Sheikh said that centralized exchanges don’t must both delist or relist Fetch.ai’s FET token.
Humayun Sheikh, the founding father of Fetch.ai just lately took to X to share insights into the platform’s proposed merger with SingularityNET and Ocean Protocol.
Coinbase Withdraws Assist For ASI Token Merger
Only a few days earlier than the beginning of the merger course of, American cryptocurrency trade Coinbase Global Inc (NASDAQ: COIN) determined towards supporting the transfer.
“Coinbase is not going to execute the migration of those belongings on behalf of customers,” the trade mentioned.
In response to this assertion, Sheikh said that centralized exchanges don’t must both delist or relist Fetch.ai’s FET token. In like method, those that maintain the token have been suggested to do nothing. He assured customers that his crew would resolve no matter points Coinbase’s choice could set off.
$fet is ASI. $ocean and $agix are merging into $fet. CEXs don’t must delist or relist $fet it’s there already. Should you maintain $fet do nothing. We’re working arduous to resolve any points please bear with us. Timeline has not modified. @coinbase has solely introduced that the swap will…
— Humayun (@HMsheikh4) June 27, 2024
The Fetch.ai founder believes that the trade has its causes for pulling out its assist for the token merger. However, the timeline for the merger stays unchanged as it would go as deliberate.
In the meantime, Coinbase mentioned it would enable FET and Ocean Protocol’s OCEAN trades as common till additional discover. To this finish, it shared a workaround for customers:
“As soon as the migration has launched, customers will be capable to migrate their OCEAN and FET to ASI utilizing a self-custodial pockets, comparable to Coinbase Pockets. The ASI token merger will probably be appropriate with all main software program wallets.”
SingularityNET, Fetch.ai, and Ocean to Merge Tokens
The three protocols will type the Synthetic Superintelligence Alliance (ASI). It will amplify the plans to merge their respective tokens to create a single ASI token. Noteworthy, this strategic transfer will initially merge SingularityNET’s AGIX and Ocean Protocol’s OCEAN tokens into Fetch.ai’s FET as the primary section. Thereafter, the tokens will now transition to the ASI ticker.
Because of this OCEAN and AGIX holders on different blockchains must conduct a bridging course of to Ethereum to take part within the Section 1 merger or simply maintain off until Section 2.
Section 2 will assist extra blockchains like Polygon and Cardano. This course of will contain the deployment of the ASI token throughout a number of blockchains and onboarding neighborhood members.
The goal of the merger is to streamline operations in addition to improve effectivity for token holders. Accordingly, the merger can be a serious turning level within the improvement of Decentralized Finance (DeFi) and AI ecosystems.
It’s price noting that the merger is not going to influence on the operations of the concerned events. Upon approval of the merger, the three companies would stick with it as unbiased entities whereas cooperating underneath the course of a Superintelligence Collective led by SingularityNET CEO Ben Goertzel.
In response to the entities concerned, this $7.5 billion token merger is scheduled to start as of July 1. A number of cryptocurrency exchanges plan to assist the merger by mechanically changing customers’ token holdings on the designated day.
