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Key Takeaways
The Ocean Protocol Foundation has announced its immediate withdrawal from the Artificial Superintelligence (ASI) Alliance, ending a year of collaboration as Ocean redirects its focus to independent development.
Going Solo
As per the latest post from Ocean, the foundation has officially withdrawn its designated ASI Alliance directors and resigned as one of its members.
The ASI Alliance is a collaborative entity founded to promote decentralized AI tech. The aim? Work together to accelerate ethical, decentralized artificial general intelligence (AGI) and superintelligence development. This included merging three major crypto AI tokens: Fetch.ai (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN) into a single unified token, namely Artificial Superintelligence under the FET ticker. The process began in June 2024 and was finalized in July that year. After working closely with the ASI, Ocean has decided to pursue a path of independence.
OCEAN Token
Ocean says that now, its development funding efforts are fully secured. It explains that “a portion” of profits garnered from “spin-outs of Ocean-derived technologies” will be leveraged to buy back and burn OCEAN tokens. Since then, 81% of the OCEAN token supply has been converted into FET. The post highlights that around 37,334 holders representing 270 million OCEAN tokens have not yet converted to FET. This is still optional, and OCEAN holders can swap for FET via their token bridge.
Ocean also notes that any exchange that delisted OCEAN following the merge can decide whether or not they wish to re-list the token. The OCEAN token is trading up 7.56% upon the news at $0.26 with a market cap of $160.11 million. For this part, FET is trading down 3.21% upon the news at $0.51 with a market cap of $1.26 billion.
This article has been published in ccn.com via Yahoo News.
