- The upcoming ASI Token merger initiated by Fetch AI is garnering significant attention from investors.
- Despite this major update, the prices of FET, AGIX, and OCEAN tokens have seen a decline.
- The merger, scheduled for July 1, 2024, aims to unify three prominent AI tokens under a single umbrella.
Fetch AI’s ASI Token merger on July 1, 2024, aims to consolidate FET, AGIX, and OCEAN into a unified token, despite current price declines.
Fetch AI Discloses Key Insights on ASI Token Merger
The much-anticipated ASI token merger will occur in two phases, initially integrating AGIX and OCEAN tokens into Fetch AI (FET). Subsequently, FET will transition to ASI.
Integration Phase and Rebranding Details
During Phase I, AGIX and OCEAN will merge into the FET token. Fetch AI confirms that trading of FET will remain unaffected during this period, providing a seamless rebranding experience across platforms like CoinMarketCap and CoinGecko. The rebranding process, starting on July 1, 2024, includes renaming projects, updating logos, and closing deposits for AGIX and OCEAN while FET operations continue without disruption.
Community Engagement and ASI Deployment
The second phase will focus on engaging the community and deploying ASI tokens. This involves prioritizing holders who self-custody their tokens, enabling ASI deployment across multiple chains, and introducing new migration contracts. The conversion rates have been defined as 1 AGIX = 0.433350 ASI, 1 OCEAN = 0.433226 ASI, and 1 FET = 1 ASI.
Scam Prevention Measures During Transition
Amid the transition, Fetch AI warns of potential scams. They emphasize verifying information through official channels to avoid fraud, impersonation, and fake links. The migration contracts will be available for years, ensuring ample time for all token holders to convert their tokens safely.
Market Reactions and Current Token Prices
Despite the merger news, FET, AGIX, and OCEAN prices have experienced a downturn. Currently, FET has declined by 4.18%, trading at $1.61, while AGIX has fallen by 4.24%, now valued at $0.6636. Meanwhile, OCEAN also dropped nearly 4%, with a one-day trading volume down by 8% to $76.73 million.
Conclusion
The ASI token merger marks a crucial development for the AI token landscape, potentially setting new standards for token integration. For now, ensuring a smooth transition and maintaining investor confidence are of utmost importance.
