Major AI protocols, SingularityNet, Fetch.ai, and Ocean Protocol, are set to merge through a community vote, with an estimated value of $7.5 billion.
Major AI protocols, SingularityNet, Fetch.ai, and Ocean Protocol, are set to merge through a community vote, with an estimated value of $7.5 billion. The merger, if approved, will result in the creation of the Artificial Superintelligence Alliance and the ASI token will serve as the reserve currency of the Artificial Superintelligence Alliance, replacing SingularityNet's AGIX token, Fetch.ai's FET token, and Ocean Protocol's OCEAN token.
The community vote is scheduled for April 2, with separate voting for each protocol and completion expected by April 16. The proposed merger would lead to a fully diluted market capitalization of $7.6 billion, encompassing 2.631 billion tokens. Currently, the combined market cap of the three tokens stands at approximately $5.3 billion.
The teams behind the protocols have outlined the token swap process. If the merger is approved, Fetch.ai token holders will be able to exchange their FET tokens for ASI tokens at a rate of 1:1., while SingularityNet and Ocean token holders will receive approximately 0.433350 ASI per AGIX token and 0.433226 ASI per OCEAN token.
The teams have assured exchange users that the conversion process will be seamless, with exchanges working to automatically convert FET, AGIX, and OCEAN tokens to ASI tokens. However, for those holding tokens in self-custody wallets, a swap mechanism will be available indefinitely to facilitate the conversion.
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