TL;DR
- SingularityDAO, Cogito Finance, and SelfKey team up to create Singularity Finance, a Layer-2 EVM platform focused on tokenizing artificial intelligence (AI) assets.
- The existing SDAO, CGV and KEY tokens will be merged into a single native token called SFI, which will initially launch on Ethereum and BNB Chain.
- The community will be able to participate in a governance vote on the merger from October 21 to October 31, 2024.
The recent merger of SingularityDAO, Cogito Finance, and SelfKey marks a milestone at the intersection of artificial intelligence and decentralized finance.
With the launch of Singularity Finance, planned for the first half of 2025, the aim is to tokenize AI assets through a Layer-2 EVM platform.
— SingularityDAO (@SingularityDAO) October 15, 2024
This innovative approach aims to improve the accessibility and ownership of AI assets, as well as foster the development of new financial solutions within the Web3 ecosystem.
Mario Casiraghi, co-founder of SingularityDAO, emphasizes that “we are at the intersection of AI and DeFi, where much of the innovation in the Web3 space is taking place.”
Integrating AI assets into the blockchain will not only solve liquidity problems, but also create significant opportunities for monetization and sharing of these resources.
The new SFI token will be the heart of the system, unifying the SDAO, CGV and KEY cryptocurrencies into one.
This token will be launched on two of the most prominent blockchains, Ethereum and BNB Chain, and the conversion process will be based on a 200-day moving average until August 20, 2024.
This approach ensures that users receive fair value for their assets in the transition to the new token.
Established conversion rates, such as 1 SDAO to 80.353 SFI, show a commitment to fairness and transparency in the process.
The future of AI asset tokenization
Singularity Finance presents itself as a comprehensive solution for the AI and DeFi industry, offering tools and platforms optimized for the tokenization of AI assets, such as graphics processing units (GPUs).
By allowing these traditionally illiquid assets to be converted into tradable financial products, the platform has the potential to revolutionize the way AI innovations are funded and invested in.
This will open the door to new financial primitives on the chain, facilitating access to capital for early- stage AI projects.
The merger not only incorporates advanced technology, but also implements compliant identity solutions provided by SelfKey, ensuring secure user participation.
This combination of technology and regulatory compliance is essential to building trust in a space that often faces scrutiny.
Additionally, Singularity Finance’s leadership council, which includes prominent figures such as Dr. Ben Goertzel and Cloris Chen, will ensure a solid strategic direction for the project.
The governance vote scheduled for October 21-31, 2024 will allow the community to actively participate in the future of the platform.
This inclusive approach demonstrates a commitment to decentralization and collaboration, fundamental pillars in the world of decentralized finance.
With the combined expertise of SingularityDAO, Cogito Finance, and SelfKey, Singularity Finance is positioned to transform the DeFi landscape, democratizing access to AI-powered financial products and services.
The merger represents a significant step toward a future where artificial intelligence and blockchain technology work hand-in-hand to deliver innovative and accessible solutions.