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ToggleOcean Protocol Foundation – the organization that operates the Ocean Protocol project has just announced in its official blog that it withdraws all representatives and terminates its membership from the Artificial Superintelligence Alliance (ASI Alliance).
What is ASI Alliance?
Founded in March 2024 by Fetch.ai, SingularityNET , and Ocean Protocol , the ASI Alliance aims to unify three decentralized AI ecosystems under a single Token . Instead of Token Issuance , the two assets AGIX and OCEAN are allowed to be swapped for Fetch.ai 's FET Token , which has since been renamed the Artificial Superintelligence Alliance (FET).
Ocean retreat: A turning point for the ecosystem
According to the announcement, Ocean said all future development activities are secured Capital , and a portion of profits from technology projects will be used to buy back and burn OCEAN, to reduce long-term supply.
The move to withdraw from ASI, according to Ocean, comes from a desire to maintain flexibility for the community and investors, regardless of the alliance's direction or strategy.
The direct consequence is that the OCEAN Token can be separated from the de-peg mechanism and re-listed independently on global exchanges in the near future.
Response from ASI Alliance
On its official account, ASI Alliance posted the message: “Consensus is the foundation of all cooperation. It is natural for a member to change direction.”
Meanwhile, Fetch.ai emphasized that: “The ASI Alliance was formed on a voluntary basis, and the common goal remains the same – building a decentralized, transparent, and open AI infrastructure.”
Importance of the event
Ocean is one of the three founding pillars of ASI, so this withdrawal could impact investor confidence in the AI Token consolidation project.
On the other hand, OCEAN's return to an independent state allows the team to freely adjust tokenomics, implement a buyback & burn mechanism, and pave the way for the possibility of relisting on exchanges that were Delisting during the merger.
Consolidation context
- ASI Token March 2024: Fetch.ai, SingularityNET , and Ocean Protocol announce plans to merge, creating an ASI (Artificial Superintelligence) Token with a diluted market Capital of approximately $7.5 billion.
- AGIX and OCEAN holders can voluntarily swap to FET at a fixed rate, while unswapped Token remain valid on the original contract.
- Despite the rebranding to ASI, no new smart contracts were created – FET was just rebranded, so exchanges still list the Token under the FET symbol.
- As of July 2024, approximately 81% of the total OCEAN supply has been converted, leaving 270 million OCEAN in over 37,000 wallets.
- By September 2024, CUDOS will be added to the alliance to increase computing power for the ecosystem.
Conclude
Ocean Protocol 's decision marks a new chapter in its development journey, as the project regains full control over the technical and economic direction of the Token.
This split could pave the way for a wave of relisting of OCEAN on major exchanges such as Coinbase, Kraken, Upbit, Binance US, Uniswap or SushiSwap, while helping the project consolidate its own identity in the context of the widespread AI Token consolidation trend.
Ocean chose to go independent, and maybe that will bring them back to their original vision: building a decentralized, free, and transparent AI data platform.
