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- Binance has announced the merger of Fetch.ai (FET), Ocean Protocol (OCEAN), and SingularityNET (AGIX) into a new cryptocurrency called Artificial Superintelligence (ASI).
- The transition will involve several stages, with significant implications for current holders of FET, OCEAN, and AGIX.
- Binance will manage technical aspects of the merger, which includes currency conversion rates, deposit and withdrawal suspensions, and trading adjustments.
Discover how Binance’s merger of FET, OCEAN, and AGIX into ASI will transform the crypto landscape.
Key Dates and Timelines for FET, OCEAN, and AGIX Merger
Binance has scheduled the suspension of deposits and withdrawals for FET, OCEAN, and AGIX starting at 06:30 AM (UTC) on July 1, 2024. Users should ensure all deposits are completed before this time to avoid disruptions. Following the merger, Binance will inform the community when they can commence deposits and withdrawals for the newly created ASI coin.
Post-merger activity will see the discontinuation of deposits and withdrawals for FET, OCEAN, and AGIX. Binance undertakes all necessary technical adjustments to facilitate a smooth transition for users.
Impact of Conversion Rates on Users
The conversion rates for the coins have been determined as follows: 1 FET will be equal to 1 ASI, 1 OCEAN will be converted to 0.433226 ASI, and 1 AGIX will be exchanged for 0.433350 ASI. Upon completion of the merger, these converted balances will reflect in users’ accounts.
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In anticipation of this transition, trading for all spot pairs involving FET, OCEAN, and AGIX will be delisted and paused at 06:00 AM (UTC) on July 1, 2024. Users are advised to modify or cancel any trading bot strategies to prevent potential losses. Trading for the new pairs such as ASI/BNB, ASI/BTC, and ASI/USDT will commence at 11:00 AM (UTC) on July 5, 2024.
Guidelines for Users During the Transition
To ensure a seamless experience, users should adhere to the following guidelines:
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- Complete all FET, OCEAN, and AGIX deposits by 06:30 AM (UTC) on July 1, 2024.
- Stay updated through Binance announcements regarding the resumption of ASI deposits and withdrawals.
- Adjust or cancel trading bot algorithms before July 1, 2024, to mitigate risks.
- Close futures trading positions for FETUSDT, OCEANUSDT, and AGIXUSDT contracts by June 25, 2024.
- Note that margin trading for pairs like AGIX/BTC, FET/USDT, and OCEAN/BTC will terminate by June 26, 2024.
Conclusion
By consolidating FET, OCEAN, and AGIX into the new ASI coin, Binance aims to enhance user experience and promote a unified cryptocurrency. Adhering to the specified timelines and guidelines will enable users to navigate this transition smoothly and continue their trading activities with the new, integrated asset.
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