Sheikh said that centralized exchanges don’t must both delist or relist Fetch.ai’s FET token.
Humayun Sheikh, the founding father of Fetch.ai lately took to X to share insights into the platform’s proposed merger with SingularityNET and Ocean Protocol.
Coinbase Withdraws Help For ASI Token Merger
Just some days earlier than the beginning of the merger course of, American cryptocurrency change Coinbase Global Inc (NASDAQ: COIN) determined in opposition to supporting the transfer.
“Coinbase won’t execute the migration of those belongings on behalf of customers,” the change mentioned.
In response to this assertion, Sheikh said that centralized exchanges don’t must both delist or relist Fetch.ai’s FET token. In like method, those that maintain the token had been suggested to do nothing. He assured customers that his group would resolve no matter points Coinbase’s resolution might set off.
$fet is ASI. $ocean and $agix are merging into $fet. CEXs don’t must delist or relist $fet it’s there already. In case you maintain $fet do nothing. We’re working arduous to resolve any points please bear with us. Timeline has not modified. @coinbase has solely introduced that the swap will…
— Humayun (@HMsheikh4) June 27, 2024
The Fetch.ai founder believes that the change has its causes for pulling out its help for the token merger. However, the timeline for the merger stays unchanged as it would go as deliberate.
In the meantime, Coinbase mentioned it would permit FET and Ocean Protocol’s OCEAN trades as ordinary till additional discover. To this finish, it shared a workaround for customers:
“As soon as the migration has launched, customers will be capable to migrate their OCEAN and FET to ASI utilizing a self-custodial pockets, corresponding to Coinbase Pockets. The ASI token merger will probably be appropriate with all main software program wallets.”
SingularityNET, Fetch.ai, and Ocean to Merge Tokens
The three protocols will kind the Synthetic Superintelligence Alliance (ASI). This can amplify the plans to merge their respective tokens to create a single ASI token. Noteworthy, this strategic transfer will initially merge SingularityNET’s AGIX and Ocean Protocol’s OCEAN tokens into Fetch.ai’s FET as the primary section. Thereafter, the tokens will now transition to the ASI ticker.
Which means OCEAN and AGIX holders on different blockchains must conduct a bridging course of to Ethereum to take part within the Section 1 merger or simply maintain off until Section 2.
Section 2 will help extra blockchains like Polygon and Cardano. This course of will contain the deployment of the ASI token throughout a number of blockchains and onboarding neighborhood members.
The purpose of the merger is to streamline operations in addition to improve effectivity for token holders. Accordingly, the merger could be a significant turning level within the growth of Decentralized Finance (DeFi) and AI ecosystems.
It’s price noting that the merger won’t affect on the operations of the concerned events. Upon approval of the merger, the three companies would keep it up as unbiased entities whereas cooperating underneath the course of a Superintelligence Collective led by SingularityNET CEO Ben Goertzel.
In accordance with the entities concerned, this $7.5 billion token merger is scheduled to start as of July 1. A number of cryptocurrency exchanges plan to help the merger by routinely changing customers’ token holdings on the designated day.
