The historic merger between Fetch.ai, Ocean Protocol and SingularityNET to form the “Superintelligence Alliance” is accompanied by a massive redistribution of tokens. Find out the conversion ratios to the new ASI crypto and what this means for holders.
Terms of token redistribution
The superintelligence alliance, born from the merger between Fetch.ai (FET), SingularityNET (AGIX) and Ocean Protocol (OCEAN), has revealed the distribution key for ASI tokens. In fact, this distribution looks like this:
- 1 FET = 1 ASI,
- 1 OCEAN = 0.433226 ASI and
- 1 AGIX = 0.433350 ASI.
A screenshot taken on March 25 served as the basis for determining this distribution, based on the average price of the previous 15 days. Thus, the total issuance will reach 2.631 billion ASI tokens, including 1.15 billion FETs automatically renamed to ASI. In addition, the additional 1.48 billion tokens will be distributed as follows: 867 million for AGIX holders and 611 million for OCEAN holders.
The merger and exchange of tokens depends on the approval of the respective communities of each project. They will have to vote on governance proposals from April 2. In case of a favorable vote, the process of converting FET, AGIX and OCEAN tokens to ASI crypto will begin.
Practical implications for holders
FET holders on exchanges will have their holdings automatically renamed to ASI, with no action required on their part. Those who hold FET offline or in a hardware wallet will be able to use a dedicated exchange mechanism to obtain ASI at a rate of 1:1.
Likewise, OCEAN and AGIX tokens held on exchange platforms will be automatically converted into ASI. Offline or wallet holders will be able to continue to keep them as is or exchange them for ASI via the provided mechanism, without time limit. Since exchange rates are fixed, there is no urgency.
Although this massive redistribution of tokens marks a crucial step, the Fetch.ai, Ocean Protocol and SingularityNET foundations will retain their legal and operational independence. Each foundation is still free to do whatever it wants and promote the values and adoption of decentralized AI.
More news will be released as the project progresses. As of now, the website and token exchange are not yet live.
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