Ocean Protocol Unveils Implementation Plan Post-Governance Vote

Ocean Protocol details the consequences of the upcoming 'yes' or 'no' votes by partners of the Superintelligence Alliance on their Data Farming program. If a 'no' outcome prevails, Passive DF, Volume DF, and veOCEAN will continue as usual, with payouts and compensation being processed. Conversely, a 'yes' vote will result in the removal of these aspects from the ecosystem, leading to an airdrop for veOCEAN holders and the cessation of DF82 rewards.

Ocean Protocol Unveils Post-Governance Vote Implementation Plan

Introduction

Following the initiation of governance votes by members of the Superintelligence Alliance, Ocean Protocol has detailed the potential outcomes and corresponding implementation plan. The Alliance, comprising Fetch.ai, Ocean Protocol, and SingularityNET, aims to establish a unified artificial intelligence (AI) platform through the merger of their respective tokens into a new asset, $ASI.

Governance Vote Outcomes and Implications

The Alliance's governance vote will significantly impact three key aspects of Ocean Protocol's Data Farming (DF) initiative: Passive DF, Volume DF, and veOCEAN.

Negative Outcome ("No")

In the event of a negative outcome, all three DF aspects will continue operating as usual. Users will receive compensation for the suspension period and rewards will be processed as per the existing schedule. Upon the completion of the DF82 settlement on March 28, 2024, Passive DF and Volume DF rewards will cease.

Positive Outcome ("Yes")

Conversely, a positive outcome will result in the removal of all three DF aspects from the ecosystem. This measure aims to facilitate a seamless transition to the Superintelligence Alliance's AI platform, aligning with the programs established by SingularityNET and Fetch.ai.

veOCEAN Migration

For users who have locked OCEAN for veOCEAN, the migration will proceed as follows:

(1.25^years_til_unlock) - 1)*num_OCEAN_locked

Airdrop distribution is expected to occur within the following weeks if the "yes" outcome is reached. veOCEAN holders are eligible for rewards if they maintain a 25% APY payout throughout their lock period. Commitments, payouts, and expectations remain unchanged, as per Ocean Protocol's official announcement.

Unaffected Aspects

Irrespective of the governance vote outcome, Predictor DF will remain unaffected. Ocean Protocol has captured a snapshot at 00:00 am UTC on March 27, 2024, in anticipation of a positive vote.

Market Impact and Token Migration

The announcement of the merger has triggered notable changes in the valuations of the respective tokens. Fetch.ai's FET has risen by 1.37% over the past 24 hours, currently trading at $3.30. SingularityNET's AGIX has also gained 0.91%, exchanging hands at $1.36 at the time of writing. OCEAN, despite a 5.43% decline in the last 24 hours, is anticipated to experience an upswing in the future, potentially coinciding with the Bitcoin Halving or further merger updates.

Conclusion

Ocean Protocol's Data Farming initiative is undergoing a pause pending the resolution of the governance protocol by other Superintelligence Alliance members. The transition plan will be implemented based on the vote outcome, ensuring a smooth and aligned transition towards the Alliance's AI platform. The market has responded favorably to the merger announcement, with tokens demonstrating positive performance indicators. Ocean Protocol remains committed to providing timely updates and taking appropriate actions as the situation evolves.