Bybit Exchange Unveils Support For ASI Alliance, Will FET Rebound?

by

As a seasoned crypto investor with a keen interest in emerging technologies like Artificial Superintelligence (ASI), I view Bybit’s recent support for the ASI Alliance as an intriguing development. The merger of Fetch.ai, Ocean Protocol, and SingularityNET is an ambitious project that aims to create a decentralized superintelligence network.

The long-anticipated union of Fetch.ai, Ocean Protocol, and SingularityNET on Bybit exchange is now receiving backing from the platform.

Diverse Takes On ASI Alliance 

As a crypto investor, I’m excited about the recent announcement from Fetch.ai, one of the key projects in the merger, regarding Bybit’s support for our project. This development is described as a significant step forward by Fetch.ai. It’s important to note that Bybit underwent some major restructuring not too long ago, which raised some concerns within the crypto community. Bybit’s decision to back the ASI token merger could be seen as an attempt to stay relevant in the rapidly evolving cryptocurrency industry.

I’m thrilled to share the news that Bybit\_Official will be backing the impending $ASI token merger. A heartfelt appreciation goes out to Bybit for their invaluable contribution to this pivotal move towards Artificial Super Intelligence.

Learn more here

— Fetch.ai (@Fetch_ai) July 2, 2024

Significant is the recent backing from Bybit, given that just a few days prior, American cryptocurrency exchange Coinbase announced the withdrawal of its support for the Artificial Superintelligence Alliance (ASI) merger. Users of Coinbase were advised to handle the transition independently through their wallets.

When the migration process begins, users will have the ability to transfer their OCEAN and FET tokens to ASI through a self-contained digital wallet like Coinbase Wallet. The ASI Token Merger is designed to be compatible with all prominent software wallets.

The ASI token merger, featuring the fusion of OCEAN and AGIX into FET, was initially delayed but ultimately commenced on July 1. This merger aims to facilitate a seamless transition on prominent cryptocurrency platforms such as CoinMarketCap and CoinGecko. Notably, trading in FET remained uninterrupted throughout this process.

The introduction of the ASI token marked the end for AGIX and OCEAN on exchanges. However, there’s no impact on FET deposits or trading. A migration platform will be accessible on the SingularityDAO dApp to facilitate the transition.

The FET token is now priced at $1.34, representing a 1.63% decrease in value. This decrease implies that the upcoming merger has yet to significantly impact the token’s price. However, it’s worth noting that Bybit, being a leading exchange, could potentially trigger substantial growth for FET.

Two-Phased ASI Token Merger 

Significant to note, the merger unfolds in two distinct stages. In the initial phase, the other two tokens are absorbed into FET. Following this integration, a shift to ASI is expected to occur at a later date. Prior to this transition, Fetch AI communicated with its users about an upcoming network halt. This interruption is a necessary step for the upgrade process. Moreover, the users were reassured that their assets would be automatically transformed into the new ASI token during this transition.

In the next stage, we shift our attention to community involvement and the implementation of ASI tokens. This second phase places emphasis on a specific category of token holders. These are individuals who personally store their tokens and distribute ASI tokens across various blockchains. Furthermore, this group includes those who create new migration contracts for Fetch AI upgrades to ASI.

Read More

2024-07-02 23:08