Ocean Protocol Breaks From ASI Alliance: A New Direction

Ocean Protocol has announced its departure from the Artificial Superintelligence (ASI) Alliance, a collaboration aimed at fostering decentralized AI development. This move signifies a shift in strategy for Ocean, with a renewed focus on independent projects and token management.

Key Takeaways:

• Ocean Protocol withdraws from the ASI Alliance.
• The foundation will initiate OCEAN token buybacks and burns, utilizing profits from Ocean-derived technologies.
• OCEAN token experiences a price surge following the announcement.

Going Solo: Ocean's Independent Vision

The decision to leave the ASI Alliance marks a significant turning point for Ocean Protocol. The alliance, which aimed to merge FET, AGIX, and OCEAN tokens into the ASI token, initially seemed promising. However, Ocean Protocol has now decided to pursue its own independent path.

OCEAN Token Strategy

Ocean Protocol plans to use profits from "spin-outs of Ocean-derived technologies" to buy back and burn OCEAN tokens. This strategy aims to enhance the value of the remaining tokens.

Currently, a significant portion (81%) of OCEAN tokens has already been converted to FET. However, approximately 270 million OCEAN tokens, held by 37,334 holders, are yet to be swapped. The token bridge remains open for optional conversion.

Market Reaction

The news has had an immediate impact on the market. The OCEAN token has seen a significant increase, trading up over 7%. Conversely, the FET token has experienced a slight dip.

Exchanges that delisted OCEAN following the merger announcement now have the option to relist it.