SingularityDAO, Cogito Finance and SelfKey have merged to form Singularity Finance
Singularity Finance, which is scheduled to launch its mainnet in the first half of 2025, will virtualize AIM assets on the EVM Layer-2 platform. SDAO, CGV and KEY tokens will be combined for the network's unified SFI token. The SFI token will initially launch on Ethereum and BNB Chain.
In a significant move to integrate artificial intelligence (AI) with decentralized finance (DeFi), SingularityDAO, Cogito Finance and SelfKey have announced a strategic merger to launch Singularity Finance, an AMM layer-2 innovation designed to make the AI economy a reality. World Assets (RWA).
This collaborative effort aims to address challenges in AI asset ownership and access, bringing these assets on-chain and accelerating AI-driven innovation.
Mario Casiraghi, co-founder of SingularityDAO, emphasized the importance of the integration, “We stand at the intersection of AI and DeFi, where much of the innovation is currently happening in the Web3 space. AI-Fi harnesses the immense potential of the AI economy by simulating the AI value chain, creating unprecedented opportunities to access, exchange and monetize these assets.
Features of the new single finance platform
Singularity Finance will serve as a comprehensive solution for the AI and DeFi industries to tokenize AI assets such as GPUs and integrate them with existing DeFi applications.
By transforming these typically illicit assets into decentralized, marketable financial products, the platform seeks to enable new on-chain financial precedents and more efficient funding channels for AI innovations.
The tokenization framework developed by Cogito Finance plays a central role in bringing RWAs on-chain, while Selfkey's compliant identification solutions ensure user engagement.
Singularity Finance is overseen by a board of directors consisting of Dr. Ben Gorzel (CEO of SingularityNET), Cloris Chen (CEO of Cogito Finance) and Mario Casiraghi (CFO of SingularityNET).
The Council will lead the evolution of the platform, integrating AI-powered financial tools such as SingularityDAO's DynaVaults to provide AI-enhanced risk management and portfolio optimization.
The community will have the opportunity to participate in a governance vote on the proposed merger from October 21-31, 2024.
The SFI token will be the native token of Singularity Finance.
The merger will unify three existing tokens — SDAO, CGV and KEY — into a single network token, SFI.
The token conversion will follow a predetermined ratio based on the 200-day moving average until August 20, 2024: SDAO will convert to SFI at a ratio of 1:80.353, CGV at a ratio of 1:10.890, and KEY at a ratio of 1:1.
The SFI token will initially launch on Ethereum and BNB Chain, with a mainnet release planned for the first half of 2025.
The combined expertise of SingularityDAO, Cogito Finance and SelfKey aims to transform the DeFi landscape by democratizing access to AI-driven financial products and services.
