Three Altcoins Had Merged: The Grand Alliance Collapsed, Leading to a Significant Price Drop

The Ocean Protocol (OCEAN) Foundation has announced its withdrawal from the Artificial Superintelligence Alliance (ASI), the group it formed alongside Fetch.ai and SingularityNET. In a blog post published today, the foundation announced that it has “withdrawn its appointed officers and resigned from membership, effective immediately.”

Founded in March 2024, ASI aimed to unify the Fetch.ai, SingularityNET, and Ocean Protocol ecosystems under a single, unified AI token. This process involved converting AGIX and OCEAN tokens into Fetch.ai’s FET token at fixed rates, after which FET was rebranded as ASI. Because no new smart contract was created, most exchanges and data platforms still list the token with the ticker symbol FET.

ASI’s statement regarding Ocean Protocol’s departure stated, “Alignment is crucial in any evolving partnership. Transitions are natural.” The statement also asserted that Ocean’s departure would not impact ASI’s core technology structure or development momentum. Fetch.ai similarly stated, “The ASI Alliance is a voluntary collaboration, and our goal remains unchanged: to advance an open and decentralized AI infrastructure.”

Ocean Protocol stated that its decision to separate stemmed from its goal of ensuring independent funding and tokenomic flexibility. The project announced that funding for future development is fully secured, and a portion of the proceeds from Ocean-based technologies will be used for the OCEAN token burn. This mechanism aims to create a permanent reduction in the token supply.

Following the developments, there was a double-digit drop in the ASI price:

Daily chart showing the decline in ASI price.

*This is not investment advice.

Source