In a move to address community concerns, Fetch.ai founder Humayun Sheikh has provided clarity on Coinbase’s role in the upcoming merger involving Fetch.ai (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN). This significant transition, set to commence on July 1, will see FET tokens converted into the new Artificial SuperIntelligence (ASI) tokens.
Fetch.ai has assured its community that the conversion will be automated for FET holders on the platform’s mainnet. This upgrade ensures the secure transfer of assets, with a manual portal available for unsupported exchanges. The network will undergo a temporary shutdown to facilitate this critical upgrade, aligning with the new system architecture required for ASI tokens.
$fet is ASI. $ocean and $agix are merging into $fet. CEXs don’t need to delist or relist $fet it is there already. If you hold $fet do nothing. We are working hard to resolve any issues please bear with us. Timeline has not changed. @coinbase has only announced that the swap will…
— Humayun (@HMsheikh4) June 27, 2024
Despite Coinbase’s announcement that it will not support the tripartite merger, Sheikh reassured that this does not impact the process. He emphasized that FET is already listed on many centralized exchanges (CEXes), and thus, there is no need for these platforms to relist the token. Fetch.ai is in discussions with Coinbase to seek a resolution, particularly focusing on the custodial wallets which will allow swaps between alliance tokens.
BREAKING 🚨🚨@coinbase will not be supporting the biggest crytpo merger of ASI.
Please pay close attention if you hold @Fetch_ai, OCEAN, or AGIX!!
You will have to migrate your coins yourself. pic.twitter.com/lKZ6vtdgTt
— Brad Knight (@BradKnight_21) June 27, 2024
The merger process involves integrating AGIX and OCEAN into FET before transitioning to ASI. This planned upgrade guarantees the security of staked funds and rewards, with FET tokens automatically converting to ASI for mainnet users. Sheikh highlighted that different exchanges have unique procedures to support the ASI Alliance, ensuring operational continuity and user value protection during the transition.
For those with FET tokens on non-supporting exchanges, Fetch.ai will provide a manual conversion portal post-upgrade. This inclusive approach ensures all users can participate in the migration, with ample resources available to assist in the conversion process.
As the ecosystem faces current market pressures, Sheikh reaffirmed that many exchanges are on board with the merger, promising a smooth and secure transition for all stakeholders.
