Fetch.ai Increase $FET Token Supply to Support $ASI Token Merger

Bittime - Fetch.ai has just announced an increase in the supply of $FET tokens to facilitate the token merger that will form the AI ​​Super Alliance(ASI). This announcement was made via their Twitter tweet after voting by the Fetch.ai community and the SingularityNET Alliance.

Merger Proposal Approved

Previously, Fetch.ai submitted a proposal to combine the $FET, $AGIX (SingularityNET), and $OCEAN (Ocean Protocol) tokens into the $ASI token. After a voting process carried out by the Fetch.ai and SingularityNET communities, the proposal was officially approved. This merger marks the first step in the formation of the Super AI Alliance.

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$FET Token Supply Increase

As the next step in the merger process, Fetch.ai has minted an additional 1,477,549,566 $FET tokens. These additional tokens are required to support the conversion mechanism for $AGIX and $OCEAN tokens into $ASI tokens. The conversion process will use the following ratios.

• $AGIX:$ASI Conversion: 0.433350:1 - Requires 866,700,367 newly minted $FET tokens.
• $OCEAN:$ASI Conversion: 0.433226:1 - Requires 610,849,199 newly minted $FET tokens.
• $FET:$ASI conversion: 1:1 - Using 1,152,997,575 existing $FET tokens.

With the addition of new $FET tokens, the total supply of $FET tokens becomes 2,630,547,141.

$FET Token Renaming

After the process of increasing the $FET token supply is complete, the next step is to rename the $FET token to the $ASI token. Fetch.ai includes the basic calculations shared at the initial announcement of the token merger on March 27, 2024 as a reference.

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Impact of Token Merger

It is hoped that the combination of tokens that will form the $ASI token will have several positive impacts, such as increased liquidity, a stronger community, development of the ASI ecosystem.

• Increased Liquidity: Merging the three tokens into one $ASI token has the potential to increase the liquidity of the token in the crypto market.
• Community Gets Stronger: The merger of the Fetch.ai, SingularityNET, and Ocean Protocol communities can create a stronger and more solid community in the field of artificial intelligence.
• ASI Ecosystem Development: The $ASI token is expected to become the main utility token in the Super AI Alliance ecosystem, which focuses on the development of advanced artificial intelligence.

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Also Read:

$FET, $OCEAN, $AGIX: Artificial Superintelligence Alliance Confirms $ASI Token Merger

Super Artificial Intelligence Alliance (ASI): Impact For AGIX, FET, and OCEAN Tokens

AI, FET, AGIX, and OCEAN Token Merger: Facts to Know

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