A community vote is scheduled for April 2 to approve a token merger worth $7.5 billion involving SingularityNet, Fetch.ai, and Ocean Protocol. According to the announcement made on March 27, there will be separate community votes for each protocol, with all voting to be completed by April 16. If the merger is approved, the SingularityNet (AGIX), Fetch.ai (FET), and Ocean Protocol (OCEAN) tokens will be replaced by the Artificial Superintelligence Allia (ASI) token, which will have a fully diluted market cap of $7.5 billion and consist of 2.631 billion tokens. The current combined market cap of the three tokens is approximately $5.3 billion.
Developers stated that if approved, users will be able to swap their FET tokens for ASI tokens at a rate of 1:1. For example, if someone holds 100 FET tokens, they will be able to swap them for 100 ASI tokens. The FET token will serve as the reserve currency for ASI, and users will also be able to convert their OCEAN and AGIX tokens into ASI at a new fixed rate.
In addition to the initial tokens, an additional 1.48 billion ASI tokens will be minted. Of these, 867 million ASI tokens will be allocated to AGIX holders and 611 million ASI tokens will be allocated to OCEAN token holders. Therefore, Singularity and Ocean token holders will receive 0.433226 ASI tokens per OCEAN token and 0.433350 ASI tokens per AGIX token as a result of the merger. Fetch.ai developers have also announced that the swap mechanism will be available indefinitely for OCEAN and AGIX users holding tokens on self-custody wallets.
Furthermore, the newly formed Superintelligence Alliance, announced on the same day, will have the shared goal of developing blockchain-based decentralized AI protocols that cannot be controlled by centralized parties or large stakeholders.
In related news, Fetch.ai has announced GPU rewards for tokenholders following a $100 million infrastructure investment.