The major cryptocurrency exchange Binance has announced its endorsement for the merger of three altcoins: Fetch.ai (FET), Ocean Protocol (OCEAN), and SingularityNET (AGIX), into a new cryptocurrency named Artificial Superintelligence (ASI). The transition will be carried out through several crucial steps and timelines to ensure a seamless process for the holders of these altcoins.
What Are the Key Timelines for FET, OCEAN, and AGIX?
Binance will begin by suspending deposits and withdrawals for FET, OCEAN, and AGIX starting at 06:30 AM (UTC) on July 1, 2024. Users are strongly encouraged to finalize their deposit transactions before this deadline. Post-merger, Binance will update the community on when the deposits and withdrawals for the new ASI coin will be made available.
Following the merger, deposits and withdrawals for the individual coins FET, OCEAN, and AGIX will no longer be accepted. Binance will manage all the relevant technical procedures necessary for the transition on behalf of its users.
How Will the Conversion Rates Affect Users?
The coins will be converted at specific rates: 1 FET will equal 1 ASI, 1 OCEAN will convert to 0.433226 ASI, and 1 AGIX will exchange for 0.433350 ASI. These conversions will be visible in users’ accounts once the merger is completed.
Additionally, trading for all spot pairs involving FET, OCEAN, and AGIX will be delisted and halted from 06:00 AM (UTC) on July 1, 2024. Users should adjust or cancel trading bot strategies to avoid losses. Trading for new pairs like ASI/BNB, ASI/BTC, and ASI/USDT will start at 11:00 AM (UTC) on July 5, 2024.
Important User Guidelines
– Ensure all FET, OCEAN, and AGIX deposits are completed before 06:30 AM (UTC) on July 1, 2024.
– Monitor Binance announcements for the resumption of ASI deposits and withdrawals.
– Update or cancel trading bot strategies before July 1, 2024, to mitigate risks.
– Close futures trading positions for FETUSDT, OCEANUSDT, and AGIXUSDT contracts before June 25, 2024.
– Be aware that margin trading for AGIX/BTC, FET/USDT, and OCEAN/BTC pairs will cease by June 26, 2024.
In conclusion, Binance’s initiative to merge FET, OCEAN, and AGIX into the new ASI coin aims to streamline the user experience and introduce a unified altcoin. Users are advised to follow the outlined timelines to ensure a smooth transition.