Ocean Protocol Dumps ASI Alliance: Charts its Own Course

Ocean Protocol Breaks From ASI Alliance: What's Next?

Ocean Protocol has announced its departure from the Artificial Superintelligence (ASI) Alliance, a collaborative effort aimed at fostering decentralized AI technology. This decision marks a significant shift in strategy for the project, which was initially involved in merging its OCEAN token with FET and AGIX to form a unified ASI token.

Key Takeaways:

• Ocean Protocol withdraws from the ASI Alliance to pursue independent development.
• The foundation will use profits from Ocean-derived tech to buy back and burn OCEAN tokens.
• OCEAN token price jumps following the announcement.

Going Solo

Ocean Protocol cites secured development funding as a key factor enabling its independent path. The foundation has officially withdrawn its directors from the ASI Alliance and ended its membership.

The original goal of the ASI Alliance was to accelerate the development of ethical and decentralized artificial general intelligence (AGI) and superintelligence. A core component of this plan involved merging Fetch.ai (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN) into a single token under the FET ticker.

The OCEAN Token's Future

Ocean Protocol intends to use a portion of the profits from spin-offs of its technologies to buy back and burn OCEAN tokens. This move aims to potentially increase the value of the remaining OCEAN tokens.

While a significant portion (81%) of the OCEAN supply has already been converted to FET, around 270 million OCEAN tokens remain unconverted, held by approximately 37,334 holders. The token bridge remains open for those who wish to swap OCEAN for FET.

Exchanges that previously delisted OCEAN after the merge now have the option to relist the token.

Market Reaction

Following the announcement, the OCEAN token experienced a price increase, while FET saw a slight decrease. As of the latest data, OCEAN is trading up around 7% at $0.26, while FET is down approximately 3% at $0.51.