Ocean Protocol Exits AI Alliance as FET Slides 21% on Liquidity Shift

Ocean Protocol Foundation confirmed its withdrawal from the Artificial Superintelligence Alliance, closing its chapter with Fetch.ai (FET) and SingularityNET (AGIX).

The move followed the resignation of Oceans directors from the Alliance board and marks a strategic return to independent governance. The Foundation said it will refocus on>AI Crypto Market Poised for $40B Boom: FET, OCEAN, AGIX Lead the Charge

Independent Tokenomics and Buyback Plan

Ocean Protocol will now run a deflationary model through OCEAN buybacks and burns funded by profits from ecosystem projects. The plan aims to reduce circulating supply and stabilize value after the ASI exit.

Since July 2024, 81% of OCEANs ERC-20 supply has migrated to FET, leaving 270 million tokens unconverted across about 37k wallets.

Holders can still bridge tokens at 1 OCEAN = 0.433226 FET on Coinbase, Kraken, Binance US, Upbit, Uniswap, and SushiSwap. The bridge remains open until the final conversion phase is completed.

Impact on $FET Price and Market Statistics

At the time of this announcement, $FET has seen a decline in value, with the current price standing at $0.5276. Over the past month, the token has experienced a 21.5% decline. The market capitalization of $FET is currently $1.25 billion, which marks a 4.7% decrease from previous periods. However, the tokens 24-hour trading volume has increased by 11.67%, now at approximately $110.95 million.

Source: CoinMarketCap

Despite the recent downturn in prices, the trading volume-to-market capitalization ratio is 8.82%, indicating trading activity in relation to the market capitalization.

FAQs:1. What is the current $FET to $OCEAN conversion rate？

The current $FET to $OCEAN conversion rate is 1 $OCEAN equals 0.46 $FET.

2. Why did Ocean Protocol withdraw from the Artificial Superintelligence Alliance？

Ocean Protocol withdrew from the ASI Alliance following the resignation of its directors from the group.

3. Will Ocean Protocol‘s exit affect $FET’s value？

Ocean Protocol‘s exit may impact $FET’s value, as it signals a shift in the projects direction.

4. Will Ocean Protocol‘s exit affect $FET’s value？

Ocean Protocol‘s exit may affect $FET’s value due to the shift in the projects direction.

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