- Fetch AI completes a crucial network upgrade for seamless FET to ASI token conversion.
- A manual portal is available for users on non-supporting exchanges for easy asset migration.
- Despite investor excitement, FET, AGIX, and OCEAN tokens experience significant price drops.
Discover Fetch AI’s latest network upgrade, securing seamless FET to ASI conversions and supporting all users through manual migration options while addressing recent token price trends.
Automatic and Secure Conversion to ASI
Fetch AI has officially announced the successful completion of their network upgrade, ensuring that FET tokens on the platform’s mainnet are automatically converted to ASI tokens. This significant update is a fundamental milestone in Fetch AI’s continuous advancements within the blockchain ecosystem.
In a recent communication via their X platform, Fetch AI revealed that the network experienced a temporary shutdown to facilitate the upgrade, which was necessary to implement the new architecture required for ASI tokens. Throughout this process, Fetch AI has guaranteed the security and integrity of all staked funds and rewards.
Users of the Fetch AI mainnet do not need to take any action as their FET tokens will automatically be converted to ASI tokens upon completion of the upgrade. While there was scheduled network downtime, natively staked assets and rewards remained secure and unaffected.
Provisions for Holders on Non-Supporting Exchanges
Fetch AI has also addressed the needs of users with FET tokens on exchanges that do not support the automatic conversion to ASI. Post-upgrade, these users can utilize a newly introduced manual conversion portal to transfer their assets to ASI tokens. This inclusive approach ensures that no user is left behind during the migration, providing adequate resources and support for an easy transition.
Phased Approach to Token Merger
The ASI token merger will proceed in two primary phases. The initial phase involves tokenizing AGIX and OCEAN and integrating them within the Fetch AI (FET) framework before transitioning to ASI tokens. This phase ensures seamless FET trading and smooth rebranding processes on platforms like CoinMarketCap and CoinGecko.
Commencing on July 1, 2024, the rebranding efforts will include updating project names, logos, and discontinuing AGIX and OCEAN deposits. The subsequent phase will focus on community engagement and distributing ASI tokens to users holding them in personal wallets and across different chains.
FET, AGIX, OCEAN Price Trend
Despite heightened investor interest ahead of the merger, FET, AGIX, and OCEAN have exhibited notable downturns in their market performance. Fetch AI (FET) failed to surpass the intraday high of $0.6665, instead dropping to $0.6054. At the time of writing, FET traded at $1.45, marking an 8.70% decline from its resistance level, with market capitalization and trading volume also experiencing decreases.
Similarly, SingularityNET (AGIX) faced a bearish trend, fluctuating between a high of $0.6665 and a low of $0.6054 within 24 hours. AGIX is currently priced at $0.6117, reflecting a 7.70% decline. The market cap and trading volume of AGIX have plummeted significantly as well.
Ocean Protocol (OCEAN) also witnessed a sharp decline, failing to maintain the 24-hour high of $0.6636 and falling to a support level of $0.6034. Trading at $0.61, OCEAN has dropped by 7.97%, with corresponding declines in both its market capitalization and trading volume.
Conclusion
The Fetch AI network upgrade marks a pivotal advancement, ensuring seamless conversion from FET to ASI tokens and providing robust support for users across various exchanges. Despite recent price downturns for FET, AGIX, and OCEAN, Fetch AI’s strategic measures, including the manual migration portal and phased token merger, provide confidence in sustained asset security and operational continuity. As the blockchain ecosystem evolves, Fetch AI’s proactive approaches offer a solid future outlook for investors and users alike.
