Key Takeaways
- Singularity Finance aims to enhance DeFi applications by tokenizing AI assets.
- The merger includes token conversion of SDAO, CGV and KEY to SFI.
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Three blockchain projects – SingularityDAO, Cogito Finance, and SelfKey – have joined forces to launch Singularity Finance, a new EVM layer 2 platform designed to tokenize real-world assets in the AI economy.
https://t.co/T4yv5XsNAN
— SingularityDAO (@SingularityDAO) October 15, 2024
SingularityDAO said in a press release Tuesday that as part of the federation, each of the project’s tokens, including SDAO, CGV, and KEY, will be merged into a single unified token called “SFI.”
The conversion ratio is: 1 SDAO to 80.353 SFI; 1 CGV ~ 10.890 SFI; 1 KEY ~ 1 SFI. This rate is based on a 200-day moving average through August 20, 2024.
The merger aims to enhance web3 applications using technologies from the three projects. With the new platform, project members are exploring ways to tokenize AI assets and integrate them into DeFi applications, thereby enabling more funding sources for AI-based innovation.
Discussing the launch of Singularity Finance, Cloris Chen, CEO of Cogito Finance, said the solution can help bridge the gap between AI’s potential and the current limitations of adoption, making it easier for more participants to benefit from AI. I said I could. economy.
“The rapid growth of the AI sector is creating significant opportunities for both institutional and retail participants. However, barriers still exist on both the demand and supply sides, limiting widespread participation in the AI economy,” Chen said.
“By developing our own layer 2 solutions that democratize AI-Fi, we can overcome these challenges and remain agile in adapting to the evolving regulatory environment,” he added.
As noted in the press release, Singularity Finance will leverage Cogito’s tokenization framework to bring real-world assets to the blockchain, supported by SelfKey’s compliant identity solution. This collaboration will create a decentralized marketplace that facilitates easier participation and leverages AI to improve financial tools and risk management.
Following the merger announcement, a governance vote will take place from October 21st to 31st, allowing the community to participate in the future direction of the newly formed entity.
SingularityNET, which gave birth to SingularityDAO, previously merged with AI-focused projects Fetch.ai and Ocean Protocol to form the Artificial Superintelligence Alliance (ASI) token. ASI also announced plans to add CUDOS, a decentralized cloud computing platform, as an alliance member.
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