Binance is gearing up for a significant milestone in the AI cryptocurrency sector with the introduction of ASI token trading ahead of schedule, paving the way for the merger involving Fetch.ai, Ocean Protocol, and SingularityNET.
Scheduled for July 5, Binance will commence ASI token trading, a proactive move preceding the rescheduled merger date of July 15 for FET, OCEAN, and AGIX. This strategic decision underscores Binance’s commitment to facilitating a seamless transition for its users.
Binance Technical Preparations and User Guidance
Beginning July 1, Binance will suspend deposits and withdrawals for FET, OCEAN, and AGIX to facilitate technical adjustments smoothly. Users can expect comprehensive support from Binance to ensure a smooth transition to ASI token trading, including delisting existing trading pairs and removing corresponding orders.
Impact on the AI Crypto Market
The introduction of ASI token trading is poised to influence AI crypto market dynamics significantly. Binance will support ASI trading against various pairs, including BNB, BTC, BRL, FDUSD, TRY, USDC, and USDT, starting July 5, offering diverse trading avenues and bolstering liquidity.
Futures Contracts and Margin Trading Adjustments
To prepare for the merger, Binance will conclude all related futures contracts by June 25 and delist associated margin trading pairs by June 26. Users are advised to manage their positions accordingly to mitigate potential risks. Binance will automatically convert outstanding loan positions and flexible earn products tied to FET, OCEAN, and AGIX into ASI, streamlining the process for investors.
Conversion ratios for the tokens are specified as follows:
- 1 FET converts to 1 ASI
- 1 OCEAN converts to 0.433226 ASI
- 1 AGIX converts to 0.433350 ASI
We calculate these ratios based on current valuations to harmonize the overall value of the merged entities. After completing the merger, Binance will reopen deposits and withdrawals for ASI, marking the transition phase-out of original tokens.
Conclusion
The impending launch of ASI token trading and the merger of FET, OCEAN, and AGIX represent a transformative step forward in the AI cryptocurrency landscape. This consolidation not only enhances the operational scope and market influence of AI tokens but also sets a precedent for future integrations in the crypto sector. With Binance at the helm of this initiative, traders and investors can anticipate a streamlined and innovative trading experience.
