- Singularity Finance, scheduled for mainnet launch in the first half of 2025, will tokenize AI assets on the EVM Layer-2 platform.
- SDAO, CGV and KEY tokens will be merged into a unified SFI token on the network.
- SFI tokens will initially be launched on the Ethereum and BNB chains.
In a significant move to unite artificial intelligence (AI) and decentralized finance (DeFi), SingularityDAO, Cogito Finance, and SelfKey have announced a strategic merger to launch Singularity Finance, an innovative EVM layer 2 platform designed to tokenize real money in the AI economy. Announced. World Assets (RWA).
This joint effort aims to solve AI asset ownership and accessibility issues while bringing these assets on-chain to accelerate AI-based innovation.
SingularityDAO co-founder Mario Casiraghi emphasized the importance of the merger, saying, “We stand at the intersection of AI and DeFi, where a lot of the innovation happening in the Web3 space is happening right now. AI-Fi unlocks the enormous potential of the AI economy by tokenizing the AI value chain and creating unprecedented opportunities to access, exchange, and monetize these assets.”
Features of the new Singularity Finance platform
Singularity Finance will serve as a comprehensive solution for the AI and DeFi industries by providing a platform optimized for tokenizing AI assets such as GPUs and integrating them into existing DeFi applications.
The platform seeks to enable new on-chain finance primitives and more efficient funding channels for AI innovation by transforming traditionally illiquid assets into decentralized and tradable financial instruments.
The tokenization framework developed by Cogito Finance will play a key role in bringing RWA on-chain, while SelfKey’s compliant identity solution ensures secure user participation.
Singularity Finance will be overseen by a leadership committee comprised of Dr. Ben Goertzel (CEO of SingularityNET), Cloris Chen (CEO of Cogito Finance) and Mario Casiraghi (CEO of SingularityNET).
The council will lead the evolution of the platform, including the integration of AI-powered financial tools such as SingularityDAO’s DynaVaults, which provides AI-enhanced risk management and portfolio optimization.
The community will have the opportunity to participate in a governance vote on the merger, scheduled for October 21-31, 2024.
SFI token will be the native token of Singularity Finance
This merger will consolidate three existing tokens (SDAO, CGV, KEY) into a single network token called SFI.
Token conversion follows a pre-determined rate based on a 200-day moving average until August 20, 2024. SDAO is converted to SFI at 1:80.353, CGV at 1:10.890, and KEY at a 1:1 ratio.
The SFI token will initially be launched on the Ethereum and BNB chains, with mainnet launch scheduled 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-powered financial products and services.