- The ASI Alliance begins its long-awaited token migration.
- This migration involves major players such as Fetch.ai, Ocean Protocol, and SingularityNET.
- By merging their tokens, the alliance aims to create a decentralized AI network.
The largest crypto token migration in history is underway, aiming to decentralize AI research and development.
Phase 1 of the ASI Alliance Migration Commences
The initial phase of the ASI Alliance token migration kicked off on July 1st, 1500 UTC. This phase marks a pivotal step toward a decentralized AI ecosystem, consolidating assets from SingularityNET, Fetch.ai, and Ocean Protocol. The primary focus is the integration of AI technologies and resources from these prominent blockchain entities.
Impact on Crypto Token Holders
Token holders of AGIX and OCEAN will merge their holdings into Fetch.ai’s FET token as a part of Phase 1, eventually leading to the universal ASI token in Phase 2. This strategy aligns the goals and objectives of the three partners, facilitating a rapid scale-up in their AI and blockchain capabilities.
The ASI Alliance Token Migration Strategy
Phase 1 of the migration process involves transforming SingularityNET’s AGIX and Ocean Protocol’s OCEAN tokens into Fetch.ai’s FET token. This sets the groundwork for transitioning to ASI. The rebranding process requires delisting AGIX and OCEAN tokens from exchanges and ceasing their deposits while FET deposits remain unaffected. The goal is to onboard exchanges and data aggregation platforms to support this rebranding.
Detailed Conversion Rates and Process
The conversion rates are carefully structured: 1 AGIX converts to approximately 0.433350 ASI, and 1 OCEAN converts to approximately 0.433226 ASI. This sets the stage for a seamless migration, with a 1:1 conversion rate when transitioning to ASI in Phase 2, ensuring all three tokens reach their final stage of transformation.
Role of SingularityDAO in the Migration
The on-chain token migration is orchestrated through the SingularityDAO dApp, leveraging its established DeFi infrastructure. SingularityDAO, known for its reliable DeFi solutions like bridging, migration, and staking, was the logical platform to manage this complex migration. They have also played a crucial role in the SingularityNET ecosystem and projects including SophiaVerse, Rejuve.AI, HyperCycle, and Nunet.
Conclusion
This token migration represents a foundational shift in the AI blockchain domain, aimed at creating an open, decentralized AI future. The successful completion of this process will likely set a new standard for large-scale collaborations in the blockchain and AI industries, providing a blueprint for future innovations and partnerships.
