been assured by Fetch AI that they are not required to take any immediate action during this network upgrade, as the process is being managed automatically.
Migration Details and Exchange Actions
Fetch AI launched Phase 1 of its ASI token merger commenced today.
This phase focuses on enrolling exchanges and data aggregators to enable a smooth transition.
Notably, Fetch AI has earlier advised that, “There will be no need to rush,” as the initial focus will be on laying the groundwork for the rebranding.
This phase involves the integration of SingularityNET’s AGIX and Ocean Protocol’s OCEAN tokens into Fetch AI’s FET token.
With the conversion of 1,780,753.42 AGIX to 771,689.49 FET and 336,445.31 OCEAN to 145,756.86 FET, the migration has already made progress.
Fetch AI has announced that during this network upgrade, holders and stakeholder assets on its mainnet would be automatically converted to ASI, marking a significant step forward in the development of Fetch AI’s blockchain ecosystem.
In response to the migration, exchanges have initiated the process of delisting AGIX and OCEAN tokens.
Fetch AI is collaborating with all relevant parties to guarantee a seamless migration process, despite the possibility that users may observe transient fluctuations in their balances.
Upon completion, user balances will reappear as FET.
The trading of FETs on participating exchanges continues uninterrupted despite these changes.
The rebranding process has commenced, which includes the closure of AGIX and OCEAN deposits, as well as the updating of project names and logos.
Artificial Superintelligence Alliance (FET) Market Performance
As of the most recent update, the price of Artificial Superintelligence Alliance (FET) is $1.40, with a 24-hour trading volume of $193.2 Million.
The current value of the open interest in FET is $48.1 Million, which has increased by 4.69% over the past 24 hours.
Moreover, this indicates a high probability of future interest growth as a result of the migration process.
Despite the increasing open interest, FET’s price has fallen 0.94% in the last 24 hours and 4.17% in the last week.
With a circulating supply of 2.5 billion FET, Artificial Superintelligence Alliance has a market valuation of $3.5 billion.