The highly anticipated merger of Fetch.AI (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN) into the Artificial Superintelligence Alliance (ASI) Alliance has been delayed.
Initially, the plan was to rename the FET token to ASI on June 11, followed by the token merger on June 13. The announcement cited logistical and technical challenges as the primary reasons for the delay.
Detailed Reasons Behind the ASI Merger Delay
In a June 11 statement, ASI confirmed that it would delay the merger to July 15, 2024. According to the alliance, the preparation phase for the token merger involves managing complex integrations and coordinating with exchanges, validators, and other ecosystem collaborators. Ensuring all these components align seamlessly requires meticulous planning and execution.
Hence, the alliance believes the delay is a strategic decision to maintain the standards of accuracy and efficiency in the merger process. Humayun Sheikh, CEO of Fetch.ai and chairman of the Artificial Superintelligence Alliance, emphasized that the delay does not impact the alliance’s progress toward creating a decentralized superintelligence network.
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“Our teams are actively working with centralized exchanges to finalize the remaining steps. We appreciate the continued support and patience of our community and stakeholders as we work through these final logistical steps,” Sheikh said.
Ben Goertzel, founder and CEO of SingularityNET Foundation and Artificial Superintelligence Alliance, also shared similar sentiments. He sees the finalization of the merger on July 15 will be a major milestone.
“We anticipate a series of progressively more exciting milestones after that as we leverage our ASI token-based network to move toward increasingly capable AI systems and, in time, actual superintelligence,” he added.
For now, FET, AGIX, and OCEAN tokens continue to trade independently on exchanges. ASI also assures token holders that they require no immediate action on their part.
The alliance further affirmed that the token merger remains firmly on track, with no further delays anticipated. Once the third-party integrations are completed, the ASI token will be launched. Finally, the individual tokens will cease to trade separately and merge into one token.
The ASI merger plan, announced in late March, intends to accelerate the advancement of decentralized Artificial General Intelligence (AGI). Token holders of FET, AGIX, and OCEAN can swap their tokens for ASI at specific conversion rates as follows:
FET at 1:1
AGIX at 1:0.433350
OCEAN at 1:0.433226.
Read more: How To Invest in Artificial Intelligence (AI) Cryptocurrencies?
FET Price Performance. Source: BeInCrypto
Following the announcement of delay, the prices of FET, AGIX, and OCEAN fell by 8.25%, 5.64%, and 4.06%, respectively, in the last 24 hours. Despite the temporary market impact, delaying the merger is expected to benefit all stakeholders.
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