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>>The collapse of a planned merger between three alternative cryptocurrencies triggered a sharp decline in their prices.

The collapse of a planned merger between three alternative cryptocurrencies triggered a sharp decline in their prices.

crypthub

3 days ago

Ocean Protocol's Departure from ASI Alliance

The Ocean Protocol Foundation has officially withdrawn from the Artificial Superintelligence Alliance (ASI), a collaboration also involving Fetch.ai and SingularityNET. This immediate departure signifies a shift in Ocean Protocol's strategic direction. The foundation’s officers have been removed, and membership has been relinquished.

Formation and Initial Goals of ASI

Established in March 2024, the ASI Alliance aimed to unify the three AI ecosystems through a single token. The plan initially involved converting AGIX and OCEAN tokens into Fetch.ai's FET token, subsequently rebranded as ASI. Despite this, exchanges largely still identify the token as FET.

Reasons for Ocean Protocol's Exit and Future Plans

Ocean Protocol cited the need for independent funding and tokenomic flexibility as the reason for its departure. The project confirms that future development funding is secured. They also plan to implement a token burn mechanism to reduce the OCEAN token supply permanently.

Impact and Ongoing Commitment

ASI and Fetch.ai maintain that Ocean Protocol’s exit will not disrupt the alliance’s technological progress. Both organizations reaffirm their commitment to advancing decentralized AI infrastructure. ASI acknowledges that evolving partnerships require adjustments and transitions.