FET, AGIX, OCEAN See Price Dips as ASI Merger Vote Begins

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FET, AGIX, OCEAN See Price Dips as ASI Merger Vote Begins
  • Fetch.ai’s historic ASI merger vote began on April 2, eyeing a major evolution.
  • Key proposals include FET’s 1:1 conversion and network rename to ASI.
  • FET, AGIX, and OCEAN see potential for merger despite initial market dips.

The Fetch.ai ecosystem initiated a crucial vote on April 2, concerning an essential merger proposal within the Artificial Superintelligence (ASI) alliance. This key governance proposal marks a historic moment for the network, focusing on its evolution to become the foundation of ASI, with the Fetch.ai token (FET) set to undergo a 1:1 conversion.

The announcement, made through the network’s official X account, encourages community participation in the decision-making process. Central to the proposal are several key changes, including the renaming of the network and FET token to ASI. It also involves a hard fork of the FET token contracts on both the Ethereum (ETH) and Binance Smart Chain (BSC) networks.

Additionally, there is an advisory on an alteration in the total token supply, a move designed to accommodate the inclusion of other projects into the ASI alliance. The governance vote is exclusive to FET token stakers, with separate governance proposals and tokenomics updates to be presented for each project involved in the merger.

According to reports, the voting process for this inaugural proposal commenced on April 2 and is set to conclude after five days. This will be followed by two additional governance proposals aimed at integrating the AGIX and OCEAN ecosystems into the alliance. The entire voting process across all communities is expected to wrap up by April 16.

In tandem, market reactions to the merger anticipation have been adverse, shown by notable declines in Fetch.ai (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN). CoinMarketCap data indicates that since April 1, the prices of FET, AGIX, and OCEAN have dipped into negative territory. 

Despite this downturn, Fetch.ai’s token has seen a recovery, gaining 5.19% in the last 24 hours, and is currently trading at $2.75. Similarly, the SingularityNET token witnessed a 2.03% rise, achieving a price of $1.11. Not to be outdone, the Ocean Protocol token also enjoyed a boost, increasing by 2.73% to $1.16. These upward trends reflect the market’s optimistic outlook on the merger and the potential collaborative benefits among the three projects.

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