Fetch.ai is joining forces with SingularityNET and Ocean Protocol to create the Artifical Superintelligence Alliance with the token ticker $ASI "Artificial Superintelligence." You can read the full story about the Artificial Superintelligence Alliance here.
This blog post will detail the changes that are taking place to our native cryptocurrency $FET.
The Artificial Superintelligence Alliance will form through the union of three top decentralized AI companies, Fetch.ai, SingularityNET and Ocean Protocol. With increased activity on our platform, combined with a period of exponential growth for AI projects, the time is right to switch gears with our token too. As part of the union, there will be a token merge of $FET, $OCEAN and $AGIX into a new $ASI token. Let's dive in.
The most important thing to note is that **$FET is the reserve currency of The Artificial Superintelligence Alliance and will be changing its name to $ASI, **pending successful governance proposals.
Fetch.ai, SingularityNET and Ocean Protocol will shortly be submitting governance proposals to their respective communities and voting is expected to open on 2nd April. Fetch.ai will complete voting on 7th April with all proposals scheduled to complete voting by 16th April.
If approved, it will then be possible to swap $FET for Artificial Superintelligence token at a rate of 1:1. For example, if you hold 100 $FET then you will be able to swap it for 100 $ASI.
As part of the new initiative, Ocean Protocol will convert $OCEAN tokens into $ASI and SingularityNET will convert $AGIX tokens into $ASI at a fixed exchange rate, detailed further down.
The $ASI token (the renamed $FET token) will have a new market capitalization based on the token merge. The combined value of the Artificial Superintelligence Alliance is expected to be around $7.5 Billion with 2.631 Billion tokens, and with $FET as the benchmark currency.
Snapshot of the Projects
Starting with $FET as the base token of the Alliance, the $FET token will be renamed $ASI, and an additional 1.48 Billion tokens will be minted, with 867 million $ASI allocated to $AGIX holders and 611 million $ASI allocated to $OCEAN token holders.
The total supply of $ASI tokens will be 2.63 Billion tokens.
A snapshot taken on Monday, 25 March 2024 shows a summary of the Max Supply (#) and Fully Diluted Value ($):
Here is the calculation basis for the token minting to give a proportional share of new $ASI tokens to $OCEAN and $AGIX holders:
Token holders will receive 0.433226 $ASI per $OCEAN and 0.433350 $ASI per $AGIX. This exchange rate is fixed and will not change. We expect that smart arbitrageurs will notice if a price differential between the tokens arises, and then arb it out to maintain a balance and equilibrium in the exchange rate.
##I am a $FET holder, what action should I take?
$FET holders don't need to do anything right now. With the announcement live, each Foundation will speak to business partners, answer questions from the community and start to plan the next steps.
The first priority is to execute the token merge. As mentioned, $FET token will be the reserve currency of the Artificial Superintelligence Alliance and it will be renamed $ASI --- 'Artificial Superintelligence.'
Holders of $OCEAN and $AGIX need not do anything right now. The exchange rate between $FET/$ASI and $OCEAN and $ASI and $AGIX is fixed and the swap mechanism will remain open indefinitely, so users can choose to swap tokens at their leisure.
$FET Tokens on Exchanges
If you have $FET tokens on an exchange, they will be automatically relabeled as $ASI tokens. No action is needed from you. We'll coordinate with the exchanges on your behalf.
$OCEAN and $AGIX tokens on Exchanges
If you have $OCEAN and $AGIX tokens on an exchange, no action is needed. We will work with each exchange to ensure a smooth conversion and your holdings will automatically be converted to $ASI tokens directly by the exchange. You won't see $OCEAN or $AGIX on the exchange --- but don't panic! Your tokens are there, just look for the $ASI symbol.
Don't Deposit $OCEAN / $AGIX tokens into Exchanges after they've Executed a Conversion When an exchange has converted all $OCEAN and $AGIX tokens, the tickers $OCEAN and $AGIX will be retired from the exchange. If anyone accidentally sends $OCEAN or $AGIX an exchange after the conversion event, we cannot guarantee that the tokens will be available or converted to $ASI. So please keep abreast of notices and announcements from your exchanges.
If you hold $OCEAN or $AGIX outside of an exchange and want to convert them to $ASI tokens, please see the next paragraph.
$OCEAN / $AGIX Tokens in Hard Wallets or Offline
For those of you holding your tokens in hard wallets or offline, a token swap mechanism will be available in the coming weeks to allow holders to exchange their $OCEAN and $AGIX for $ASI.
Once made available, this swap mechanism will be available indefinitely to allow long-term stakers to exchange their $OCEAN and $AGIX for $ASI tokens when their tokens unlock, without any FX or exchange risk.
Timing for the Token Swap Mechanism
The token swap contracts have been tested and audited but given the complexity of the coordination with hundreds of business partners, we'll complete a more detailed analysis, speak with partners & exchanges, and come back to the community with a firm date to release the token swap tool. Stay tuned to our official channels which you should access via links on our website.
DEXes and Pool Liquidity
We encourage liquidity providers to remove any $OCEAN and $AGIX related liquidity from DEXs at their convenience. Users may experience higher slippage in pools with lower liquidity. We recommend that you size your swap according to the available liquidity to minimize slippage.
Once a threshold of 95% of the $OCEAN and $AGIX token supply is converted to $ASI, Ocean Protocol and SingularityNET Foundations will remove any pool liquidity that we have provisioned.
We hope you will continue to join us on this journey into AI. We are extremely excited to move forward as an Alliance and bring our combined knowledge and expertise to bear. All three companies have been working on different parts of the decentralized stack and by teaming up, the value-flow from deep research, to tools & applications, and finally to large-scale commercialization of data and AI services can be expedited.
