Key Takeaways
- Ocean Protocol is separating from the decentralized AI alliance, which merged the tokens of three Web3 AI projects.
- The foundation will begin purchasing and burning OCEAN tokens.
- The OCEAN token is trading up over 7% at $0.26 following the news.
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As per the latest post from Ocean, the foundation has officially withdrawn its designated ASI Alliance directors and resigned as one of its members.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.
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Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
