Fetch.ai rallies ahead of rebranding, merger with Ocean Protocol and SingularityNET
Fetch.ai is preparing for stage 1 of its merger with Ocean Protocol and SingularityNET. From July 1, OCEAN and AGIX will be swapped into FET tokens
Fetch.ai (FET) rallied, then corrected ahead of the long-awaited merger with Ocean Protocol and SingularityNET. FET expanded to $1.80, before erasing some of the gains.
FET continued rising on Wednesday, reaching a peak above $1.80. The token rose along with one last rally for OCEAN. The main reason is that FET would now represent all three projects, trading under one ticker. FET will become a central and prominent AI narrative token, expecting to be rebranded into ASI in the second stage of the merger.
Also Read: Fetch.ai Price Prediction 2023-2032: Is FET a Good Investment?
The merger is drawing attention to FET as a potential high-value trade. FET has already stepped back from its yearly peak, and may have a reason for another rally. The token’s narrative may boost its position in a market that is seeking active tokens and altcoins among stagnant assets.
The expectations of the merger lifted OCEAN from its monthly lows of $0.48 up to $0.70. AGIX also rose slightly to $0.67. The size of the merger based on market capitalization is $7.5B. FET, AGIX and OCEAN briefly rallied even while Bitcoin (BTC) dipped again under $60,000.
Coinbase to leave FET, OCEAN holders without automated merger
Fetch.ai has negotiated with most exchanges to merge FET and OCEAN tokens from July 1. However, Coinbase will not automate the merger. Instead, users on Coinbase may have to withdraw their tokens to Coinbase Wallet to swap the assets.
Coinbase also announced it will not facilitate the shift from FET to ASI. However, Fetch.ai will leave the token conversion window open for a very long time, possibly years. This will give FET and other token holders enough time to withdraw and convert their tokens.
Just in: @coinbase will NOT support the migration from $OCEAN to $FET / $ASI – thanks for nothing, I guess.
(enjoy the transaction fees, twats) pic.twitter.com/UVEyD3pPHj
— Mad Orkestra (@MadOrkestra) June 27, 2024
Holders of FET that provide liquidity or stake in some form will not need to withdraw their assets. Later, when FET changes to ASI, users may have to move or restake their tokens to new pools. Currently, staked FET will be automatically converted during Stage 2 of the merger.
The announcement may have cut the FET rally short, as some holders may decide to sell. For others, after July 1, the tokens can merge manually through a special platform. Despite this, Fetch.ai claimed that users can safely leave their funds on markets like Binance and await an automated merger.
The merger will also affect the native token of SingularityNET, AGIX. The asset will also start trading under the FET ticker after merging. Soon after that, OCEAN and AGIX will be delisted from exchanges, limiting the time for holders to move to the new token. The shift to ASI will only come after Fetch.ai updates its network.
Both OCEAN and AGIX tokens will be swapped at a rate of 1 token for 0.43 new ASI tokens. FET will remain the basic token for calculations ahead of the merger and before it is rebranded to ASI.
Fetch.ai to become multi-chain
The creation of the Artificial Super Intelligence project is currently limited to the Ethereum L1 chain. In the future, Fetch.ai will lead its partners to multi-chain options. The first foray into new chains will involve BSC and the less common choice like Cardano.
The niche of Fetch.ai is AI agents, similar to projects like Phala, Marlin, or Polywrap. AI agents are also based on trained models, but focus on decisions and negotiations. Fetch.ai has the ambitious task of creating a decentralized environment where AI agents can interact with each other.
The AI narrative slowed down for all tokens in May and June, pressured by the overall market slump. The recent lows for most AI tokens are making traders look for recoveries and new potential breakouts.
The AI sector is still relatively new, though some of the projects are rebranded platforms from previous bull markets. Older ICO projects like Near Protocol and Golem also rebranded as AI. Despite this, the sector reached an overall market cap of $29.4B, with several clear leaders like Bittensor and Injective.
Cryptopolitan reporting by Hristina Vasileva
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