SingularityDAO, Cogito Finance, and SelfKey have announced a strategic token merger to form Singularity Finance, an EVM Layer-2 blockchain aimed at tokenizing Real World Assets (RWA) within the AI economy.
This merger integrates the trio’s cutting-edge technologies, creating a platform optimized for artificial intelligence (AI) tokenization and propelling the future of Web3.
Merging expertise for tokenized AI innovation
Singularity Finance is set to bring RWAs on-chain by leveraging Cogito’s tokenization framework, enabling decentralized markets where users can easily participate.
The platform will offer AI-powered financial tools such as portfolio and risk management, using SingularityDAO’s AI-driven DynaVaults.
SelfKey’s compliance-focused identity solution will facilitate user identity management, ensuring that these operations remain legally secure.
According to Cogito Finance CEO Cloris Chen, the rapid growth of the AI sector presents major opportunities for institutions and retail participants, but the industry still faces barriers.
By developing our own Layer-2 solution for democratizing AI-Fi, we can overcome these challenges and remain agile amid an evolving regulatory landscape.
SingularityDAO co-founder Mario Casiraghi echoed this sentiment, stating that the intersection of AI and DeFi is where much of Web3 innovation is happening.
Tokenizing the AI value chain creates unprecedented opportunities to access, exchange, and monetize AI assets.
Unified token for the new ecosystem
As part of this merger, the existing tokens—SDAO, CGV, and KEY—will be converted into a unified token, SFI, which will serve as the network token for Singularity Finance. The conversion ratios are as follows:
- 1 SDAO = 80.353 SFI
- 1 CGV = 10.890 SFI
- 1 KEY = 1 SFI
This pricing is based on the 200-day moving average of each token up to August 20, 2024. Initially, SFI will be available on Ethereum and BNB Chain, with the mainnet launch planned for the first half of 2025.
Building an AI-powered financial ecosystem
The new Singularity Finance platform is set to revolutionize the tokenization of AI-related assets such as GPUs.
This will allow the integration of AI assets into existing decentralized finance (DeFi) applications, creating new on-chain financial instruments and improving access to funding sources for AI-driven innovations.
Dr. Ben Goertzel, CEO of SingularityNET, will lead the Singularity Finance Leadership Council alongside Cloris Chen of Cogito Finance and Mario Casiraghi of SingularityDAO.
The council will oversee the operations of this newly merged financial ecosystem. Community members will have the opportunity to vote on governance matters from October 21 to October 31, 2024.
The post SingularityDAO, Cogito Finance, and SelfKey merge to launch Singularity Finance, tokenizing AI economy appeared first on Invezz
