Gros Islet, Saint Lucia, October fifteenth, 2024, Chainwire
SingularityDAO, Cogito Finance, and SelfKey have introduced a strategic token merger to launch Singularity Finance, an EVM Layer-2 for tokenizing the AI economic system’s Actual World Belongings (RWA).
Combining the trio’s complementary applied sciences will energy a platform optimized for Synthetic Intelligence tokenization that can speed up Web3. Tokenizing AI property corresponding to GPUs and integrating them into current DeFi functions will create new onchain primitives, enabling extra environment friendly funding sources for AI-driven improvements.
Singularity Finance will carry RWAs onchain utilizing Cogito’s tokenization framework, creating decentralized markets the place customers can simply take part with the help of SelfKey’s compliant identification answer. Singularity’s Layer-2 will provide AI-powered monetary instruments companies that improve and automate evaluation, portfolio, and danger administration leveraging SingularityDAO’s AI-driven DynaVaults and different applied sciences.
Cogito Finance CEO Cloris Chen mentioned: “The speedy development of the AI sector is creating vital alternatives for each establishments and retail contributors. Nonetheless, obstacles nonetheless exist on each the demand and provide sides, limiting broader participation within the AI economic system. By growing our personal Layer-2 answer democratising AI-Fi, we will overcome these challenges and stay agile in adapting to an evolving regulatory panorama.”
SingularityDAO co-founder Mario Casiraghi added: “We stand on the intersection of AI and DeFi, the place a lot of the innovation at present happening inside the Web3 house is going on. AI-Fi harnesses the immense potential of the AI economic system by tokenising the AI worth chain, creating unprecedented alternatives to entry, alternate, and monetise these property.”
As a part of the merger, the three current tokens—SDAO, CGV, and KEY—will probably be transformed right into a unified token, SFI, which can function the community token for Singularity Finance. Initially, the SFI token will probably be accessible on Ethereum and BNB Chain, with mainnet launch deliberate for the primary half of 2025 and with the conversion ratios between SDAO, CGV, and KEY set as follows:
SDAO migration to SFI at a ratio of 1:80.353 (1 SDAO = 80.353 SFI)CGV migration to SFI at a ratio of 1:10.890 (1 CGV = 10.890 SFI)KEY migration to SFI at a ratio of 1:1 (1 KEY = 1 SFI)
The pricing is predicated on the 200-day transferring common of every token from 20 August 2024.
Upon closing of the merger, a management council for Singularity Finance will probably be established to supervise and information the operations of the newly merged monetary ecosystem. The council will probably be led by Dr. Ben Goertzel, CEO of SingularityNET and the Synthetic Superintelligence Alliance; Cloris Chen, CEO of Cogito Finance; and Mario Casiraghi, CFO of SingularityNET and Co-Founding father of SingularityDAO. Following the announcement of the merger, the neighborhood could have the chance to take part in a governance vote, which can run from October 21 to October 31.
The merger will handle the numerous challenges at present confronted within the possession and accessibility of AI-related property and yield. By leveraging SFI-compliant tokenization infrastructure, customers will be capable of entry yield alternatives from compute and AI brokers; as well as, AI market contributors will be capable of foster additional liquidity for his or her property, thereby making AI and hardware-backed high-quality yield extra accessible. Singularity Finance will clear up these challenges via its Layer2, which incorporates built-in authorized frameworks, distribution channels, market, and AI-driven asset administration instruments.
About SingularityDAO
SingularityDAO is a decentralized Portfolio Administration Protocol designed to democratize entry to stylish crypto asset administration instruments. The upcoming DynaVaults, multi-asset, multi-strategies vaults leveraging AI-enhanced analytics and danger administration instruments, will present the much-needed infrastructure within the risky world of DeFi.
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About Cogito Finance
Cogito’s mission is to carry conventional property onchain for elevated liquidity, safety, and transparency. It provides a collection of carefully-engineered, totally clear, and institutional-grade funding merchandise. Led by a staff of finance and know-how specialists, Cogito is pioneering the way forward for onchain finance.
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About SelfKey
SelfKey is a blockchain-based identification platform that permits people and organizations to securely handle and management their digital identities, enhancing compliance with KYC necessities via decentralized know-how. With a staff skilled in decentralized identification since 2014 throughout vital corporations, SelfKey goals to revolutionize the KYC onboarding course of by reducing prices, enhancing safety, and upholding the rules of self-sovereign identification.
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Avishay Litani
pr@marketacross.com
