Fetch AI is gearing up for a significant network upgrade that will usher in a new era for its blockchain ecosystem. As part of this transition, the platform’s native token, FET, will be automatically converted to the new ASI token. Fetch AI has assured holders that the process will be secure and seamless, with provisions in place for users on unsupported exchanges.
The network upgrade will necessitate a temporary shutdown to facilitate the implementation of the new system architecture required for ASI tokens. However, Fetch AI guarantees the safety of all staked funds and rewards during this period.
For users holding FET on the Fetch AI mainnet, the conversion to ASI will occur automatically upon the upgrade’s completion. This eliminates the need for manual action, ensuring continuity and preserving the value of user holdings.
Acknowledging that not all exchanges will support the migration, Fetch AI has established a roadmap for users on such platforms. A dedicated conversion portal will be launched after the upgrade, allowing users to manually transfer their FET holdings to ASI. This inclusive approach ensures no one is left behind during the migration process.
The ASI token merge will unfold in two phases. The initial phase involves the tokenization of AGIX (SingularityNET) and OCEAN (Ocean Protocol) into FET, followed by their eventual transition to ASI. This phased approach guarantees uninterrupted FET trading and fosters smooth rebranding across platforms like CoinMarketCap and CoinGecko. The rebranding process commences on July 1, 2024, and will involve alterations to project names, logos, and the termination of AGIX and OCEAN deposits.
The second phase will center on community activation and ASI token distribution. This will focus on users holding tokens in their own wallets and ensuring ASI’s accessibility across various chains.
Despite the positive developments surrounding the merger and heightened investor interest, FET, AGIX, and OCEAN have experienced price dips. While the reasons behind this trend are unclear, it appears to be a short-term fluctuation.
This article provides a snapshot of the upcoming Fetch AI network upgrade and the FET to ASI conversion. With secure automatic conversion and a user-friendly manual portal for unsupported exchanges, Fetch AI is taking steps to ensure a smooth transition for its token holders.
