FET, AGIX, OCEAN prices drop as ASI Governance votes start for first of three proposals

FET, AGIX, and OCEAN ecosystems are deliberating a merger under one umbrella: Artificial Superintelligence.
FET vote is first of three proposals, covering the transition of the network as the home of ASI, and FET as a 1:1 conversion.
Fetch.ai, SingularityNET, and Ocean Protocol are down 6%, 8%, and 7% as broader markets crash.

Fetch.ai (FET), SingularityNET (AGIX), and the Ocean Protocol (OCEAN) are deliberating a landmark merger to become one Artificial Superintelligence (ASI) token. With the proposed agreement on the table, the individual communities have put the proposal to a vote, with the FET ecosystem going first.

Also Read: Fetch.ai, SingularityNET, and Ocean Protocol to merge AI tokens

FET community vote on ASI merger commences

The Fetch.ai ecosystem started its vote for the proposed merger on April 2, marking the first governance proposal for the ASI alliance. “This proposal covers the transition of the network as the home of ASI, and FET as a 1:1 conversion,” indicated the network on its official X account as it urged community members to submit their votes.

Vote with your $FET! The 1st governance proposal for the @ASI_Alliance merger is live on the Fetch Network!

This proposal covers the transition of the network as the home of $ASI, and $FET as a 1:1 conversion.

Find the proposal details below https://t.co/wehcGhVuXJ pic.twitter.com/qaq99PfMn9
— Fetch.ai (@Fetch_ai) April 2, 2024

The basics of the governance proposal are: -

The rename of the network and FET token to ASI
A hard fork of the FET token contracts on the ETH and BSC networks
Notice for the change in the total supply of tokens to allow other projects to join the Artificial Superintelligence Alliance

The governance proposal is only available to FET token stakers, and the other communities will vote on their side regarding this merger. Separate governance proposals and corresponding tokenomics updates will be submitted for each project.

It does not matter which validator you're staking with, the amount of FET you stake will weigh in on how effective your vote will be. People that stake on an exchange have to check the exchange for their ability to take the vote.

Based on community engagement on the FET announcement, there is already concern about the total supply, with some calling for as high as 1.5 billion tokens.

You have my positive vote for the merger when there is a maximum supply of 1.5 billion tokens.

Otherwise, I will unfortunately be forced to vote against it with many others, and the merger will not go ahead.
— Anthonie(Volgen=Terugvolgen) (@Mellow01673379) April 2, 2024

Important takeaways about the ASI proposal vote

Voting on the first of the three proposals began on April 2 at 13:00 UTC and will remain open for five days.
Two further governance proposals will be submitted after the FET vote has concluded to accept both the AGIX and OCEAN ecosystems into the token.
Voting across all communities is expected to be finalized by Tuesday, April 16.

Cryptocurrency prices FAQs

How do new token launches or listings affect cryptocurrency prices?

Token launches like Arbitrum’s ARB airdrop and Optimism OP influence demand and adoption among market participants. Listings on crypto exchanges deepen the liquidity for an asset and add new participants to an asset’s network. This is typically bullish for a digital asset.

How do hacks affect cryptocurrency prices?

A hack is an event in which an attacker captures a large volume of the asset from a DeFi bridge or hot wallet of an exchange or any other crypto platform via exploits, bugs or other methods. The exploiter then transfers these tokens out of the exchange platforms to ultimately sell or swap the assets for other cryptocurrencies or stablecoins. Such events often involve an en masse panic triggering a sell-off in the affected assets.

How do macroeconomic releases and events affect cryptocurrency prices?

Macroeconomic events like the US Federal Reserve’s decision on interest rates influence risk assets like Bitcoin, mainly through the direct impact they have on the US Dollar. An increase in interest rate typically negatively influences Bitcoin and altcoin prices, and vice versa. If the US Dollar index declines, risk assets and associated leverage for trading gets cheaper, in turn driving crypto prices higher.

How do major crypto upgrades like halvings, hard forks affect cryptocurrency prices?

Halvings are typically considered bullish events as they slash the block reward in half for miners, constricting the supply of the asset. At consistent demand if the supply reduces, the asset’s price climbs. This has been observed in Bitcoin and Litecoin.

FET, AGIX, OCEAN prices moving in same direction

The three coins, FET, AGIX, and OCEAN, appear to be moving in the same direction, likely because of arbitrage until the merge completes. Specifically, Fetch.ai, SingularityNET, and the Ocean Protocol prices are down 6%, 8%, and 7%, respectively.

FET/USDT 1-day chart, AGIX/USDT 1-day chart, OCEAN/USDT 1-day chart

FXStreet team will bring you the results of the vote, even as the ASI calculator, which details the conversion rates to the Artificial Superintelligence Alliance token based on FET, AGIX, and OCEAN, is already up as put up by former Ocean Protocol core team member Mathew Kretschmann.

Wanting to see the conversion rates to the Artificial Superintelligence Alliance $ASI token based on $FET, $AGIX, and $OCEAN?

Former @oceanprotocol core team member @kremalicious has created the #ASI Calculator that lets you do exactly that https://t.co/vcwwWja26o pic.twitter.com/9S7YxBBpwG
— Fetch.ai (@Fetch_ai) April 2, 2024

Participants are asked to stay vigilant of impersonators.

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