ASI Alliance Token Merger Delayed Till July 15

The extremely anticipated merger of Fetch.AI (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN) into the Synthetic Superintelligence Alliance (ASI) Alliance has been delayed.

Initially, the plan was to rename the FET token to ASI on June 11, adopted by the token merger on June 13. The announcement cited logistical and technical challenges as the first causes for the delay.

Detailed Causes Behind the ASI Merger Delay

In a June 11 assertion, ASI confirmed that it could delay the merger to July 15, 2024. In keeping with the alliance, the preparation section for the token merger entails managing complicated integrations and coordinating with exchanges, validators, and different ecosystem collaborators. Making certain all these elements align seamlessly requires meticulous planning and execution.

Therefore, the alliance believes the delay is a strategic resolution to take care of the requirements of accuracy and effectivity within the merger course of. Humayun Sheikh, CEO of Fetch.ai and chairman of the Synthetic Superintelligence Alliance, emphasised that the delay doesn’t influence the alliance’s progress towards making a decentralized superintelligence community.

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“Our groups are actively working with centralized exchanges to finalize the remaining steps. We admire the continued assist and persistence of our neighborhood and stakeholders as we work by these closing logistical steps,” Sheikh mentioned.

Ben Goertzel, founder and CEO of SingularityNET Basis and Synthetic Superintelligence Alliance, additionally shared comparable sentiments. He sees the finalization of the merger on July 15 might be a serious milestone.

“We anticipate a sequence of progressively extra thrilling milestones after that as we leverage our ASI token-based community to maneuver towards more and more succesful AI programs and, in time, precise superintelligence,” he added.

For now, FET, AGIX, and OCEAN tokens proceed to commerce independently on exchanges. ASI additionally assures token holders that they require no instant motion on their half.

The alliance additional affirmed that the token merger stays firmly on monitor, with no additional delays anticipated. As soon as the third-party integrations are accomplished, the ASI token might be launched. Lastly, the person tokens will stop to commerce individually and merge into one token.

The ASI merger plan, introduced in late March, intends to speed up the development of decentralized Synthetic Common Intelligence (AGI). Token holders of FET, AGIX, and OCEAN can swap their tokens for ASI at particular conversion charges as follows:

• FET at 1:1
• AGIX at 1:0.433350
• OCEAN at 1:0.433226.

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Following the announcement of delay, the costs of FET, AGIX, and OCEAN fell by 8.25%, 5.64%, and 4.06%, respectively, within the final 24 hours. Regardless of the short-term market influence, delaying the merger is predicted to learn all stakeholders.