The Superintelligence Alliance is set to emerge from the amalgamation of three leading decentralized AI companies: Fetch.ai, SingularityNET, and Ocean Protocol. Amid a surge in activity on our platform and a boom in AI project growth, the three companies see this as the perfect moment to also transform their token strategy. As a key component of this union, they will merge the $FET, $OCEAN, and $AGIX tokens into a new $ASI token. Let’s explore this exciting development.
What is ASI?
The key update from The Superintelligence Alliance is that $FET will serve as the reserve currency and is set to be renamed to $ASI, contingent on successful governance proposals.
Fetch.ai, SingularityNET, and Ocean Protocol will soon present these governance proposals to their respective communities, with voting anticipated to commence on April 2nd. Fetch.ai will conclude its voting process by April 7th, and all proposals are expected to be finalized by April 16th.
Should the proposals receive approval, holders will be able to exchange $FET for the new Artificial Superintelligence token, $ASI, at a 1:1 ratio. For instance, owning 100 $FET will allow you to swap for 100 $ASI.
In this strategic shift, Ocean Protocol will convert $OCEAN tokens into $ASI, and SingularityNET will do the same with $AGIX tokens, both at predetermined exchange rates.
Following the token merge, the newly named $ASI token will embody a new market capitalization, reflecting the combined efforts and value of the Superintelligence Alliance. The expected total market value post-merge is around $7.5 billion, encompassing 2.631 billion tokens, with $FET as the foundational currency.
You can buy $FET on Bitrue
You can buy $OCEAN on Bitrue
You can buy $AGIX on Bitrue
ASI Exchange Mechanism
Starting as the foundational token of the Alliance, $FET will be renamed to $ASI, accompanied by the minting of an additional 1.48 billion tokens. Of these, 867 million $ASI tokens will be allocated to $AGIX holders and 611 million to $OCEAN holders.
The total supply of $ASI tokens will then stand at 2.63 billion.
A snapshot taken on Monday, March 25, 2024, provides a summary of the Maximum Supply (#) and Fully Diluted Value ($):
Here is the calculation basis for the token minting to give a proportional share of new $ASI tokens to $OCEAN and $AGIX holders:
To ensure a fair distribution, the minting process will allocate new $ASI tokens to $OCEAN and $AGIX holders at fixed rates of 0.433226 $ASI per $OCEAN and 0.433350 $ASI per $AGIX, respectively. These rates are set and will remain unchanged. The companies anticipate that smart arbitrageurs will monitor and, if necessary, exploit any price discrepancies between the tokens to maintain a balanced and equitable exchange rate.
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