FET (FET) Tokenomics

The Artificial Superintelligence Alliance (ASI) is a unified project resulting from the merger of three decentralized AI projects: Fetch.ai, SingularityNET, and Ocean Protocol. The ASI token is intended to be the universal currency for this combined ecosystem.

The token economics are primarily defined by the merger process and the conversion of the legacy tokens ($FET, $AGIX, and $OCEAN) into the new $ASI token.

Issuance and Allocation Mechanism

The total supply of the new $ASI token is 2.63 billion. This supply is primarily allocated through the conversion of the legacy tokens at fixed rates.

Token Conversion Rates

The merger involves swapping the existing tokens for $ASI at the following fixed rates:

Note: The FET token serves as the base for the merger, with the other tokens converting into ASI relative to FET's value.

The 866.70 million ASI allocated for AGIX swaps represents 33.00% of the total ASI token supply. The swap mechanism for legacy token holders is designed to remain open indefinitely, meaning there is no deadline for token holders to exchange their old tokens for ASI.

Usage and Incentive Mechanism

The ASI token is designed to serve as the core medium of exchange and governance across the unified AI ecosystem.

Core Utility

• Medium of Payment: The ASI token is expected to be used to facilitate transactions within the Alliance's AI marketplace, similar to how the legacy AGIX token was used on the SingularityNET marketplace. This includes paying for AI services, such as API calls to AI agents.
• Governance: The Artificial Superintelligence Alliance will be governed by an Artificial Superintelligence Council and ASI tokenholders. Holding ASI grants tokenholders governance rights, allowing them to participate in decision-making processes, such as approving or rejecting grant proposals for ecosystem funding (a function previously handled by AGIX tokenholders for the Deep Funding allocation pool).

Staking and Rewards

The vision paper for the Artificial Superintelligence Alliance suggests that the ASI token will feature a staking mechanism.

• Staking Mechanism: A staking mechanism for the ASI token was anticipated for release in May 2024.
• Conversion of Staking Pools: Initial allocation pools held in legacy tokens, including the staking allocation pools, are set to be converted to ASI tokens at the predetermined conversion rates.
• Legacy Staking Model (AGIX): The previous staking model for AGIX involved 30-day staking windows with rewards paid out proportionally to a user's stake. Users could withdraw their stake and accrued rewards at the end of the 30-day period, or the protocol would automatically restake the funds for the next window.

Locking Mechanism and Unlocking Time

The token swap mechanism for the merger is designed to be flexible, with no deadline for holders of $FET, $AGIX, and $OCEAN to swap their tokens for $ASI.

• Swap Availability: The token swap mechanism will remain open indefinitely.
• Exchange Handling: Tokens held on exchanges are expected to be automatically relabeled as $ASI tokens.
• Wallet Holders: A token swap mechanism will be made available for those holding $AGIX and $OCEAN tokens in hard wallets or offline.

Specific, detailed information regarding the vesting schedules, lock-up periods, and future unlock dates for the newly issued ASI tokens (beyond the initial conversion of legacy tokens) was not available.