Over the past day, FET's price dropped by 10.10%, wiping out $1 billion from its market value, surprising the cryptocurrency community.
Financial Overview and Market Reaction
The recent proposal to merge PAAL with the Artificial Superintelligence Alliance raised concerns among FET holders, triggering significant sell-offs. If approved, this merger could contribute around $200 million to the ecosystem's market cap. This includes approximately 160 million FET tokens issued with a 5% fee and a vested structure. Despite this, some holders chose to sell quickly, leading to a sharp market decline.
Community Strength
PAAL's strong community backing is highlighted as another reason for the merger proposal. The Artificial Superintelligence Community suggests that welcoming PAAL's supporters could strengthen FET's ecosystem by cultivating a more unified and active user environment.
Advancing Technology for Decentralized AI
PAAL is positioned as a leading language model solution in Web 3. Integrating PAAL into the ASI Alliance can reduce development time by leveraging PAAL’s existing framework, enabling Fetch.ai to deploy comprehensive AI-driven functionalities with resources like Ocean Protocol for data and CUDOS for computational power.
The merger proposal is in the community discussion phase, with voting scheduled from November 18 to November 23. This decision could significantly impact FET's future development, and all holders are encouraged to participate.
