Proposal: Burn Remaining 110 Million FET Tokens
Summary:
Burn the 110 million FET tokens minted to facilitate Ocean Protocol's migration to FET/ASI, as Ocean has exited the alliance, rendering them obsolete.
Background:
The Artificial Superintelligence (ASI) Alliance, formed by Fetch.ai (FET), Ocean Protocol (OCEAN), and SingularityNET (AGIX), aimed to unify AI ecosystems. 611m tokens were minted for Ocean holders' migration to FET/ASI, with 110M tokens remaining after Ocean withdrew on October 8, 2025.
Rationale:
- Agreement Void: Ocean's exit nullifies the migration agreement, voiding the tokens' purpose.
- No Longer Needed: Tokens were for Ocean users migrating to FET; with Ocean gone, they're unnecessary.
- No Harm to Holders: Ocean holders planning migration will simply remain in their ecosystem. There will be no impact on them, as if the alliance never existed.
- Reserved tokens: Per Humayun Sheikh, these tokens aren't locked in the migration contract and are under Fetch/ASI's control. The tokens are reserved, not owned or owed to anyone.
- No Conversion Intent: Fetch.AI and ASI have no plans to convert Ocean tokens to FET (min. 40:55) now that Ocean left.
- Community Signal Needed: Humayun Sheikh called for a vote to burn them, restoring tokenomics balance and removing market overhang from unused, defunct-partnership tokens.
- No Ocean Governance Needed: No prior governance proposal from Ocean, so no need for their input to proceed.
Implementation:
- Burn the remaining 110M tokens reserved for Ocean migration to FET.
- Enhances scarcity and value.
- Rebuilds trust.