- Ocean Protocol left the Artificial Superintelligence Alliance (ASI), ending its joint AI-token framework with FET and AGIX.
- 81% of OCEAN’s supply is already converted to FET at 0.433226 rate; 270 million tokens remain.
- OCEAN launches buyback and burn plan as FET slides 21.5% this month.
Ocean Protocol Foundation confirmed its withdrawal from the Artificial Superintelligence Alliance, closing its chapter with Fetch.ai (FET) and SingularityNET (AGIX).
The move followed the resignation of Ocean’s directors from the Alliance board and marks a strategic return to independent governance. The Foundation said it will refocus on data-economy infrastructure and self-contained tokenomics.
Ocean had co-hosted developer programs and podcasts with ASI partners since 2023, but the split suggests a clear shift in long-term AI-blockchain strategy.
Related: AI Crypto Market Poised for $40B Boom: FET, OCEAN, AGIX Lead the Charge
Independent Tokenomics and Buyback Plan
Ocean Protocol will now run a deflationary model through OCEAN buybacks and burns funded by profits from ecosystem projects. The plan aims to reduce circulating supply and stabilize value after the ASI exit.
Since July 2024, 81% of OCEAN’s ERC-20 supply has migrated to FET, leaving 270 million tokens unconverted across about 37k wallets.
Related: AI Coins Heat Up: Social Activity Puts TAO, RNDR, FET in Spotlight
Holders can still bridge tokens at 1 OCEAN = 0.433226 FET on Coinbase, Kraken, Binance US, Upbit, Uniswap, and SushiSwap. The bridge remains open until the final conversion phase is completed.
Impact on $FET Price and Market Statistics
At the time of this announcement, $FET has seen a decline in value, with the current price standing at $0.5276. Over the past month, the token has experienced a 21.5% decline. The market capitalization of $FET is currently $1.25 billion, which marks a 4.7% decrease from previous periods. However, the token’s 24-hour trading volume has increased by 11.67%, now at approximately $110.95 million.
Source: CoinMarketCap
Despite the recent downturn in prices, the trading volume-to-market capitalization ratio is 8.82%, indicating trading activity in relation to the market capitalization.
FAQs:
1. What is the current $FET to $OCEAN conversion rate?
The current $FET to $OCEAN conversion rate is 1 $OCEAN equals 0.46 $FET.
2. Why did Ocean Protocol withdraw from the Artificial Superintelligence Alliance?
Ocean Protocol withdrew from the ASI Alliance following the resignation of its directors from the group.
3. Will Ocean Protocol’s exit affect $FET’s value?
Ocean Protocol’s exit may impact $FET’s value, as it signals a shift in the project’s direction.
4. Will Ocean Protocol’s exit affect $FET’s value?
Ocean Protocol’s exit may affect $FET’s value due to the shift in the project’s direction.
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.
