FET Drops 9% As ASI Token Merger Phase 1 Kicks Off
The post FET Drops 9% As ASI Token Merger Phase 1 Kicks Off appeared on BitcoinEthereumNews.com.
The Artificial Superintelligence Alliance (ASI) kicked off phase 1 of its token merger process. The project recently announced the beginning of the migration process with the delisting of Ocean Protocol (OCEAN) and SingularityNET (AGIX) from crypto exchanges. However, FET is facing some pressure following its rebranding and supply update. Related Reading ASI Token Merger Phase 1 Begins On July 1, the ASI alliance and Fetch.AI (FET) announced the multi-token merger to unify OCEAN, AGIX, and FET. As part of phase 1, withdrawals and deposits with OCEAN and AGIX would close in preparation for the migration to FET. Additionally, the delisting process from crypto exchanges would begin for the two tokens. Meanwhile, FET would continue to trade as usual, with spot and perpetual trading continuing under the same tricker. The initial phase of the merger aims to “onboard exchanges and data aggregators for a smooth transition.” Fetch.AI saw a rebrand across platforms. The project took the Artificial Superintelligence Alliance name and logo but kept its ticker. Moreover, the ASI alliance opened a migration platform on the SingularityDAO dApp to help users migrate their tokens. Some crypto exchanges, including Kraken and Coinbase, revealed they would not support customers on the ASI token merger. Kraken announced that the trading of OCEAN and FET will continue to be supported on the platform until further notice. The exchange also noted that users must withdraw their tokens to a self-custodial wallet to migrate them. Similarly, Coinbase informed its users that it chose to “not execute the migration of these assets on behalf of users.” Both exchanges also clarified they would not support the eventual migration from FET to ASI. FET Retraces Following Rebrand After updating the token’s name, supply, and market capitalization, FET flipped Render (RNDR) in the AI tokens sector. According to CoinMarketCap data, the…
Filed under: News - @ July 3, 2024 6:20 pm