Fetch.ai, Ocean, and SingularityNET merger a step closer after proposal approval

• The Fetch.ai community has approved the first proposal that will see FET being renamed to ASI.
• The community will need to pass a vote for two more proposals for the merger to be fully approved.
• Fetch.ai begins recovery alongside the general crypto market.

The voting process for merging Fetch.ai, Ocean Protocol, and SingularityNET continues to draw traffic as Fetch.ai's community approved the first proposal on Tuesday to change its name to Artificial Super Intelligence (ASI).

Read more: FET, AGIX, OCEAN prices drop as ASI Governance votes start for first of three proposals

FET community gives a nod to the ASI

In a post on its X account on Sunday, Fetch.ai stated that its community approved the first proposal that will form the foundation for ASI with a 99.8% "Yes."

The first proposal covers renaming the Fetch.ai network and the underlying FET token to the ASI network and ASI, respectively, a hard fork of the FET token contracts on the Ethereum network and BNB Smart chain, and a change in the token's total supply to allow the merger of Ocean protocol and SingularityNET.

Also read: Fetch.ai, SingularityNET, and Ocean Protocol to merge AI tokens

In another X post on Monday, Fetch.ai announced that voting for its second and third proposals has begun, encouraging users to vote with their FET tokens. The proposals include increasing the supply of ASI tokens to "accommodate" the merger of AGIX and OCEAN at different specific price ratios. The merger would debut the newly formed ASI token with a market capitalization of $7.5 billion.

Since the post, FET, AGIX, and OCEAN have recorded gains alongside the general crypto market. According to data from CoinGecko, AGIX's price has increased by 5.19% in the last 24 hours, while FET and OCEAN have risen by 4% and 3.8%, respectively.

The newly formed ASI, if successful, may trigger a rally for AI tokens in the coming months.

Read more: Ethereum's price recovery looks imminent as ETF approval sees a glimmer hope

The three projects have previously stated in a joint press release that the reason for the merger is to ensure that AGI (Artificial General Intelligence) and ASI, as they develop, are not owned and controlled by any particular party with its biased interests. "They should be rolled out in an open, democratic and decentralized way," said Dr. Ben Goertzel, Founder and CEO of SingularityNET.