The $7.5B AI crypto token merger is scheduled for a community vote on April 2
The $7.5 billion token merger, which includes artificial intelligence (AI) protocols, SingularityNet, Fetch.ai and Ocean Protocol, is slated for community vote approval on April 2.
According to the March 27 announcement, there will be three separate community votes for each individual protocol, with all votes scheduled for April 16. If the merger is approved, the Artificial Superintelligence Alia (ASI) token will replace SingularityNet (AGIX). , Fetch.ai (FET) and Ocean Protocol (OCEAN) tokens respectively, ASI has a fully diluted market cap of $2.631 billion at $7.5 billion. The total market cap of the three tokens is around $5.3 billion.
“If approved, $FET can be exchanged 1:1 for artificial super intelligence tokens,” the developers wrote. “For example, if you own a $100 FET, you can exchange it for a $100 ASI.” FET Token is ASI's reserve currency and users can convert OCEAN and AGIX to ASI at a new fixed rate.
An additional 1.48 billion ASI tokens will be allocated, 867 million ASI will be allocated to AGIX holders and 611 million ASI will be allocated to OCEAN token holders. Therefore, Singularity and Ocean token holders will receive “0.433226 $ASI per $OCEAN and 0.433350 $ASI per $AGIX” as a result of the merger. According to Fetch.ai developers:
“If you have $OCEAN and $AGIX tokens on an exchange, no action is required. We work with each exchange to make a smooth conversion and your holdings will be converted directly to $ASI tokens on the exchange. You see $OCEAN or $AGIX on the exchange – but don't panic! Your tokens are there, the $ Just look for the ASI symbol.
Additionally, the exchange mechanism will be available indefinitely for OCEAN and AGIX users holding tokens on their own custodial wallets to exchange their balances. As announced on the same day, the novel Superintelligence Alliance shares the common goal of developing blockchain-based decentralized AI protocols that cannot be controlled by centralized parties or large stakeholders.
Related: Fetch.ai Announces GPU Rewards for Hackers After $100M Infrastructure Investment
