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Navigating the ASI Token Merger: A Comprehensive Guide

ASI Token merger
2024-06-255 minute read min readFetch.ai

Summary

The Artificial Superintelligence Alliance (ASI) token merger, involving SingularityNET, Fetch.ai, and Ocean Protocol, will be implemented in a two-phase process starting on July 1, 2024. Phase 1 will see the consolidation of SingularityNET's AGIX and Ocean Protocol's OCEAN tokens into Fetch.ai's FET, before transitioning to the ASI ticker in Phase 2.

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Phase I Overview:

Phase 1 of the ASI migration will be focused on merging the three tokens on the Ethereum Blockchain. Holders on other chains that wish to take part in the token merger during Phase 1 will need to bridge from their respective chains. Users that prefer to wait for the support of other chains such Cardano or Polygon can opt to wait for Phase 2 should they desire.

Rebranding: The project will be rebranded as the Artificial Superintelligence Alliance across major platforms. Token Merge: AGIX and OCEAN will temporarily merge into FET under the Artificial Superintelligence Alliance banner. FET Trading: FET markets will remain open under the FET ticker without interruption. Phase I Timeline: July 1, 2024:

  1. Project name and logos updated.
  2. Deposits and withdrawals for AGIX and OCEAN will close in preparation for migration. FET deposits, withdrawals, and trading will continue as usual.
  3. Migration platform for AGIX and OCEAN to FET opens on the SingularityDAO dApp. AGIX and OCEAN will begin to be delisted from exchanges. Spot and perpetual trading will continue under the FET ticker. *For token holders with funds on centralized exchanges like Binance, no action is required. Your OCEAN and AGIX tokens will automatically convert to FET at the appropriate ratio on July 1st, followed by a smooth transition to ASI in mid-July. Individuals holding their funds in self-custody across the Ethereum mainnet will receive detailed guides and tutorials to facilitate a hassle-free transition.

Phase II Overview:

Community Onboarding: Phase 2 will focus on community member onboarding, specifically for those who have opted to self-custody their funds. ASI Deployment: The ASI token will be deployed across chains. Network Upgrades: The Fetch.ai network will be upgraded to the ASI network. New Migration Contracts: Introduced for conversion from FET, AGIX, and OCEAN to ASI. EVM and Bridges: Ethereum Virtual Machine and other bridges will open to facilitate ASI token transfers. Exchange Migration: Exchanges will begin migrating spot markets from FET to ASI.

If your funds are on centralized exchanges like Binance, no action is required. Scam Warning: At no point will individuals be required to disclose private information, including seed phrases. Be aware of potential scams during this transition period. Malicious actors may attempt impersonation, spoofing, and social engineering tactics. Trust only official sources of information as outlined here:

Official ASI website: https://www.superintelligence.io/ Official Fetch.ai website: https://fetch.ai/ Official Ocean Protocol website: https://oceanprotocol.com/ Official SingularityNET website: https://singularitynet.io/

The Dawn of a Unified AI Ecosystem - Phase I

The highly anticipated token merger between Fetch.ai, Ocean Protocol, and SingularityNET is on the horizon. This unique and ambitious undertaking aims to create a powerful and unified Artificial Superintelligence Alliance (ASI) ecosystem under the new ASI ticker. This unified network aspires to become the leading force in decentralized AI (decentralized Artificial Intelligence). Key Dates and Action Items As a web3 token holder of FET, AGIX, or OCEAN, understanding the key aspects of this token merger is crucial. Here's a breakdown of important dates and actions: July 1, 2024: 1.Migration Opens: Conversion contracts allowing AGIX and OCEAN holders to convert their tokens to FET will be available. 2.Deposits and Withdrawals: AGIX, and OCEAN deposits and withdrawals will be halted on exchanges in preparation for the migration process. 3.AGIX and OCEAN: tokens will be delisted from exchanges. 4.Branding Changes: Project branding will transition to Artificial Superintelligence Alliance across third-party platforms. Your Token Migration Journey The token merger will impact your existing tokens. Here's what you need to know: *Exchange-Held Tokens: These tokens will be automatically converted to ASI.

Conversion Rates: The conversion rates are as follows: AGIX tokens will migrate to $FET at a conversion rate of 1 AGIX to 0.433350 $FET. OCEAN tokens will migrate to $FET at a conversion rate of 1 OCEAN to 0.433226 $FET. We have received inquiries from numerous exchanges expressing their support for the upcoming token merger. While we appreciate this overwhelming interest, it’s important to mention that we cannot guarantee participation from absolutely every exchange. Our team is diligently working to facilitate widespread support, prioritizing a seamless transition for all token holders. Please note there is no immediate urgency to convert your assets during this initial phase. Our current focus lies in the strategic onboarding of supporting platforms, ensuring robust infrastructure is in place before proceeding further.

Supported Wallets and Conversion Processes

The new ASI token merger will be compatible with all major software wallets (e.g., MetaMask, Trust Wallet) and hardware wallets (e.g., Ledger, Trezor) familiar to the respective communities. For manual conversion (on-chain, self-custody):

During Phase I, the assets will be consolidated across the Ethereum Network with future plans to significantly increase interoperability with other ecosystems such as BNB Chain and Cardano active in Phase 2. Connect your existing wallet to the official conversion portal hosted on the SingularityDAO dApp. Follow the on-screen instructions to convert your tokens. Example images have been attached to illustrate the process. The first picture depicts the contract approval process.

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The second picture just below demonstrates the migration confirmation. rar-test-3-ocean.PNG

The final step would be to confirm the transaction through the wallet. Holders working with AGIX, OCEAN or FET for the first time might have to add the token contract to the wallet to ensure balances are properly displayed. The SingularityDAO conversion portal makes this easy by incorporating an “Add to Wallet'' feature as part of the migration interface.

Verify the conversion using a block explorer like Etherscan. If you’re holding FET for the first time on a wallet such as Metamask you may need to add FET as a custom token to ensure that it’s properly displayed in the wallet.

Important Reminders: The conversion window will remain open for years, so there's no immediate pressure to convert. Dedicated conversion smart contracts are the only official tools that community members will need to rely on. Expect standard transaction fees, but no additional conversion charges. At no point during the conversion process will you need to input private information including your seed phrase.

With respect to native FET holders, it’s important to note that staked tokens will be automatically migrated during Phase 2. Staking rewards will continue uninterrupted. Liquidity providers will need to manually withdraw their funds and re-allocate them to updated pools for optimal efficiency. More details will be provided.

The Migration from FET to ASI and the network upgrade - Phase II

The final step of the merger involves the migration from the FET token ticker to ASI. During this step, new migration contracts will become available for any AGIX and OCEAN tokens yet to be migrated to FET. Migration contracts will also be deployed for EVM based FET. FET Mainnet Tokens will be automatically converted to ASI as the Fetch.ai mainnet completes its scheduled upgrade. Below you’ll find the specific migration ratios again.

FET tokens will migrate to $ASI at a conversion rate of 1 FET to 1 $ASI. AGIX tokens will migrate to $ASI at a conversion rate of 1 AGIX to 0.433350 $ASI. OCEAN tokens will migrate to $ASI at a conversion rate of 1 OCEAN to 0.433226 $ASI.

A non-trivial component of this token migration is the network upgrade, which involves enhancements to the underlying blockchain infrastructure. This upgrade ensures improved performance, security, and scalability for the ASI network. The network engineers and validators will execute a series of precise steps to carry out this upgrade:
Code Deployment: Engineers will deploy the new codebase to all nodes in the network, incorporating the latest improvements and security patches. Smart Contract Migration: Existing smart contracts will be migrated to the new network with necessary updates to ensure compatibility and functionality. Node Synchronization: All network nodes will be synchronized to ensure they operate on the same updated protocol version. Testing and Validation: Extensive testing will be conducted on a testnet before deploying changes to the mainnet to identify and resolve any issues. Final Rollout: Once all components are thoroughly tested, the final rollout will occur, and the network will officially transition to the upgraded state.

As part of the process, all trading pairs on exchanges will be updated to reflect the new ASI token, and integrations with popular wallet and block explorer providers will be completed to ensure broad accessibility. Additionally, comprehensive resources will be delivered to all stakeholders, including token holders, to provide support and information throughout the transition.

During the network upgrade, there may be potential network downtime and temporary disruptions on exchanges as they update their markets. It's important to note that this upgrade is being executed by experienced professionals who have meticulously planned and tested each aspect to ensure a smooth transition. Rest assured, every component of the network upgrade has undergone rigorous testing to minimize any impact on users and maintain the integrity of the network. By staying informed and following official updates, you can navigate this transition confidently and seamlessly.

Stay Informed and Engaged Staying updated throughout the process is vital. Here are your primary resources: Official Website: superintelligence.io

Social Media Channels: Follow Fetch.ai, Ocean Protocol, SingularityNET and the Artificial Superintelligence Alliance across X (formerly Twitter) AMAs and Community Calls: Participate in scheduled events for real-time information.

The ASI token merger signifies a significant step forward for decentralized AI. This collaboration strengthens the ecosystem, making it more resilient and competitive against big tech players. Additionally, expect future advancements in performance and use cases for ASI.

Security Alert: Beware of Scams! Be aware of potential scams during this transition period. Malicious actors may attempt impersonation, spoofing, and social engineering tactics. Trust only official sources of information as outlined above. The ASI teams are committed to combating these risks by establishing credible communication channels and conducting extensive information campaigns with strict moderation.

By understanding these key aspects, you can navigate the ASI token merger with confidence and make informed decisions. Stay updated, participate in discussions, and contribute to a smooth and successful migration to the ASI mainnet. This collaborative effort will pave the way for a more robust and innovative future for decentralized AI.

Frequently Asked Questions

What do I need to do specifically to transition my Ocean or AGIX or FET to ASI?

If you hold OCEAN on an exchange such as Binance you don’t need to do anything. Your funds will be automatically (temporarily) converted to FET on the 1st of July. If you hold AGIX on an exchange such as Binance you don’t need to do anything. Your funds will be automatically (temporarily) converted to FET on the 1st of July The conversion from OCEAN/AGIX to FET will be temporary. At a later stage, FET will be converted to ASI. If you hold FET on an exchange such as Binance you don’t need to do anything. During the first phase of the token merger OCEAN and AGIX will temporarily be merged into FET. During the second phase of the token merger FET will be rebranded to ASI across all major platforms and the network will be upgraded. If you self-custody OCEAN or AGIX as an ERC20 standard on the Ethereum mainnet, you’ll be able to convert your funds to ASI through the SingularityDAO conversion portal. This conversion portal will remain open for years into the future. If you self-custody your FET on the Fetch.ai mainnet, your funds will be automatically converted to ASI once the network upgrade is complete.

What is the timeline for the merger?

The merger will be implemented in two phases starting on July 1, 2024 wherein the objective of phase I is to facilitate a smooth transition for exchange partners. Phase II focuses on self-custodied funds and introduces conversion tools that will remain open indefinitely. Are there specific milestones or phases in the merger process? Phase I: July 1, 2024: Project rebranding, token deposits and withdrawals for AGIX and OCEAN halt, FET trading continues. July 1, 2024: AGIX and OCEAN delisted from exchanges, conversion contracts for AGIX and OCEAN to FET available. Phase II: Mid-July 2024: Deployment of ASI token across chains, Fetch.ai network upgrade, introduction of new migration contracts, and opening of EVM and other bridges. Will there be any downtime or service interruptions during the merger? There may be potential network downtime and temporary disruptions on exchanges during the network upgrade in Phase II.

How will my current tokens be affected?

AGIX and OCEAN tokens will merge into FET tokens, which will later transition to ASI tokens.

Will my existing tokens be automatically converted to the new token?

Yes, tokens held on centralized exchanges will be automatically converted to FET and later to ASI. We have received inquiries from numerous exchanges expressing their support for the upcoming token merger. While we appreciate this overwhelming interest, it’s important to mention that we cannot guarantee participation from absolutely every exchange. Our team is diligently working to facilitate widespread support, prioritizing a seamless transition for all token holders.

How will the value of my holdings be affected during the token merger process?

The value may experience market fluctuations, so caution is advised.

What wallets will support the new shared token?

Major software wallets (e.g., MetaMask, Trust Wallet) and hardware wallets (e.g., Ledger, Trezor). Additional clarity with respect to specific wallets will be given as the merger proceeds. The ASI team is diligently working to ensure that as many credible wallet providers as possible are onboarded.

Which software wallets (e.g., MetaMask, Trust Wallet) will be compatible with the new token?

All Ethereum-compatible wallets such as MetaMask or the Trust Wallet will be able to store ERC20 funds such as Ocean, AGIX and FET. The ASI team is diligently working to ensure that as many credible wallet providers as possible are onboarded.

Which hardware wallets (e.g., Ledger, Trezor) will be supported?

We will aim to ensure nearly all hardware wallets that the community wants to use are actively supported.

Will my current wallet support the new token, or will I need to migrate to a different wallet?

Current wallets supporting FET, AGIX, and OCEAN will support the new ASI token. You may need to add ASI as a custom token.

How can I convert my existing tokens to the new shared token?

Connect your wallet to the official conversion portal on the SingularityDAO dApp and follow on-screen instructions. The first step would be to approve the contract and the second would be to approve the migration.

Will there be any fees associated with the conversion?

Expect standard transaction fees, but no additional conversion charges.

Is there a deadline for converting my existing tokens to the new shared token?

The conversion window will remain open for years.

What block explorers will support the new mainnet?

Popular block explorers like Etherscan, BscScan and Mintscan.

What will happen to my staked tokens or tokens committed to long-term programs?

Staked FET across the Fetch.ai mainnet will be automatically migrated, and staking rewards will continue uninterrupted. Tokens committed to long-term programs such as those in the Ocean Ecosystem can be converted at a later stage as the conversion portal will remain open for years and potentially indefinitely.

Will there be any impact on my staking rewards or benefits?

Staking rewards and benefits on the Fetch.ai mainnet will continue uninterrupted.

What specific actions do I need to take if my tokens are in a liquidity pool or other DeFi protocols?

Manually withdraw and re-allocate funds to updated pools.

How can I stay informed about the merger process?

Follow official updates on the official website and social media channels.

What are the official channels for updates and announcements (e.g., websites, social media)?

Official website: https://www.superintelligence.io/ Social Media Channels: Follow Fetch.ai, Ocean Protocol, SingularityNET and the Artificial Superintelligence Alliance across X (formerly Twitter)

Is there a specific website or forum dedicated to merger information?

Yes, superintelligence.io website is the main website for the Artificial Intelligence Alliance and is the definitive source of truth with respect to all information. Information that doesn’t directly originate from this website should be treated with caution.

How frequently will updates be provided?

The ASI team is committed to bringing timely updates as soon as feasible.

Will there be AMA (Ask Me Anything) sessions or community calls for real-time information?

Yes, AMAs and community calls are planned. The community will receive frequent updates and invitations to join.

What are the benefits of the merger for token holders and community members?

Strengthens the ecosystem, enhances resilience and competitiveness, and introduces new features and use cases.

How will the merger improve the ecosystem and the value proposition of the new shared token?

By creating a unified and powerful Artificial Superintelligence Alliance (ASI) ecosystem.

What potential synergies and efficiencies will the merger bring?

Improved ecosystem strength, resilience, and competitiveness against big tech players underpinned by a continuous push towards innovation and commercialization.

What are the risks and challenges associated with the merger?

Potential market volatility and network downtime during the transition.

What potential issues should I be aware of during the merger process?

Market fluctuations and temporary service disruptions.

How are the teams addressing these risks to ensure a smooth transition?

Rigorous testing, extensive planning, and extensive information campaigns.

What measures are being taken to protect funds during the merger?

Careful planning, testing, and maintaining transparent communication through official channels.


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