Key Points
- ASI Alliance reveals important dates and actions required for ASI token merger.
- The team announces supported wallets and conversion processes, along with important reminders.
The Artificial Superintelligence Alliance recently announced that the ASI token merger is scheduled for implementation starting July 1 – this is Phase I of the merger.
Now, the team behind the project reveals important dates and key actions required for the process.
In a new post on X, they announce the dawn of a unified AI ecosystem of the token merger between Fetch.ai, Ocean Protocol, and SingularityNET.
They noted that this unique and ambitious undertaking aims to create a powerful and unified ASI ecosystem under the new ASI ticker which aims to become the leading force in decentralized AI.
Here is what will happen on July 1, 2024:
- Migration opens and conversion contracts allowing AGIX and OCEAN holders to convert their tokens to FET will be available.
- AGIX and OCEAN deposits and withdrawals will be halted in exchanges.
- AGIX and OCEAN tokens will be delisted from exchanges.
- Project branding will transition to Artificial Superintelligence Alliance across third-party platforms.
Token migration journey
According to the notes, the token merger will impact users’ existing tokens.
Exchange-Held Tokens:
These tokens will be automatically converted to ASI.
Conversion Rates:
AGIX tokens will migrate to FET at a conversion rate of 1 AGIX to 0.433350 ASI.
OCEAN tokens will migrate to FET at a conversion rate of 1 OCEAN to 0.433226 ASI.
Supported wallets and conversion processes
The new ASI token merger will be compatible with all major software wallets such as MetaMask, and Trust Wallet, and hardware wallets such as Ledger and Trezor, familiar to the respective communities.
Important details for manual conversion on-chain and self-custody
During Phase I, the assets will be consolidated across the Ethereum Network with future plans to increase interoperability with other ecosystems such as BNB Chain and Cardano active in Phase II.
Users have to connect existing wallets to the official conversion portal hosted on the SingularityDAO dApp.
The on-screen instructions will be followed for converting tokens.
The team shared a photo that depicts the contract approval process:
They also shared another photo demonstrating the migration confirmation:
The final step is to confirm the transaction via the wallet.
Also, holders working with AGIX, OCEAN or FET for the first time might have to add the token contract to the wallet in order to make sure that balances are properly displayed.
The SingularityDAO conversion portal makes this easy by incorporating an “add to Wallet” feature in the migration interface.
The conversion will be verified via a block explorer such as Etherscan. For users who are holding FET for the first time on a wallet like MetaMask, they might need to add FET as a custom token to make sure that it’s properly displayed in the wallet.
Important reminders
The team at ASI Alliance also shared the following reminders:
- conversion window remains open for years
- dedicated conversion smart contracts are the only official tools to rely on
- there will be standard transaction fees, but no additional conversion charges
- there will be no need to input private data
- staked FET will be automatically migrated during Phase II, as staking rewards continue uninterrupted
- liquidity providers will have to manually withdraw funds and re-allocated them to updated pools
Phase II – Migration from FET to ASI
The final step of the merger involves migration from FET to ASI. New migration contracts will become available for AGIX and OCEAN tokens that will be migrated to FET.
Migration contracts will also be deployed from EVM-based FET.
FET Mainnet Tokens will be automatically converted to ASI.
Network engineers and validators will execute various steps:
- code deployment for improvements and security patches
- smart contract migration with necessary updates to ensure compatibility and functionality
- node synchronization to ensure operating the same updated protocol version
- testing and validation to resolve any issues
- final rollout
The team at ASI Alliance also stated that during the network upgrade, there may be potential network downtime and temporary disruptions on exchanges as they update markets.
Also, every component of the network upgrade has undergone rigorous testing to minimize any impact on users and maintain the integrity of the network, according to the team’s post on X.
