Bittime – The crypto world is abuzz with talk of the formation of a Super Artificial Intelligence Alliance (ASI) involving Fetch.ai (FET), Ocean Protocol (OCEAN), and SingularityNET (AGIX). These three protocols plan to combine to create a large open-source AI infrastructure.
This merger certainly raises many questions, especially for FET, OCEAN, and AGIX token holders.
These questions include the token exchange ratio, the continuation of the token farming program, and the actions that need to be taken to exchange tokens.
Get to know the Super Artificial Intelligence Alliance (ASI)
The ASI Alliance aims to combine the strengths of the three protocols and form a large open-source AI infrastructure. The alliance will be led by SingularityNET CEO, Ben Goertzel.
To make the plan a reality, the approval of a majority of the community is required. Governance proposals have been opened to FET and AGIX token voters starting April 2. Voting for FET will close on April 7, while for AGIX it will close on April 16.
Following are the skills and advantages of each protocol:
- Fetch.ai: Has advanced autonomous AI agents.
- Ocean Protocol: Has expertise in data sharing and monetization.
- SingularityNET: Has advantages in AI integration research and development.
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Token Exchange Details
- The ASI Alliance native token (if approved) will have an initial price of $2.82 with a supply of 2.63 billion tokens. This puts the market cap at $7.5 billion and could potentially rank #19.
- FET tokens will be exchanged at a 1:1 ratio into ASI tokens.
- AGIX and OCEAN tokens will be exchanged at a ratio of 1:0.43 each to ASI tokens.
- It should be noted that the $2.82 price for ASI tokens is non-binding. The FET token will become the Alliance's reserve currency and will be renamed ASI. The price of the ASI token will later be pegged to the price of the FET token.
- If the merger is approved, FET's current token supply of 1.15 billion tokens will be supplemented by 1.48 billion new tokens allocated to AGIX and OCEAN token holders (based on the aforementioned exchange ratio). The number of AGIX tokens to be allocated is 867 million (from a total supply of 2 billion), while the number of OCEAN tokens allocated is 611 million (from a total supply of 1.41 billion).
- The token exchange rate will be fixed and will not change if the merger is approved. On centralized exchanges, token exchange will likely occur automatically, so token holders do not need to take any action.
Impact on the OCEAN Data 'Farming' Program
One of the biggest impacts of this merger will likely be felt in Ocean Protocol's data farming program. Previously, OCEAN token holders could lock their tokens and receive veOCEAN with an average APY of 21%.
By curating data and making predictions, token holders can also get ROSE tokens as a reward. This scheme forms the basis for active and passive participation in Ocean Protocol.
However, a vote regarding the governance of the ASI Alliance prompted a temporary suspension of the data 'farming' program on March 28.
If the majority vote approves the merger, passive data 'farming' and data 'farming' based on transaction volume will be stopped. Conversely, if the majority vote rejects the merger, the data 'farming' program will continue as usual.
Important Note for veOCEAN Holders
VOCEAN holders will continue to receive rewards even if the merger is approved.
For example, if someone takes 100 OCEAN tokens for 4 years with an APY of 25%, they will receive 144 OCEAN tokens immediately after compounding (25% per year) and then receive the remaining 100 tokens after the holding period ends.
It should be noted that OCEAN token holders do not participate in voting as they have relinquished control of OCEAN tokens once the maximum supply has been minted.
Also Read: AGIX Price Prediction: Will SingularityNET Continue to Skyrocket?
FET Price Prediction: What Next?
Since FET will act as a reserve currency, its price movements will likely affect the other two tokens.
With a fixed conversion ratio of 1:0.43 agreed upon, wild price movements between AGIX and OCEAN and FET prices are unlikely to occur. This is due to the potential for arbitrage profits, especially as the merger date approaches.
FET prices themselves have been falling since hitting an all-time high of $3.48 on March 28. This decline was accompanied by a bearish divergence on the daily RSI and MACD indicators (green line), which is often associated with market tops.
Shortly after touching the high, the FET price also fell below the $3.10 horizontal area. This confirms the existence of a deviation and increases the possibility of a FET price correction.
If correct, the nearest support is 14% below the current price, namely at the 0.382 Fibonacci retracement support level at $2.35. Conversely, the $3.10 area is likely to become resistant in the event of a price increase.
Price Correction in Sight Despite Merger Plans
The creation of the Super Artificial Intelligence Alliance (ASI) could be a very positive development in the long term if the governance proposals are approved. However, FET, OCEAN, and AGIX prices showed a downward trend in the past week.
The price correction may continue in the short term before finally reaching a local low.
Also read How to Buy Crypto:
Conclusion
The plan to form the Super Artificial Intelligence Alliance (ASI) has positive and negative impacts for FET, AGIX, and OCEAN token holders. On the one hand, this merger has the potential to create a powerful and innovative AI ecosystem.
But on the other hand, this plan is also accompanied by uncertainty and the potential for a token price correction in the short term.
Before making an investment decision regarding FET, AGIX, and OCEAN tokens, it is important to consider various factors, such as:
- Approval of governance proposals related to the formation of the ASI Alliance.
- Latest price movement trends.
- Potential price correction in the short term.
- Long-term prospects of the Breastfeeding Alliance.
- It is recommended to conduct in-depth research and understand the risks involved before investing in these crypto tokens.
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DISCLAIMER: This article is informational and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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