In an announcement made on April 16, SingularityNet, Fetch.ai, and Ocean Protocol have gained approval from their token holders for a merger.
In an announcement made on April 16, SingularityNet, Fetch.ai, and Ocean Protocol have gained approval from their token holders for a merger, paving the way for the creation of the Artificial Superintelligence Alliance (ASI) project, valued at $7.5 billion. The official launch of ASI is slated for May 24.
ASI token would replace the Fetch.AI (FET) token, with a total supply of 2.6 billion tokens. Moreover, SingularityNet (AGIX) and Ocean (OCEAN) tokens would be converted into ASI at an approximate ratio of 0.43:1. Following the merger, the ASI tokens would collectively possess a value of $7.5 billion.
Humayun Sheikh, CEO of Fetch.ai and chairman of the Artificial Superintelligence Alliance, expressed the vision behind the merger, stating, "Our objective is to establish a decentralized AI infrastructure on a large scale, ensuring ethical and trustworthy practices. By amalgamating our platforms, we empower both developers and users, fostering a more democratic and transparent AI ecosystem."
ASI is currently focused on three primary areas of development: the deployment of AI agents in commercial contexts, the advancement of neural symbolic language learning models (LLMs), and the sharing and utilization of AI data. Sheikh emphasized their revenue generation plans, stating, "In the near term, we anticipate generating revenue as we launch the agentic network for deployment. Our immediate goals involve introducing a range of commercial products that bring AI applications to life."
Looking ahead, ASI intends to dedicate further investment to its GPU infrastructure, which will support its commercial, computing, and data-related endeavors. Fetch.ai recently initiated a $100 million investment campaign to deploy Nvidia H200, H100, and A100 GPUs, creating a platform that enables developers and users to leverage computational power.
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