The initial phase of the Artificial Superintelligence Alliance (ASI) token consolidation began on July 1, marking the merging of two tokens associated with artificial intelligence (AI) - SingularityNET’s AGIX and Ocean Protocol’s OCEAN tokens.
In the early stage of the $7.5 billion token consolidation, the AI tokens transitioned into Fetch.ai’s FET (FET) token, thereby leading to the extensive removal of the previous tokens from all cryptocurrency exchanges.
Persistent Challenges in ASI Merger
Nevertheless, not all cryptocurrency exchanges endorsed this consolidation for their users. For instance, Coinbase chose not to facilitate the ASI merger, resulting in the absence of an automated conversion mechanism for users' token holdings during the process.
In the interim, trading for FET and OCEAN will persist on Coinbase until further directives. Users interested in manually transferring their holdings to FET can follow a workaround shared by Coinbase:
"Once the migration process is live, users will have the option to shift their OCEAN and FET to ASI by utilizing a self-custodial wallet like Coinbase Wallet. The ASI token consolidation will be compatible with all major software wallets."
Solution for ASI Transition
Crypto exchanges and data aggregators willing to support the transition can engage through a recently introduced migration avenue - SingularityDAO DApp.
As indicated on the platform, during Phase 1, AGIX tokens will convert to FET at a rate of 1 AGIX to 0.43335 FET.
In Phase 2, the FET tokens will transition to ASI and be launched across diverse blockchain networks.
Insight: The trading value of FET and AGIX tokens experienced a notable upsurge exceeding 30% on June 20, following a prolonged three-month decline.
According to Vlad Balaban, co-founder of GT Protocol, a blockchain-powered AI execution protocol, the fervor surrounding the ASI token consolidation fueled the markets.
"The increase of over 30% can be attributed to their announced collaboration with Ocean Protocol, with the aim of establishing the most extensive decentralized AI ecosystem. This strategic alignment has sparked investor excitement, projecting substantial advancements and market dominance in AI technology," he noted.
