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Bybit Exchange has decided to provide assistance for the long-awaited merger of Fetch.ai, Ocean Protocol, and SingularityNET into the ASI Alliance.
Bybit Backs ASI Token Merger Amid Coinbase Withdrawal, Ensuring Smooth Transition for Users
The news of Bybit's support on X was released by Fetch.ai, one of the primary projects involved in the merger. The company described the move as a big step forward with its announcement. A significant amount of reorganization was recently carried out by Bybit, which caused cryptocurrency lovers to express their concerns. It may be possible for the company to continue to be relevant in the business if it supports the merging of the ASI token.
Notably, this most recent backing from Bybit comes just a few days after the American cryptocurrency exchange Coinbase withdrew its support for the merger of the Artificial Superintelligence Alliance (ASI). Users of Coinbase were advised that they would be responsible for completing the move on their own, using their own wallets (Wallets).
Once the transfer process has begun, users will be able to convert their OCEAN and FET holdings to ASI using a standalone wallet such as Coinbase Wallet. The exchange announced that the ASI Token Merger will be interoperable with all of the major software wallets.
Following the event's postponement, the ASI token merger, including incorporating OCEAN and AGIX into FET, was made available to the public on July 1. This connection ensures that major listing sites such as CoinMarketCap and CoinGecko experience a seamless transition throughout the process. Despite these moves, there was no disruption in trading tokens on the FET market.
The introduction of the ASI coin resulted in the removal of AGIX and OCEAN from the markets of various exchanges. FET's trading and deposits will continue as usual, and a migration platform will be made available on the decentralized application (dApp) SingularityDAO.
The fact that FET is presently trading at $1.34 and has had a value decrease of 1.63% indicates that the merger has not yet affected the token's price so far. Nevertheless, the support for Bybit, considering the exchange's existing position in the market, may be the driving force behind a significant expansion boom.
Two-Stage ASI Token Merger Outlined, Ensuring Smooth Transition and Community Engagement
Notably, the merger will take place in two stages: the first will involve incorporating the other two tokens into FET, and the second will involve transitioning to ASI in the future. As per Coingape, the users of Fetch AI were advised before the transition that the network would be temporarily shut down to accommodate the transition.
These are some of the steps that will be taken for the update. They also assured that their assets would be instantly changed to the new ASI token.
As we move forward, the second phase will concentrate on the active participation of the community as well as the distribution of ASI tokens. A confirmation was made during phase 2 that it would prioritize a specific group of holders. Those holders who self-custody their tokens and distribute ASI tokens over multiple chains fall into this category. Additionally, it encompasses those that initiate new migration contracts to fetch AI updates to ASI.
Photo: Microsoft Bing
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