Binance Completes Merge of Fetch.ai (FET), Ocean Protocol (OCEAN), and SingularityNET (AGIX) Tokens
James Ding Jul 05, 2024 12:40
Binance has finalized the token merge of Ocean Protocol and SingularityNET into Fetch.ai, now under the Artificial Superintelligence Alliance name.
Binance, a leading cryptocurrency exchange, has successfully completed the token merge of Ocean Protocol (OCEAN) and SingularityNET (AGIX) into Fetch.ai (FET), according to Binance. This merge is part of a new initiative under the project name Artificial Superintelligence Alliance.
Token Merge Details
Deposits and withdrawals for the newly merged FET tokens are now open. Binance has also provided a conversion function that will allow users to swap their OCEAN and AGIX tokens for FET tokens. The conversion ratios are set at:
- 1 OCEAN = 0.433226 FET
- 1 AGIX = 0.433350 FET
It is important to note that withdrawals of OCEAN and AGIX tokens will no longer be supported following this merge.
Implications for Token Holders
The merge aims to consolidate the strengths of all three projects into a unified framework under Fetch.ai, which focuses on autonomous agent technology. This move is expected to enhance the utility and adoption of the FET token within the Artificial Superintelligence Alliance.
Current holders of OCEAN and AGIX tokens are advised to utilize the conversion function on Binance to transition their holdings to the new FET tokens. This strategic merge could potentially streamline operations and foster innovation within the AI and blockchain sectors.
Market Impact
The merge has been met with mixed reactions from the market. While some investors see this as a positive step towards greater integration and efficiency, others are cautious about the long-term implications for the individual projects involved. The market performance of FET tokens in the coming months will provide further insight into the success of this initiative.
Binance continues to play a pivotal role in the evolution of blockchain technology and digital assets. The exchange's ability to facilitate such significant merges highlights its influence and strategic vision in the crypto space.
Image source: Shutterstock