Tuesday, January, 21, 2025

Binance supports the AI16Z token rebrand to ELIZAOS

Binance confirms AI16Z token swap to ELIZAOS under Alpha 2.0, enhancing AI blockchain scalability and cross-chain efficiency.
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Areeba Rashid

Areeba Rashid is a dedicated crypto news writer with a passion for making complex topics accessible to everyone. She covers the latest developments in the crypto world, including in-depth price analysis, helping readers stay informed and make sense of market trends.
  • Binance confirms the AI16Z token rebrand to ELIZAOS under the Alpha 2.0 upgrade to boost interoperability.
  • Token swap begins Nov 6; all AI16Z holdings are auto-converted to ELIZAOS at a 1:6 ratio on Binance.
  • ELIZAOS expands cross-chain AI functions across Solana, Base, and Ethereum, ending bridge transfers.

Binance has confirmed its role in the AI16Z token’s conversion to ELIZAOS, a major change in the AI blockchain industry. The rebranding will be a component of the ecosystem upgrade Binance Alpha 2.0, intended to enhance interoperability as well as scalability of AI-based applications across various blockchain networks.

This will go live on November 6, and Binance will suspend trading of AI16Z at 10:00 UTC, according to the announcement. All the AI16Z tokens in Binance Alpha 2.0 accounts will automatically be changed to ELIZAOS at a 1:6 ratio during this period. The Binance service has encouraged all users to make deposits before the suspension because AI16Z will stop assisting after the swap commences.

Binance schedules ELIZAOS relaunch and AI16Z futures settled

ELIZAOS trading and deposits will resume November 7 at 02:00 UTC. On Binance Futures, automatically all open AI16ZUSDT perpetual contracts will be closed at 09:00 UTC on November 6. No new positions will be blocked after 08:30 UTC. 

At settlement, the contract will be discharged, and any information regarding any relisting would follow the announcement. Binance also added that the Futures Insurance Fund will not cover liquidations in the last hour before settlement.

Following the migration, the total supply of ELIZAOS will increase to 11 billion tokens as compared to a supply of 6.6 billion tokens. The supply in circulation will be boosted at once to 7.4 billion. Additional information on the way tokens are distributed will be announced in another update by Binance.

Also Read: ConsenSys Gears Up for IPO with Major Bank Support

ELIZAOS Powers Solana, Base, Ethereum

However. the AI16Z token used to be the native token of Auto.fun, which was an autonomous AI-agent platform. Its rebrand as ELIZAOS is a strategic step to create a more interoperable AI environment. The new brand is inspired by the original ELIZA chatbot. The system is the result of expanding into generative AI and more automation.

In September, Auto.fun enabled a migration portal where the token owners can get ready to make a transfer. The transformation aimed to empower decentralized AI activities in large blockchain systems such as Solana, Base, and Ethereum. ELIZAOS will be an inter-chain utility token that will not involve transfers based on bridges, which will make transactions more efficient.

This improvement makes ELIZAOS a key player in the rising market of AI blockchain, which is estimated at $20 billion. Decentralized AI systems are expected to be more connected and faster, more scalable, and easier among various blockchains through simplifying transfers. And improving compatibility between Binance and its partners.

Also Read: Binance.US Refutes Allegations of Political Favoritism Over USD1 Listing

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