Coinbase has announced it will not support the upcoming Artificial Superintelligence Alliance (ASI) token migration despite the $7.5 billion merger involving AI protocols SingularityNet, Fetch.ai, and Ocean Protocol. Scheduled for July, this merger aims to unify Ocean (OCEAN) and Fetch.ai (FET) tokens into new ASI tokens for a stronger decentralized AI ecosystem. Other crypto service providers will automatically convert tokens.
However, Coinbase has opted out of this migration, stating, “Coinbase will not execute the migration of these assets on behalf of users.” This decision means that Coinbase users will need to handle the migration of their token holdings themselves, a move that has raised eyebrows in the crypto community.
Self-Custodial Wallets for Token Migration
In an official statement, Coinbase Assets emphasized that while it will not facilitate the migration, users can continue to trade FET and OCEAN tokens as usual until further notice. For those wishing to participate in the ASI token migration, Coinbase recommended using self-custodial wallets like Coinbase Wallet. “Once the migration has launched, users can migrate their OCEAN and FET to ASI using a self-custodial wallet, such as Coinbase Wallet. The ASI token merger will be compatible with all major software wallets.”This approach empowers users to independently manage their token migration, ensuring they can still partake in the ASI merger through compatible major software wallets.
The mechanics of the ASI merger are straightforward yet pivotal for the involved tokens. The process will kick off with the conversion of OCEAN tokens into FET tokens on July 1, followed by the subsequent conversion of FET tokens into ASI tokens later in the month.
Exchanges supporting the migration will handle the conversion automatically for their users, streamlining the process significantly.
Mechanism of the ASI Merger
Fetch.ai has assured users that those holding OCEAN and AGIX tokens on exchanges will see their holdings seamlessly converted into ASI tokens without requiring any action on their part.
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“No action is needed if you have $OCEAN and $AGIX tokens on an exchange. We will work with each exchange to ensure a smooth conversion, and your holdings will automatically be converted to $ASI tokens directly by the exchange. You won’t see $OCEAN or $AGIX on the exchange — but don’t panic! Your tokens are there, just look for the $ASI symbol.”
This initiative aims to establish the largest decentralized AI ecosystem, enhancing the development and integration of blockchain-based AI protocols.
The announcement of the merger has already positively impacted the involved tokens. Both FET and AGIX experienced significant rallies, surging over 30% on June 20 after a three-month decline. This upward trend reflects investor confidence in the merger’s potential benefits, which is expected to foster a robust decentralized AI network less susceptible to control by centralized entities or major stakeholders.
Market Impact and Community Reactions
The merger of SingularityNet, Fetch.ai, and Ocean Protocol marks a significant advancement in AI and blockchain integration, poised to accelerate decentralized AI application development by leveraging their combined technological strengths. This strategic alignment aims to optimize resource efficiency, enhance security measures, and expand the application of AI solutions across various sectors.
Meanwhile, The decision by Coinbase not to support the ASI token migration has sparked a range of reactions from the crypto community. Some users expressed disappointment, citing the convenience of automated migrations through major exchanges. Others see this as an opportunity to advocate for greater self-custody and decentralisation in the management of digital assets. This divergence reflects ongoing industry discussions on balancing convenience with user autonomy during significant technological integrations and migrations, illustrating varied perspectives among platforms and their users.
Conclusion
As the ASI merger proceeds, users and investors alike will closely watch its impact on market dynamics and the future of decentralized AI applications. The seamless integration of these tokens into a cohesive ecosystem, as highlighted by BIT Journal, may pave the way for future collaborations within the blockchain and AI sectors.
While unexpected, Coinbase’s decision not to support the migration highlights the ongoing evolution in the crypto industry’s approach to asset management and user empowerment. This development reminds us of the importance of self-custody and the broader trend towards decentralization that continues to shape the future of digital finance.
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