The capitalization of the token after the merger at current prices will exceed $5 billion

Fetch.ai, SingularityNET, and Ocean Protocol teams have pushed back the launch date of the shared token to July 15

12.06.2024 - 09:51

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4 min

What’s new? The Fetch.ai, SingularityNET, and Ocean Protocol teams have postponed the date of merging the native tokens of the FET, AGIX, and OCEAN projects into a single ASI token within the Artificial Superintelligence Alliance initiative by almost a month. The event was originally scheduled to take place on June 13, with the new date set for July 15. The developers explained this by the need to take into account the technical requirements of exchanges, validators, and other ecosystem participants.

Statement of the developers

What else is known? The developers regretted the delay in the merger but noted that it would ensure high standards, accuracy, and efficiency.

Currently, the FET, AGIX, and OCEAN tokens continue to trade independently on exchanges, once the third-party integrations are complete, the merged ASI token will be launched. Token contracts, migration contracts, and security audits will be unveiled later this week.

The token of a decentralized AI-based trading platform Fetch.ai (FET) ranks 28th in the overall rating of cryptocurrencies and third in the rating of AI tokens by market capitalization, with a figure of over $3,9 billion.

The SingularityNET (AGIX) AI services platform token ranks 105th in the overall rating and eighth in the list of AI tokens with a capitalization of $852 million.

Ocean Protocol (OCEAN) token of the service for collecting and tokenizing user data is in 168th place in the overall rating and 11th place in the AI token rating with a capitalization of $441 million.

Thus, as a result of the merger, ASI’s capitalization at current market prices could reach $5,2 billion. By this indicator, it will be able to compete with the largest meme token PEPE or DAI stablecoin from the Maker protocol. ASI will also be able to displace the Internet Computer Project (ICP) from the second place of the AI token ranking.

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The project teams have formed an independent organization called the Artificial Superintelligence Alliance for open-source AI research and development. It aims to accelerate the development of decentralized artificial general intelligence (AGI) and eventually arrive at Artificial Superintelligence (ASI).

AGI is designed to solve a wide range of tasks, while most of the currently existing AI applications are highly specialized. ASI still exists only in the form of a concept; it is expected that such AI will surpass the capabilities of human intelligence.

The platforms will continue to operate as separate organizations but will develop a decentralized blockchain-based AI platform as part of an alliance. This ensures that it will not be controlled by large companies dependent on shareholders.

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Project officials noted that this historic alliance symbolizes a new era in AI development, creating a decentralized alternative in a field dominated by major tech companies.

SingularityNET CEO Ben Goertzel has been appointed to lead the alliance, while Fetch.ai CEO Humayun Sheikh will serve as chairman of the board.

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