Binance is set to launch the new Artificial Superintelligence (ASI) token trading on July 5, before the merger of FET, OCEAN, and AGIX.
Trading will shortly commence with the new Artificial Superintelligence (ASI) token on July 5, in anticipation of the merger of Fetch.ai (FET), Ocean Protocol (OCEAN), and SingularityNET (AGIX). This announcement has garnered significant attention, as Binance has elected to list the token before the merger’s conclusion.
To provide context, the Artificial Superintelligence Alliance intends to implement a seamless integration of these AI-focused cryptocurrencies on July 5.
Introduction of ASI token trading
The decision by Binance to support the upcoming ASI token, which is the result of the merger of FET, OCEAN, and AGIX, is a significant milestone in the evolution of AI cryptocurrencies. The ASI token merger, initially scheduled for June 13, has been rescheduled for July 15. This is particularly noteworthy.
Nevertheless, the ASI token trading will commence on July 5, before the merger date that the ASI team has announced, as per a recent announcement from Binance. Binance has provided a comprehensive update on the technical aspects of this merger in its announcement.
In anticipation of the merger, Binance will suspend deposits and withdrawals for FET, OCEAN, and AGIX on July 1. The crypto exchange said it will manage all technical requirements to guarantee users a seamless transition to the ASI token.
Additionally, the announcement specifies that the FET, OCEAN, and AGIX trading pairs will be delisted, and all associated orders will be promptly removed. It is imperative to emphasize that the tokens’ conversion ratios are predetermined:
- 1 ASI will be equivalent to one FET.
- 1 OCEAN will be converted to 0.433226 ASI.
- 1 AGIX will be converted to 0.433350 ASI.
The strategic alignment and current valuations within the Artificial Superintelligence Alliance are reflected in these ratios. After the merger, Binance will reopen deposits and withdrawals for ASI, thereby phasing out the initial tokens from the platform.
Closer Examination of Report
From July 5, the ASI token will be accessible for trading against various pairings on Binance, such as BNB, BTC, BRL, FDUSD, TRY, USDC, and USDT. This disparate selection of pairs aims to offer traders various opportunities to utilize the new token across multiple market scenarios.
In addition, Binance has announced its intention to delist and resolve all futures contracts associated with FET, OCEAN, and AGIX by June 25. This action is intended to mitigate risks during the transition phase. The crypto exchange will delist all relevant cross and isolated margin pairs for FET, OCEAN, and AGIX for margin traders by June 26.
It is important to note that Binance has recommended that users either close or transfer their positions to prevent potential losses during the delisting process. Additionally, all outstanding loan positions and flexible earn products associated with these tokens will be closed and automatically converted to ASI.
The merger and introduction of ASI exemplifies the consolidation and technological integration of the cryptocurrency industry. The Artificial Superintelligence Alliance endeavors to improve the functionality and marketability of AI currencies by uniting FET, OCEAN, and AGIX under a single ASI token.
Regarding the prices of these cryptos, the price of FET decreased by 2.39% and was traded at $1.60, while the price of OCEAN decreased by 2.87% to $0.6793. These tokens have experienced a loss of 21.30 and 22.31% in the past seven days, respectively.
At the same time, the trading volume of AGIX decreased by 14% to $76.16 million, and the stock price fell by 2.44% in the past 24 hours.
