Trading of FET, AGIX and OCEAN, the native tokens of artificial intelligence (AI) projects Fetch.ai, SingularityNET and Ocean Protocol, fell on Tuesday as Bitcoin fell amid market concern over the Federal Reserve's stance on US interest rates.
But this is not the only factor that could have led to the three AI-related tokens losing more than 7% each. On Tuesday, the Super AI Alliance, the AI research entity that brings Fetch.ai, SingularityNET, and Ocean Protocol together, issued a news update.
Published in X, Updated It relates to the merging of the project's three expected tokens into one token under the ASI ticker.
In short, the team announced that the expected merger has moved from June 13, 2024 to July 15, 2024.
The delay means that FET, AGIX and OCEAN will continue to trade as tokens on exchanges until the new merger date in July. At the same time, it saves exchanges, validators and other ecosystem partners the time they need to accommodate logistical requirements.
What was said
The ASI update notes that while the delay in the integration process is unfortunate, it will see the community benefit from a better experience, with “standards of accuracy and efficiency.”
Humayun Sheikh, CEO of Fetch.ai, said:
“This temporary delay does not impact the significant progress we have made toward creating a decentralized superintelligence network. Our teams are actively working with centralized exchanges to finalize the remaining steps. We appreciate the continued support and patience of our community and stakeholders as we work through these final logistical steps.”
Ben Goertzel, Founder and CEO of SingularityNET, noted:
“The completion of the three-way token merge on July 15 will be a major milestone, and we expect a series of progressively more exciting milestones after that as we leverage our $ASI token-based network to move toward increasingly capable AI systems and timely actual superintelligence.”
Next steps for FET, AGIX and OCEAN
Following today's announcement, the Fetch.ai, SingularityNET, and Ocean Protocol tokens remain independent and will be traded as such on exchanges.
In the future, the completion of third-party integrations will see the unveiling of the ASI token. The FET, AGIX and OCEAN codes will then be combined to become ASI.
FET is currently trading at $1.60, while AGIX and OCEAN are both trading at $0.68.