As a researcher with experience in the blockchain industry, I find Fetch AI’s announcement of the automatic conversion of FET tokens to ASI during its network upgrade to be an exciting development. This transition marks a significant step towards the evolution of Fetch AI’s blockchain ecosystem and ensures that users’ value and operational continuity are not affected.
Holders and stakers of FET on Fetch AI’s mainnet can rest assured that their assets will be automatically converted to the new ASI during the platform’s network upgrade. This important transformation is a major milestone in the development of Fetch AI’s blockchain ecosystem.
Automatic and Secure Conversion to ASI
In the X platform’s recent announcement, Fetch AI revealed that a short-term network halt is necessary for implementing the upgrades essential for accommodating the ASI tokens’ new system framework.
During the network upgrade, I assure you as an analyst that Fetch AI has prioritized the security and accuracy of all staked funds and rewards. No action is required from FET token holders on the mainnet; their tokens will be transferred seamlessly to ASI once the upgrade is completed.
As a crypto investor, I want to share some information about an upcoming network upgrade. During this process, there will be planned downtimes for the network. However, rest assured that your natively staked funds and associated rewards will continue to be safeguarded throughout the entire upgrade procedure.
— Fetch.ai (@Fetch_ai) June 28, 2024
During the upgrade process, this approach ensures users’ value and uninterrupted operations will not be disrupted. The organization has emphasized that necessary precautions have been implemented to safeguard assets during the anticipated downtime.
Provisions for Holders on Non-Supporting Exchanges
Simultaneously, Fetch AI has outlined a plan for token holders whose FET tokens are located on exchanges that do not support the transition to ASI. Following the successful implementation of the network update, a conversion portal will be made available, enabling users to manually transfer their assets into ASI tokens.
To ensure a seamless migration experience for all users, regardless of the platform they’re using, this method encompasses everyone involved. Moreover, Fetch AI guarantees that adequate resources will be made available to facilitate the transition, making the conversion process straightforward for users.
Phased Approach to Token Merger
Based on CoinGape’s report, the ASI token integration will occur in a two-part process. In the initial stage, AGIX and OCEAN will be tokenized within Fetch AI (FET), followed by their transfer to ASI.
During this period, FET trading will be uninterrupted, ensuring a seamless rebranding process on platforms like CoinMarketCap and CoinGecko.
As a researcher, I’d describe it this way: Starting July 1, 2024, I will initiate the rebranding project which encompasses renaming projects and designing new logos. Additionally, AGIX and OCEAN deposits will be terminated during this phase. In the subsequent phase, my focus will shift towards engaging with our community and distributing ASI tokens to those holding their tokens in personal wallets. I will also ensure that ASI tokens are dispersed across various blockchain networks.
FET, AGIX, OCEAN Price Trend
In spite of heightened investor anticipation prior to the merger, Fetch AI (FET), Agix (AGIX), and Ocean (OCEAN) have all faced substantial declines. For example, Fetch AI’s price hasn’t surpassed its peak of $0.6665 in a single day, instead reaching a low of $0.6054.
At the moment of publication, FET was being traded at a price of $1.45, representing a 8.70% decrease from its previous resistance level. In tandem with this slide, FET’s market cap and 24-hour trading volume saw declines of 8.27% and 25.66%, respectively, to reach $1,226,786,413 and $223,293,436.
The cryptocurrency SingularityNET (AGIX) has exhibited a bearish trend today, with its price fluctuating between $0.6665 and $0.6054 within the last 24 hours. At present, AGIX is being traded at $0.6117, representing a 7.70% decline from its highest point during this period. The market capitalization of AGIX has decreased by 7.99%, amounting to $787,225,281, while the trading volume has dropped by approximately 35.28% to reach $55,775,872.
After reaching a peak of $0.6636 in the past 24 hours, Ocean Protocol (OCEAN) experienced a significant drop, reaching a support level at $0.6034. Currently trading at $0.61, OCEAN saw a decrease of 7.97%. This decline resulted in a reduction of both its market capitalization and trading volume by 7.97% and 30.39%, respectively, to $346,245,863 and $46,836,706.
ASI Token Merger: Fetch AI Reveals Key Details On Merger With AGIX And OCEAN
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2024-06-28 19:17