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Lengthen Announced: Catch.AI, SingularityNET, Ocean Protocol Merger Pushed to July

Crypto News

The extremely anticipated merger of Catch.AI (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN) into the Artificial Superintelligence Alliance (ASI) Alliance has been delayed.

At the birth, the opinion was as soon as to rename the FET token to ASI on June 11, adopted by the token merger on June 13. The announcement cited logistical and technical challenges because the principal reasons for the prolong.

Detailed Reasons At the serve of the ASI Merger Lengthen

In a June 11 statement, ASI confirmed that it would prolong the merger to July 15, 2024. Essentially based on the alliance, the preparation segment for the token merger involves managing advanced integrations and coordinating with exchanges, validators, and other ecosystem collaborators. Guaranteeing all these parts align seamlessly requires meticulous planning and execution.

Therefore, the alliance believes the prolong is a strategic decision to defend the components of accuracy and efficiency within the merger direction of. Humayun Sheikh, CEO of Catch.ai and chairman of the Artificial Superintelligence Alliance, emphasized that the prolong doesn’t impact the alliance’s progress toward rising a decentralized superintelligence community.

Read extra: High 9 Artificial Intelligence (AI) Cryptocurrencies in 2024

“Our teams are actively working with centralized exchanges to finalize the relaxation steps. We esteem the persisted improve and persistence of our community and stakeholders as we work through these final logistical steps,” Sheikh talked about.

Ben Goertzel, founder and CEO of SingularityNET Foundation and Artificial Superintelligence Alliance, also shared identical sentiments. He sees the finalization of the merger on July 15 will likely be a significant milestone.

“We await a assortment of gradually extra thrilling milestones after that as we leverage our ASI token-based mostly community to slump toward an increasing number of succesful AI programs and, in time, staunch superintelligence,” he added.

For now, FET, AGIX, and OCEAN tokens continue to alternate independently on exchanges. ASI also assures token holders that they require no rapid stream on their segment.

The alliance extra affirmed that the token merger remains firmly heading within the correct direction, without a extra delays anticipated. Once the third-celebration integrations are completed, the ASI token will likely be launched. Within the waste, the person tokens will stop to alternate one after the other and merge into one token.

The ASI merger opinion, announced in slack March, intends to tempo up the advancement of decentralized Artificial Total Intelligence (AGI). Token holders of FET, AGIX, and OCEAN can swap their tokens for ASI at particular conversion charges as follows:

  • FET at 1:1
  • AGIX at 1:0.433350
  • OCEAN at 1:0.433226.

Read extra: How To Make investments in Artificial Intelligence (AI) Cryptocurrencies?

Crypto News FET Price Performance.
FET Price Performance. Source: BeInCrypto

Following the announcement of prolong, the costs of FET, AGIX, and OCEAN fell by 8.25%, 5.64%, and 4.06%, respectively, within the final 24 hours. Despite the non eternal market impact, delaying the merger is predicted to earnings all stakeholders.

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