Coin Edition -
- Fetch.ai CEO Humayun Sheikh confirms that the FET, OCEAN, and AGIX merger is on schedule despite Coinbase’s refusal to support it.
- OCEAN and AGIX will merge into FET, requiring no delisting or relisting on centralized exchanges.
- The merger will unfold in two phases, starting July 1, integrating AGIX and OCEAN into FET and rebranding seamlessly.
In a recent X post, Fetch.ai CEO Humayun Sheikh confirmed the upcoming AI token merger of FET, Ocean Protocol (OCEAN), and SingularityNet (AGIX).
Despite Coinbase’s refusal to support the merger, the integration remains on schedule.
$fet is ASI. $ocean and $agix are merging into $fet. CEXs don’t need to delist or relist $fet it is there already. If you hold $fet do nothing. We are working hard to resolve any issues please bear with us. Timeline has not changed. @coinbase has only announced that the swap will…— Humayun (@HMsheikh4) June 27, 2024
Sheikh explained that OCEAN and AGIX will merge into FET, meaning centralized exchanges do not need to delist or relist FET. He assured FET holders that no action is required on their part. Sheikh also mentioned his team’s efforts to address any issues. Coinbase (NASDAQ:COIN) stated users could migrate their OCEAN and AGIX tokens to the new ASI token via Coinbase Wallet or other self-custodial wallets. All major wallets will support the merger.
The merger will unfold in a structured two-phase process. Phase 1 begins on July 1 and will integrate AGIX and OCEAN tokens into Fetch.ai’s FET. This stage lays the foundation for rebranding, ensuring a seamless transition across platforms like CoinMarketCap and CoinGecko. FET trading will continue uninterrupted during this period.
Phase 1 focuses on bringing exchanges and data aggregators on board and ensuring a smooth transition during rebranding. Key activities include updating project names and logos on July 1. Additionally, AGIX and OCEAN tokens will be delisted from exchanges. Singularity DAO’s decentralized applications (dApps) will launch a migration platform to facilitate the process.
Currently, the Fetch.ai price is $1.44, with a 24-hour trading volume of $150.1 million. It is up 8.69% in the last 24 hours. Its live market cap is $1.22 billion, and its circulating supply is 848.2 million FET coins.
Ocean Protocol is valued at $0.61 with a 24-hour trading volume of $41.47 million. Ocean Protocol is up 7.18% in the last 24 hours. Its live market cap is $347.7 million, with a circulating supply of 568.4 million OCEAN coins and a max supply of 1.41 billion OCEAN coins.
Moreover, SingularityNET’s price is $0.61, and its 24-hour trading volume is $45.16 million. It has been up 7.45% in the last 24 hours. Its live market cap is $790 million, and its circulating supply is 1.29 billion AGIX coins, with a maximum supply of 2 billion AGIX coins.
The merger aims to consolidate the strengths of Fetch.ai, Ocean Protocol, and SingularityNet. This integration is expected to impact the AI and blockchain industries, streamline operations, and enhance token utility.
The post Inside the Fetch.ai AI Token Merger: A Two-Phase Process with Coinbase Caveat appeared first on Coin Edition.