- Binance is preparing to initiate trading for the new Artificial Superintelligence (ASI) token starting on July 5.
- This launch precedes the merger of three prominent AI-based cryptocurrencies: Fetch.ai (FET), Ocean Protocol (OCEAN), and SingularityNET (AGIX) set for July 15.
- This merger signifies a strategic consolidation aimed at enhancing the utility and market appeal of AI tokens.
Discover the latest developments as Binance prepares for a landmark merger in the AI cryptocurrency space, introducing the ASI token ahead of schedule.
Binance to Initiate ASI Token Trading
Binance has announced the upcoming launch of the ASI token trading on July 5, a significant move that precedes the formal merger of Fetch.ai, Ocean Protocol, and SingularityNET. Initially planned for June 13, the merger is now rescheduled to July 15. Binance’s proactive approach highlights its commitment to ensuring a smooth tradable transition for its users.
Technical Preparations and User Advisory
Leading up to the merger, Binance has laid out a comprehensive plan. Starting July 1, deposits and withdrawals for FET, OCEAN, and AGIX will be suspended to handle technical requirements seamlessly. Binance assures its user base of a smooth transition to the ASI token, effectively managing the integration process. During this period, all existing trading pairs for FET, OCEAN, and AGIX will be delisted, and respective orders will be removed.
Impact on Crypto Market Dynamics
The transition to the ASI token is anticipated to create notable shifts within the crypto trading environment. Binance will support trading of ASI against a diverse set of pairs including BNB, BTC, BRL, FDUSD, TRY, USDC, and USDT from July 5. This strategic move offers traders varied avenues to utilize the new token, enhancing liquidity and trading opportunities.
Futures Contracts and Margin Trading Adjustments
In preparation for the merger, Binance plans to conclude all related futures contracts by June 25 and delist associated margin trading pairs by June 26. Users are advised to manage their positions to avoid potential losses. Binance will automatically convert all outstanding loan positions and flexible earn products tied to FET, OCEAN, and AGIX to ASI, simplifying the process for investors.
Merger Details and Conversion Ratios
The conversion rates for the tokens are as follows:
- 1 FET converts to 1 ASI
- 1 OCEAN converts to 0.433226 ASI
- 1 AGIX converts to 0.433350 ASI
These specific ratios are calculated based on current valuations, aiming to align the overall value among the merged entities. Once the merger is complete, Binance will reopen deposits and withdrawals for the ASI token, concluding the phase-out of the original tokens from their platform.
Conclusion
The forthcoming launch of the ASI token and the merger of FET, OCEAN, and AGIX mark a pivotal development in the AI cryptocurrency domain. This unified approach not only amplifies the functionality and market presence of AI tokens but also sets a precedent for future consolidations in the crypto industry. As Binance spearheads this integration, traders and investors stand to benefit from a streamlined and innovative trading experience.
