In a move poised to redefine the landscape of artificial intelligence (AI) in the cryptocurrency sector, SingularityNet, Fetch.ai, and Ocean Protocol are eyeing a colossal $7.5 billion token merger. Scheduled for a pivotal community vote on April 2, this merger could see the creation of a new powerhouse in the AI crypto world, pending approval through a series of votes set to conclude by April 16.
This unprecedented collaboration proposes the unification of SingularityNet’s AGIX token, Fetch.ai’s FET token, and Ocean Protocol’s OCEAN token into a singular entity: the Artificial Superintelligence Alliance’s ASI token. As of the day before the announcement, the merger boasted a combined fully diluted market capitalization nearing $7.6 billion, a significant leap from their current collective market cap of approximately $5.3 billion.
The proposition outlines a direct swap opportunity for holders of FET, enabling them to exchange their tokens for ASI on a 1:1 basis. For example, 100 FET tokens could be swapped for an equal number of ASI tokens, with FET serving as the reserve currency for the new alliance. Additionally, conversions for OCEAN and AGIX into ASI will be available at predetermined rates.
The merger also details the minting of an additional 1.48 billion ASI tokens, with allocations made to both AGIX and OCEAN holders, ensuring a fair transition to the new token system. Importantly, for holders of OCEAN and AGIX tokens on exchanges, the conversion process promises to be seamless, requiring no direct action as exchanges facilitate the automatic transition to ASI tokens.
This strategic alliance aims not only to merge token economies but also to forge a unified front in the development of decentralized, blockchain-based AI protocols. This initiative marks a significant step towards preventing centralized control over AI technologies, championing a decentralized and democratized approach to AI development in the crypto ecosystem.