In a statement, the AI protocols SingularityNet, Fetch.ai and Ocean Protocol have announced plans for a $7.5 billion token merger, set to be decided by community voting on April 2. Each of these blockchain projects will host its own separate vote, all of which will conclude by April 16.
If approved, a new token known as the Artificial Superintelligence Alliance’s (ASI) will replace SingularityNet’s AGIX token, Fetch.ai’s FET token, and Ocean Protocol’s OCEAN token. As of March 26, the post-merger token is projected to have a fully diluted market capitalization of $7.6 billion spread across 2.631 billion tokens. This is significantly larger than the combined current market cap of the three tokens, which stands at around $5.3 billion.
The swap ratio proposed by the teams is 1:1, allowing FET holders, for instance, to exchange their tokens for an equal number of ASI tokens. The newly minted ASI will consequently act as a reserve currency. Similarly, holders of OCEAN and AGIX will be able to exchange their tokens for ASI.
Beyond the exchanges, an additional 1.48 billion ASI tokens will be created as a result of the merge. Of these, 867 million ASI will be assigned to current AGIX holders and 611 million to OCEAN holders. Therefore, the owners of Singularity’s AGIX and Ocean’s OCEAN will receive 0.433350 and 0.433226 in ASI for each token held, respectively.
Fetch.ai further reassured users that the process of conversion would be smooth, as tokens stored on the exchange will automatically be changed to ASI tokens. The tokens can then be located by searching for the $ASI ticker symbol. Lastly, tokens held in self-custody accounts can be swapped at any time.
The newly formed Superintelligence Alliance will cooperate to advance the development of decentralized AI protocols based on blockchain technology, aiming to discourage control by central parties or large stakeholders.