ASI Merger: What is Happening With Fetch.ai (FET)? What Do I Do Next?

Fetch.ai, Ocean Protocol, and SingularityNET, three companies working on artificial intelligence (AI), have joined forces to create the Artificial Superintelligence Alliance (ASI). But what does that mean for the corresponding crypto tokens?

They say this merger will be a "new era for AI" and challenge the dominance of big tech companies in this field. But let's break down what this really means for you.

What's changing with FET?

If you own Fetch.ai's cryptocurrency token, FET, it will be called ASI as of July 15. You'll need to swap your old tokens for the new ones through a process they claim is "smooth." If you own other tokens like AGIX or OCEAN, those will also be swapped for ASI, but at different rates.

This new ASI token will be the currency of this new AI ecosystem.

Please see an update to this story at the bottom of this article.

Why are they doing this?

The companies involved claim this merger will help them create more advanced AI, faster. They want to build a decentralised system where AI isn't controlled by a few big players. While this sounds good in theory, it remains to be seen how this will play out in reality.

Should you be excited about this if you hold FET?

That depends. If you're already invested in these companies, the merger might sound promising. But it's important to remember that the crypto world is highly volatile. Mergers don't always guarantee success, and the value of ASI could go up or down. It's crucial to do your own research and understand the risks involved before making any decisions.

The ASI Alliance is making big promises about a more open and accessible AI future. It's an ambitious project, but only time will tell if they can deliver on their vision. As always, be cautious and informed when it comes to your investments.

Dominic Gluchowski, an executive from CoinJar, says, "If your crypto tokens are undergoing changes on the blockchain, like getting a new name or being swapped for different ones, it's smarter to keep them in your own digital wallet (like MetaMask) rather than leaving them on an exchange. This way, you won't risk missing out on any new tokens that might come your way.”

If you are unsure of this process, there is more advice. Gluchowski says, “To be extra safe, always start by transferring a small number of tokens as a test run. Once you're sure it worked, you can transfer the rest with more confidence."

Keep an eye on Fetch.ai’s blog here.

Here's what we know so far:

Swap timing

The process for swapping your FET for ASI will likely start in the second half of July. We don't have an exact date yet, but we expect the swap window to be open for quite a while.

CoinJar's decision

We haven't yet decided whether CoinJar will automatically swap your FET for ASI on your behalf. We're waiting for more information from Fetch.ai before making that call. We'll let you know as soon as we have more details.

Taxes

This swap might be considered a taxable event, as you're essentially exchanging one asset for another. It's important to talk to your accountant or tax advisor for personalised guidance, as CoinJar isn't able to give tax advice.

We'll keep you updated

We're committed to keeping you informed about the FET to ASI transition. Please watch for updates from us in the coming weeks. We'll let you know as soon as we have more information about the swap timing and our decision on automatic conversion.

Update to the ASI Merger story

There has been an update with new information to what is happening with the FET merger.

The ASI Token Merger involves three projects: SingularityNET, Fetch.ai, and Ocean Protocol. When merged, they will be a single decentralised AI project called the Artificial Superintelligence Alliance (ASI).

Phase 1 ASI Token Merger

SingularityNET’s AGIX and Ocean Protocol’s OCEAN tokens will merge into Fetch.ai’s FET. This consolidation happens on the Ethereum Blockchain. The project will be rebranded as the Artificial Superintelligence Alliance.

Trading will continue. FET markets will remain open under the FET ticker. If you hold tokens on exchanges, some will automatically convert to FET. However not every exchange will automatically convert them. CoinJar can’t merge them automatically, as the CoinJar platform does not list the two other coins in the merger, SingularityNET and Ocean Protocol. There are ASI merger tutorials available on the official ASI website.

If you self-custody your tokens (that is, hold them in your own digital wallet, you can convert them into FET).

Phase 2 ASI Token Merger

Community onboarding will focus on self-custody holders. Then, ASI token will be deployed across chains. There will be network upgrades and the Fetch.ai network becomes the ASI network. Exchanges will switch from FET to ASI.

Be cautious of scams during this transition. Remember, there will never be a need to disclose private info or seed phrases.