- Binance is set to merge Fetch.ai, Ocean Protocol, and SingularityNET tokens into a new ASI token.
- This move aims to streamline token offerings and enhance user experience on the platform.
- “This consolidation marks a significant step towards simplifying token management on Binance,” said Binance CEO.
Binance merges Fetch.ai, Ocean Protocol, and SingularityNET into ASI token for streamlined operations and enhanced user experience.
Key Details of the Token Merge
Binance has officially announced its support for merging Fetch.ai (FET), Ocean Protocol (OCEAN), and SingularityNET (AGIX) into the new Artificial Superintelligence (ASI) token. Binance will manage all technical aspects of this process to ensure a seamless transition for users. Starting July 1, 2024, at 3:30 AM UTC, Binance will temporarily suspend deposits and withdrawals of FET, OCEAN, and AGIX to facilitate this merge. Users are advised to plan their transactions accordingly.
Impact on Trading Pairs and User Positions
In preparation for the integration, Binance will delist all spot trading pairs for FET, OCEAN, and AGIX, including AGIX/BTC, AGIX/FDUSD, FET/BTC, FET/USDT, OCEAN/BNB, and OCEAN/USDT. Open orders will be automatically removed post cessation of trading activities. Additionally, Binance Margin will discontinue cross and isolated margin trading for these pairs by June 26, 2024, at 6:00 AM UTC, with automatic settlement and cancellation of all positions.
Details and Conversion Rates
Trading of the new ASI token will commence on Binance starting July 5, 2024, at 8:00 AM UTC. Current token holders of FET, OCEAN, and AGIX will have their holdings converted to ASI based on specified conversion rates. Binance has assured its users of a smooth transition, with all technical requirements being handled by the platform to facilitate the token swap.
Changes for Binance Loans and Simple Earn Products
Binance Loans users should note that outstanding loan positions for FET, OCEAN, and AGIX will be closed by June 25, 2024, at 3:00 AM UTC. It is advised to repay any outstanding positions before this deadline. Furthermore, Binance Simple Earn products for these tokens will cease support on June 28, 2024, at 3:00 AM UTC, with balances being auto-redeemed to users’ Spot Wallets. Locked FET products will transition to ASI locked products on July 8, 2024, at 4:00 AM UTC.
Conclusion
This significant development by Binance to merge Fetch.ai, Ocean Protocol, and SingularityNET tokens into the ASI token aims to provide a more streamlined and efficient experience for its users. The exchange’s commitment to manage all technical aspects ensures a hassle-free transition, reflecting Binance’s dedication to enhancing its user-focused services.
