The AI tokens world is all ready to experience a seismic shift with Fetch.ai set to go ahead with its ambitious merger plan with Ocean Protocol and SingularityNET.
The strategic alliance will soon give way to a unified token: $FET, which is going to be rebranded as ASI, representing all three projects under one ticker.
In preparation for the merger, FET has had quite a move, breaking above $1.80. The value in FET has been noticed by investors, as that has attracted many to its story as a core AI token. In fact, the market hype around this transition has spilled over into tangible profits
Rebranding and Its Ramifications
The Fetch.ai merger puts FET as the core token for a combined project with a staggering $7.5 billion in market capitalization. Notably, Ocean Protocol’s OCEAN and SingularityNET’s AGIX also went up.
In the aftermath of the merger, FET will auto-swap to ASI as this grand rebranding effort hits the second phase. Most of the exchanges allow for the merge of tokens however, Coinbase stands a bit different, as it won’t do it automatically.
This means Coinbase users would have to withdraw their tokens to the Coinbase Wallet for swapping. Do not worry. Fetch.ai has ensured that the token conversion window would stay open for some time.
How to manage your FET holdings
There is no immediate rush to withdraw assets for the liquidity providers and stakers of FET. In the second phase of the merger, staked FET would be automatically converted to ASI.
However, users would need to move or restake their tokens in new pools post-transition.
Multi-Chain Expansion: Foraying into the Future
The confinement to the chain of Ethereum L1 is but a stepping stone in the grand visions Fetch.ai has with respect to a multi-chain future. However, In the near future, plans are underway to include Binance Smart Chain and Cardano.
It aims to construct a decentralized environment for the interaction of AI agents, further enhancing the competitive advantage of Fetch.ai. Although still relatively a new sector, the market capitalization is impressive at $29.4 billion.
Despite the recent market volatility, some promising projects in this sector will include Fetch. AI, Bittensor, and Injective. The merge of Fetch.ai will help its position further in this fast-moving market by attracting traders looking to chance a breakout.
In the process, as FET gradually transforms into ASI, investors should be keenly observant of the implications such a merger could bring and take advantage of the opportunities it brings.
