- Singularity Finance, whose mainnet is slated for launch in the first half of 2025, will tokenize AI assets on an EVM Layer-2 platform.
- SDAO, CGV, and KEY tokens will merge into a unified SFI token for the network.
- 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 innovative EVM Layer-2 platform designed to tokenize the AI economy’s Real-World Assets (RWA).
This collaborative effort aims to address challenges in AI asset ownership and accessibility while accelerating AI-driven innovations by bringing these assets on-chain.
Mario Casiraghi, co-founder of SingularityDAO, emphasized the significance of the merger, stating, “We stand at the intersection of AI and DeFi, where much of the innovation currently taking place within the Web3 space is occurring. AI-Fi harnesses the immense potential of the AI economy by tokenizing the AI value chain, 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, offering a platform optimized for tokenizing AI assets, such as GPUs, and integrating them into existing DeFi applications.
By transforming these traditionally illiquid assets into decentralized, tradable financial products, the platform seeks to enable new on-chain financial primitives and more efficient funding channels for AI innovations.
The tokenization framework developed by Cogito Finance will play a central role in bringing RWAs on-chain, while SelfKey’s compliant identity solutions will ensure secure user participation.
The Singularity Finance will be overseen by a leadership council comprising Dr. Ben Goertzel (CEO of SingularityNET), Cloris Chen (CEO of Cogito Finance), and Mario Casiraghi (CFO of SingularityNET).
The council will guide the platform’s evolution, including the integration of AI-powered financial tools such as SingularityDAO’s DynaVaults, which provide AI-enhanced risk management and portfolio optimization.
The community will have an opportunity to participate in a governance vote on the merger, scheduled from October 21-31, 2024.
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 named SFI.
The token conversion will follow predetermined ratios based on a 200-day moving average up to August 20, 2024: SDAO will convert to SFI at 1:80.353, CGV at 1:10.890, and KEY at a 1:1 ratio.
The SFI token will initially launch on Ethereum and BNB Chain, with a mainnet release slated 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.