- Singularity Finance, scheduled to launch on mainnet within the first half of 2025, will tokenize AI property on an EVM Layer-2 platform.
- SDAO, CGV and KEY tokens will merge right into a unified SFI token for the community.
- The SFI token will initially launch on Ethereum and BNB Chain.
In an essential transfer to combine synthetic intelligence (AI) into decentralized finance (DeFi), SingularityDAO, Cogito Finance and SelfKey introduced a strategic merger to launch Singularity Finance, an progressive layer 2 EVM platform designed to represent the fact of the AI financial system. World Property (RWA).
This collaborative effort goals to deal with challenges associated to possession and accessibility of AI property whereas accelerating AI-driven improvements by bringing these property on-chain.
Mario Casiraghi, co-founder of SingularityDAO, highlighted the significance of the merger, saying: “We discover ourselves on the intersection of AI and DeFi, the place a lot of the innovation at present occurring is occurring. in Web3 area. AI-Fi harnesses the immense potential of the AI financial system by tokenizing the AI worth chain, creating unprecedented alternatives to entry, commerce and monetize these property.
Options of the brand new Singularity Finance platform
Singularity Finance will function a complete resolution for the AI and DeFi industries, offering an optimized platform for tokenizing AI property, comparable to GPUs, and integrating them into present DeFi purposes.
By remodeling these historically illiquid property into decentralized, tradable monetary merchandise, the platform seeks to allow new on-chain monetary primitives and extra environment friendly funding channels for AI improvements.
The tokenization framework developed by Cogito Finance will play a central function in bringing RWAs on-chain, whereas SelfKey's compliant identification options will guarantee safe consumer participation.
Singularity Finance will probably be overseen by a administration board consisting of Dr. Ben Goertzel (CEO of SingularityNET), Cloris Chen (CEO of Cogito Finance) and Mario Casiraghi (CFO of SingularityNET).
The consultancy will information the evolution of the platform, together with the mixing of AI-powered monetary instruments comparable to SingularityDAO's DynaVaults, which provide AI-enhanced danger administration and portfolio optimization.
The neighborhood could have the chance to take part in a governance vote on the merger, scheduled for October 21-31, 2024.
SFI token would be the native token of Singularity Finance
The merger will unify three present tokens – SDAO, CGV and KEY – right into a single community token named SFI.
Token conversion will observe predetermined ratios based mostly on a 200-day transferring common till August 20, 2024: SDAO will convert to SFI at 1:80.353, CGV at 1:10.890, and KEY at a ratio of 1:1.
The SFI token will initially launch on Ethereum and BNB Chain, with a mainnet launch deliberate for the primary half of 2025.
The mixed experience of SingularityDAO, Cogito Finance and SelfKey goals to rework the DeFi panorama by democratizing entry to AI-powered monetary services.
