- Singularity Finance, whose mainnet is expected to launch in the first half of 2025, will tokenize AI assets on an EVM Layer-2 platform.
- SDAO, CGV and KEY tokens are merged into a unified SFI token for the network.
- The SFI token will initially launch on Ethereum and BNB Chain.
In a major step to integrate artificial intelligence (AI) with decentralized finance (DeFi), SingularityDAO, Cogito Finance and SelfKey have announced a strategic merger to Singularity financingan innovative EVM Layer-2 platform designed to tokenize the Real-World Assets (RWA) of the AI economy.
This joint effort aims to address the challenges of ownership and accessibility of AI assets while accelerating AI-powered innovations by bringing these assets into the chain.
Mario Casiraghi, co-founder of SingularityDAO, emphasized the importance of the merger, saying: “We are at the intersection of AI and DeFi, where much of the innovation currently happening within the Web3 space is happening. AI-Fi leverages the immense potential of the AI economy by symbolizing 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 aims to enable new on-chain financial primitives and more efficient financing 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.
Singularity Finance will be overseen by a leadership council consisting of Dr. Ben Goertzel (CEO of SingularityNET), Cloris Chen (CEO of Cogito Finance) and Mario Casiraghi (CFO of SingularityNET).
The board will guide the evolution of the platform, including the integration of AI-powered financial instruments such as SingularityDAO’s DynaVaults, which provide AI-enhanced risk management and portfolio optimization.
The community will have the opportunity to participate in a board vote on the merger, scheduled for October 21-31, 2024.
The SFI token will be the native token of Singularity Finance
The merger will unite three existing tokens – SDAO, CGV and KEY – into one network token called SFI.
The token conversion will follow predetermined ratios based on a 200-day moving average until 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 release planned 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.
