- Binance, the world’s largest cryptocurrency exchange, has announced its support for the merger of three AI-focused altcoins.
- This strategic move will see the integration of Fetch.ai (FET), Ocean Protocol (OCEAN), and SingularityNET (AGIX) into the Artificial Superintelligence (ASI) ecosystem.
- According to Binance, all deposit and withdrawal transactions for FET, OCEAN, and AGIX will be paused starting July 7, 06:30 UTC, as part of the merger process.
Binance supports the integration of leading AI crypto projects into the ASI protocol, marking a significant advancement in the crypto-technology landscape.
Details of the ABI Merger
Binance’s announcement on June 14 highlighted that Fetch.ai, Ocean Protocol, and SingularityNET will merge under the new Artificial Superintelligence (ASI) token. This decision aims to streamline and enhance the functionality of these projects by incorporating them into a unified platform under ASI. During this integration period, the exchange will suspend both the deposit and withdrawal functionalities for the involved tokens.
Impact on Transactions
The merger will directly impact the current trading pairs and positions of FET, OCEAN, and AGIX. As of July 7, 06:00 UTC, Binance will delist all spot trading pairs for these tokens. Furthermore, existing positions on the FETUSDT, OCEANUSDT, and AGIXUSDT futures will be automatically closed by June 25, 2024, 12:00 UTC. Binance will notify users about the reopening of ASI deposits and withdrawals post-event completion through a separate update.
Conversion Rates and User Impact
Details of the conversion rates for the token swap include:
1 FET = 1 ASI;
1 OCEAN = 0.433226 ASI;
1 AGIX = 0.433350 ASI.
These conversion rates will automatically apply to the users’ balances on the exchange, requiring no additional action from the users. Binance has assured that the balances will be converted seamlessly into ASI tokens.
Closure of Trading Pairs and Futures Positions
The merger will enforce a trading halt for all spot pairs involving FET, OCEAN, and AGIX. The affected trading pairs include AGIX/BTC, AGIX/FDUSD, AGIX/TRY, AGIX/USDT, FET/BNB, FET/BTC, FET/BRL, FET/FDUSD, FET/TRY, FET/USDC, FET/USDT, OCEAN/BNB, OCEAN/BTC, OCEAN/TRY, and OCEAN/USDT. Futures positions linked to FETUSDT, OCEANUSDT, and AGIXUSDT will be concluded by June 25, 2024, ensuring a smooth transition to the new ASI ecosystem without active trades.
Conclusion
Binance’s endorsement of the ASI merger demonstrates the exchange’s commitment to fostering innovation within the cryptocurrency sector, particularly in AI-driven solutions. This transformation is poised to offer enhanced capabilities and integration for the AI crypto projects involved, presenting a forward-looking trajectory for the industry.
