The Ocean Protocol development team announced its decision to exit the Artificial Superintelligence (ASI) Alliance, which was established in collaboration with Fetch.ai and SingularityNET. This decision took effect immediately, along with the withdrawal of Ocean Protocol representatives from the alliance’s board of directors.
This is reported by Finway
Reasons for Ocean Protocol’s Exit and Future Plans
In March 2024, ASI was founded with the aim of uniting the ecosystems of three artificial intelligence projects under a single token. According to the terms, AGIX and OCEAN tokens could be voluntarily exchanged for FET, which was rebranded as ASI. No new smart contract was created; only the tokenomics and rebranding were agreed upon.
Ocean Protocol explained its exit as a desire to maintain an independent economic model and control over the supply of its own token. The team plans to support the project’s development through revenues from technological spin-outs and direct a portion of these funds towards the buyback and burning of OCEAN. The goal is to reduce the token’s circulation and support its price stability.
As of July 2024, according to Ocean Protocol, approximately 81% of all OCEAN tokens had been converted to FET. However, over 270 million OCEAN tokens remain in circulation, distributed among more than 37,000 addresses. The Fetch.ai conversion bridge remains open, and the OCEAN token continues to be listed on exchanges such as Coinbase, Kraken, Binance US, and Uniswap.
Response from the ASI Alliance and Fetch.ai
In the past, the alliance actively collaborated on technological integrations, educational initiatives, and hosted specialized events, including the Superintelligence Summit. However, as stated by Ocean Protocol, the need for flexibility and independent funding became crucial for adopting a self-directed development path for the fund.
The exit of Ocean Protocol from the Alliance does not affect the core technology stack – momentum and development remain undiminished within the founding teams. The ASI Alliance remains fully aligned in its…
In their comments, ASI representatives emphasized that the separation occurred amicably, and that “transitions are natural in evolving partnerships.” Fetch.ai also highlighted that the alliance’s core mission remains unchanged — to develop an open and decentralized infrastructure for artificial intelligence.
Following the announcement of Ocean Protocol’s exit, the ASI token price dropped by approximately 4.7%. Over the past week, the decline has totaled 18.6%.
It was previously reported that Polymarket co-founder Shane Coplan suggested the possibility of issuing a new POLY token.