The Fetch AI network upgrade offers a manual portal for unsupported trades and automates the FET to ASI conversion, guaranteeing safe asset transfers.
As the platform prepares for its network upgrade, Fetch AI has pledged to automatically convert the assets of holders and stakers of FET on the mainnet to the new ASI. This significant transition represents a step forward in the development of the blockchain ecosystem of Fetch AI.
Automatic and Secure Conversion to ASI
Fetch AI has announced that the network will be temporarily stopped as part of the upgrade on the X platform. This step is necessary to accommodate the new system architecture required for the ASI tokens.
However, Fetch AI has ensured the security and precision of all staked funds and rewards during the network upgrade. FET holders on the mainnet are not required to take any action, as their tokens will be automatically transferred to ASI upon the completion of the transition.
While the upgrade is underway, there will be scheduled network downtime, but your natively staked funds and rewards will remain secure throughout the process.
This procedure guarantees that users’ value and operational continuity are not compromised and remain unaffected. Furthermore, the organization has emphasized that proper precautions have been implemented to safeguard the assets during the anticipated outage and upgrade process.
Provisions for Holders on Non-Supporting Exchanges
At the same time, Fetch AI has issued a roadmap for individuals who possess FET tokens on exchanges that do not facilitate the transition to ASI. A manual conversion portal will be published following the network upgrade, allowing users to transfer their assets to ASI tokens manually.
This method encompasses all users across various platforms to prevent individuals from being excluded during migration. Furthermore, Fetch AI has guaranteed that users will have access to sufficient resources to assist them in this process. Consequently, users will experience a smooth conversion process.
Phased Approach to Token Merger
The ASI token merge will occur in two significant stages, as indicated by the CoinGape report. The initial segment will involve the tokenization of AGIX and OCEAN in Fetch AI (FET) and their subsequent transfer to ASI.
This phase ensures that FET trading remains unaffected, facilitating a seamless rebranding process on platforms like CoinMarketCap and CoinGecko.
The rebranding process will commence on July 1, 2024, and will involve the termination of AGIX and OCEAN deposits and the modification of the project names and trademarks.
The second phase will concentrate on the community activation and distribution of ASI tokens, particularly emphasizing users who store their tokens in their wallets and distribute them across various channels.
Price Trends for FET, AGIX, and OCEAN
Despite the heightened investor interest that preceded the merger, FET, AGIX, and OCEAN have all experienced substantial declines. For example, Fetch AI (FET) has been unable to surpass the intra-day high of $0.6665, resulting in a decline to a low of $0.6054.
At the time of publication, FET was trading at $1.45, representing an 8.70% decrease from the resistance level. FET’s market capitalization and 24-hour trading volume decreased by 8.27% and 25.66%, respectively, to $1,226,786,413 and $223,293,436, in conjunction with this downward trend.
SingularityNET (AGIX) has also been bearish, with a price fluctuating between a 24-hour high and low of $0.6665 and $0.6054. AGIX was trading at $0.6117 at publication, representing a 7.70% decline from the intraday high.
AGIX’s market capitalization and trading volume experienced a corresponding decrease of 7.99% and 35.28%, respectively, to $787,225,281 and $55,775,872.
Ocean Protocol (OCEAN) experienced a significant decline after failing to surpass the 24-hour high of $0.6636, ultimately plummeting to a support level of $0.6034. OCEAN was down 7.97% when it was traded at $0.61.
During the downturn, OCEAN’s market capitalization and 24-hour trading volume experienced a decline of 7.97% and 30.39%, respectively, reaching $346,245,863 and $46,836,706.
