The cryptocurrency exchange Binance has announced its support for the upcoming merger of Ocean Protocol (OCEAN) and SingularityNET (AGIX) tokens into Fetch.ai (FET). This consolidation is part of a broader initiative to form the Artificial Superintelligence Alliance, aiming to create a more robust and unified ecosystem for artificial intelligence and blockchain technologies.
Key Details of the Token Merger
Binance will facilitate the technical aspects of the token merger for its users. The process involves the removal of existing OCEAN and AGIX spot trading pairs, scheduled for July 1, 2024. Following this, deposits and withdrawals for both tokens will be suspended to ensure a smooth transition.
Upon completion of the merger, all OCEAN and AGIX tokens held in user accounts will be automatically converted into FET tokens at predetermined ratios:
- 1 OCEAN = 0.433226 FET
- 1 AGIX = 0.433350 FET
Binance has advised users to manage any open trades, loans, or margin positions involving OCEAN or AGIX before the specified date to avoid potential losses or complications. The exchange will handle all technical conversion requirements for users holding these assets on the platform.
Understanding the Artificial Superintelligence Alliance
The merger of these three prominent AI-focused blockchain projects—Fetch.ai, Ocean Protocol, and SingularityNET—marks a significant step in the convergence of AI and cryptocurrency. The newly formed Artificial Superintelligence Alliance aims to pool resources, talent, and technology to accelerate the development of decentralized artificial intelligence.
This collaboration is expected to enhance the capabilities of each project, creating a more comprehensive suite of tools and services for developers and users within the AI and data economy. For a deeper dive into the tools and ecosystems shaping this space, you can explore more about AI and blockchain convergence here.
What This Means for Token Holders
For investors and users holding OCEAN or AGIX tokens, the merger is a non-actionable event on Binance. The conversion will happen automatically. The primary takeaway is to be aware of the timeline:
- Before July 1, 2024: Finalize any transactions involving OCEAN/USDT, AGIX/USDT, or other trading pairs.
- On July 1, 2024: Trading pairs are delisted, and deposits/withdrawals are halted.
- After the Merger: Check your Binance account, where your OCEAN and AGIX balances will have been replaced with the equivalent value in FET tokens based on the announced ratios.
It is crucial to use reliable sources for the latest updates on the merger's progress. 👉 Stay informed on official token migration plans.
Frequently Asked Questions
Q: Do I need to do anything if my OCEAN and AGIX tokens are on Binance?
A: If your tokens are in your Binance spot wallet, no action is required. The exchange will automatically convert them to FET after the merger. However, you must close any margin or loan positions involving these assets before July 1.
Q: What is the conversion rate for the tokens?
A: The conversion will occur at a fixed rate: 1 OCEAN will become 0.433226 FET, and 1 AGIX will become 0.433350 FET.
Q: What happens if I have OCEAN or AGIX in a private wallet?
A: The process for holders in private wallets (e.g., MetaMask, Trust Wallet) is different. You will likely need to manually migrate your tokens by sending them to a designated smart contract address. Always confirm the official migration instructions from the Artificial Superintelligence Alliance to avoid scams.
Q: Why are these three projects merging?
A: Fetch.ai, Ocean Protocol, and SingularityNET are merging to form the Artificial Superintelligence Alliance. This allows them to combine their strengths in AI agents, data sharing, and AI marketplaces to build a more powerful and decentralized AI ecosystem.
Q: Will the FET token change after the merger?
A: The FET token will remain the native token of the expanded network. The merger is designed to incorporate the technology and value of OCEAN and AGIX into the Fetch.ai ecosystem, strengthening the utility and demand for FET.
Q: Are there any risks associated with this token merger?
A: The main risks involve ensuring you follow official instructions, especially if holding tokens in a self-custody wallet, to avoid sending funds to incorrect addresses. On exchanges, the risk is minimal, but users should be aware of the trading halt schedule.