ASI Token Merger: What You Need to Know Before July 1st

• The ASI token merger will consolidate AGIX, OCEAN, and FET tokens into a unified ASI token starting on July 1, 2024.
• Fetch.ai warns the community to be cautious of scams and only trust official sources during the ASI token migration.
• Holders on centralized exchanges like Binance need not take action; their tokens will automatically convert to FET.

Fetch.ai, a participant in the upcoming Artificial Superintelligence Alliance (ASI) token merger, has issued a scam warning to users as the July 1st launch date approaches.

The merger aims to consolidate three existing tokens—SingularityNET’s AGIX, Ocean Protocol’s OCEAN, and Fetch.ai’s own FET—into a single new token called ASI. 

️Scam warning: Be cautious of impersonation scams, fake links and fake social media accounts. Verify information from official sources for a secure transition. For more important details explore the complete token migration guide: https://t.co/ORyi4ywi9p

— Fetch.ai (@Fetch_ai)
June 26, 2024

The first phase of the ASI migration focuses on merging the three tokens on the Ethereum blockchain. Holders on other chains must bridge their tokens from their respective chains to participate in phase 1. Those who prefer to wait for support from different chains, such as Cardano or Polygon, can opt for phase 2.

The rebranding will see the project renamed the Artificial Superintelligence Alliance across major platforms. Besides, AGIX and OCEAN will temporarily merge into FET under the ASI banner. FET trading will continue uninterrupted under the FET ticker.

https://t.co/GdSj7PdN0D

— Artificial Superintelligence Alliance (@ASI_Alliance)
June 24, 2024

On July 1, 2024, project names and logos will be updated, and deposits and withdrawals for AGIX and OCEAN will close. However, FET deposits, withdrawals, and trading will continue as usual. The migration platform for AGIX and OCEAN to FET will open on the SingularityDAO dApp. Moreover, AGIX and OCEAN will begin to be delisted from exchanges.

Moreover, token holders with funds on centralized exchanges like Binance need not take action. Their OCEAN and AGIX tokens will automatically convert to FET at the appropriate ratio on July 1st. This will be followed by a smooth transition to ASI in mid-July. Individuals holding their funds in self-custody across the Ethereum mainnet will receive detailed guides and tutorials to facilitate a hassle-free transition.

Phase II will focus on community member onboarding, particularly for those who have opted to self-custody their funds. Additionally, the ASI token will be deployed across chains. Fetch.ai’s network will upgrade to the ASI network.

Furthermore, new migration contracts will be introduced for conversion from FET, AGIX, and OCEAN to ASI. Ethereum Virtual Machine and other bridges will open to facilitate ASI token transfers. Furthermore, exchanges will begin migrating spot markets from FET to ASI.

Fetch.ai emphasizes that individuals will not be required to disclose private information, including seed phrases, at any point. The community is warned to be aware of potential scams during this transition period. Malicious actors may attempt impersonation, spoofing, and social engineering tactics. It is crucial to trust only official sources of information.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.