AI Crypto Heavyweights FET, AGIX, And OCEAN Set To Merge Tokens, Challenge NEAR As AI Sector Leader

AI crypto heavyweights Fetch.ai, SingularityNET, and Ocean Protocol are discussing a token merger to create a joint Artificial Superintelligence (ASI) token.

Under the proposed deal, the three platforms will continue operating as separate entities, but their individual tokens will be merged into ASI.

The combined market capitalizations of the three tokens currently totals $5.41 billion, according to CoinMarketCap. That sets up to challenge NEAR Protocol as the AI crypto sector’s biggest token by market cap. NEAR’s market cap stands at $7.6 billion.

The new ASI token will have a fully diluted valuation of $7.5 billion.

The news triggered gains for the existing tokens. FET rose almost 8% in the past 24 hours as of 10.20 a.m. EST, AGIX is up 4.4% and OCEAN 2.6%.

AI Crypto Titans’ Merger Details

Fetch.ai’s $FET token will change to ASI with a total supply of 2.63 billion tokens, Singularity.NET’s AGIX will convert to ASI at a rate of 0.43335:1, and OCEAN’s conversion rate is set at 0.433226:1.

The CEO of Singularity.NET, Ben Goertzel, will run the merged entity while the CEO of Fetch.ai, Humayun Sheikh, will serve as the chairman.

A governing council for the alliance will also be set up to monitor and guide the operations of the merged token.

The projects have already submitted their proposals to the governance communities for a two-week consultation period. The communities will then vote on the proposals between April 2 and April 16.

The crypto community has complained over the scanty details provided on the merger.

The merger reflects the growing popularity of crypto projects with AI and other solid technology backing.

5thScape (5SCAPE), a crypto project that’s revolutionizing augmented and virtual reality through AR/VR gaming and education, has one of the most successful presales in 2024, raising over $2.8 million.

Also Read:

  • Tether Ventures into AI Realm with Focus on Transparency and Privacy
  • Meme Ai Price Prediction: MEMEAI Plummets 18% In A Week As Traders Send $1M In Solana To New Cryptocurrency Meme Coin Slothana
  • Scotty The AI Lands On MEXC Kickstarter And Exchange With 33% Price Surge

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