KEY TAKEAWAYS
- Ocean Protocol Foundation exits the ASI Alliance, resigning its directors and membership.
- Despite the withdrawal, Ocean Protocol secures funding for future development and plans to buy back and burn $OCEAN tokens.
- 81% of $OCEAN tokens have been converted to $FET, with a bridge open for remaining holders to convert.
- $OCEAN tokens are available on major exchanges like Coinbase, Kraken, and Binance US.
In a significant move, the Ocean Protocol Foundation has announced its withdrawal from the Superintelligence Alliance (Singapore) Ltd, also known as the ASI Alliance. This decision, effective immediately, involves the resignation of Ocean Protocol’s designated directors and its membership from the Alliance. The ASI Alliance was initially formed to promote decentralized AI through a token merger.
Ocean Protocol has been actively involved with the ASI Alliance, participating in technology integration efforts, joint podcasts, and community events such as the Superintelligence Summit and ETHGlobal NYC hackathon over the past year. Despite the withdrawal, Ocean Protocol has confirmed that funding for its future development efforts is fully secured. A portion of profits from spin-outs of Ocean-derived technologies will be used to buy back and burn $OCEAN tokens, contributing to a permanent reduction in the token’s supply.
Token Conversion and Exchange Listings
Since July 2024, a significant portion of the $OCEAN token supply, amounting to 81%, has been converted into $FET. However, there remain 37,334 $OCEAN token holders, representing 270 million $OCEAN, who have not yet converted to $FET on the existing $OCEAN token contract. These holders have the autonomy to decide whether to continue holding $FET or not.
The token bridge, managed by Fetch.ai, remains open for $OCEAN holders to convert their tokens to $FET at a rate of 0.433226 $FET per $OCEAN. Exchanges that previously de-listed $OCEAN may now consider re-listing the token. Currently, $OCEAN can be exchanged on platforms such as Coinbase, Kraken, UpBit, Binance US, Uniswap, and SushiSwap.
For more information, the full announcement can be found here.
Why This Matters: Impact, Industry Trends & Expert Insights
The Ocean Protocol Foundation’s withdrawal from the ASI Alliance marks a significant shift in its strategic direction, affecting the $OCEAN token and its holders. This decision impacts the decentralized AI collaboration landscape and token economics.
A recent industry report highlights the maturation of blockchain infrastructure, which enables scalable and cost-effective decentralized AI applications. This trend aligns with Ocean Protocol’s strategic move to focus on its own development efforts and tokenomics, as evidenced by its decision to withdraw from the ASI Alliance.
As per insights from a Crypto AI Analysis, Ocean Protocol’s strategic development reflects a blend of technical innovation and strategic alliances. This supports the foundation’s focus on enhancing its network capabilities and aligning with global sustainable ocean economy initiatives, reinforcing its long-term vision post-ASI Alliance withdrawal.
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