Ocean Protocol withdraws from AI token alliance 'ASI Alliance'… Pursues independent tokenomics

The cryptocurrency project Ocean Protocol has reportedly officially withdrawn from the AI-based token coalition 'ASI (Artificial Superintelligence) Alliance'.

According to crypto-focused media The Block on the 9th (local time), the Ocean Protocol Foundation said on its official blog that "it is leaving the ASI Alliance to build independent tokenomics," and that "it has withdrawn its board representative and immediately terminated its membership." As a result of this decision, the OCEAN token will decouple from Fetch.ai's FET and will be listed independently.

The ASI Alliance was launched in March last year led by Ocean Protocol, Fetch.ai, and SingularityNET, aiming to integrate the three projects' tokens (OCEAN·AGIX·FET) into a single ecosystem. Subsequently, FET was designated as the alliance's base asset, allowing AGIX and OCEAN holders to exchange at certain ratios for FET, and the integrated token was rebranded as 'ASI.'

However, Ocean explained that "it is necessary to secure independent funding and flexibility in token design," adding, "we will continuously reduce supply by using part of the profits from future Ocean-based technology spin-outs to buy back and burn OCEAN in the market." Currently, about 81% of the total OCEAN supply has been converted to FET, and approximately 270 million OCEAN remain across around 37,000 addresses.

Fetch.ai and SingularityNET stated that the basic direction of cooperation will not change despite this decision. The ASI Alliance said on X (formerly Twitter) that "the transition is a natural process" and that "Ocean Protocol's withdrawal will not affect core technology development or ecosystem advancement."

Meanwhile, the bridge managed by Fetch.ai remains open, and OCEAN holders can convert at a rate of 0.433226 FET per 1 OCEAN. OCEAN will continue to be traded separately on major exchanges such as Coinbase, Kraken, Upbit, Binance.US, Uniswap, and Sushiswap.