TL;DR
- Ocean Protocol left the Superintelligence Alliance (ASI), the partnership uniting AI and blockchain projects.
- Consequences: The OCEAN token surged over 20%, while Fetch.ai’s FET token fell due to the burden of the token conversion.
- ai reported a burden of 600 million extra FET tokens converted from OCEAN.
The decentralized data project Ocean Protocol announced its withdrawal from the artificial intelligence alliance. This triggered a rise in the price of its OCEAN token. Conversely, Fetch.ai’s FET token dropped due to the burden of the token conversion.
Ocean Protocol resigned from the Superintelligence Alliance (ASI), the association that aimed to unite leading projects in AI and blockchain infrastructure. The ASI coalition, which originally intended to merge Fetch.ai, SingularityNET, Ocean Protocol, and Cudos, has received a subtle blow.
Following the announcement, the Ocean Protocol Foundation confirmed its resignation from Superintelligence Alliance Ltd. It also withdrew all its designated directors in the coalition. This entire movement has been perceived positively by the market, as evidenced by the OCEAN token’s surge of over 20% in just a matter of hours, trading around $0.29, driven by renewed marketing and the reduced circulating supply.
Impact on Fetch.ai and the FET Token
The impact on Fetch.ai’s token, FET, was the opposite. After the news became public, the price of this token fell to a new local low of $0.51, erasing 6.9% of its value for the day.
Despite this setback, Fetch.ai stated that the withdrawal will not materially affect the technology or goals of the ASI project. However, the alliance now faces the pressure of diluted tokens, as Fetch.ai has been left with the burden of 600 million extra FET tokens resulting from the OCEAN conversion.
Ocean Protocol analysts, despite the drop in FET, are confident in their independent development. The Foundation has secured funding for its autonomous activity and plans to use part of the profits to repurchase OCEAN tokens. The decision highlights the complex dynamics of token alliances and the weight of regulation in the growing decentralized AI (DePIN) sector.
Community expectation is high. Everyone awaits actions from the ASI Alliance to mitigate the pressure on FET, suggesting buybacks, token burns, or incentives to stabilize the price.
