SingularityDAO, Cogito Finance, and SelfKey have merged their tokens to launch Singularity Finance, a new Layer-2 (L2) platform on the Ethereum Virtual Machine (EVM), as per the updates shared with Finbold on Tuesday, October 15.
With the new initiative, the three partners expect to expand the artificial intelligence (AI) economy within Web3.
Faster AI asset tokenization
The chief goal of the merge is to tokenize real-world assets (RWA) within AI in order to speed up the tokenization of AI assets and integrate them into existing decentralized finance (DeFi) applications (dApps).
With AI assets on the blockchain, Singularity Finance is set to create new financial primitives to support AI-driven innovation through more coherent and streamlined funding sources.
The Singularity Finance platform will leverage Cogito’s tokenization framework to bring RWA AI assets to decentralized markets, making them accessible to a broader audience.
On the other hand, SelfKey’s identity solutions will enhance said markets by ensuring regulatory compliance and facilitating secure user participation.
Singularity Finance’s AI-powered tools and services, including DynaVaults, will support AI analysis, portfolio management, and risk assessment, creating a more sophisticated AI finance ecosystem.
According to Cloris Chen, CEO of Cogito Finance, the merger addresses critical limitations in the AI economy:
“The rapid growth of the AI sector is creating significant opportunities for both institutions and retail participants. However, barriers still exist on both the demand and supply sides, limiting broader participation in the AI economy. By developing our own Layer-2 solution democratizing AI-Fi, we can overcome these challenges and remain agile in adapting to an evolving regulatory landscape.”
New SFI token
SingularityDAO’s SDAO, Cogito’s CGV, and SelfKey’s KEY tokens will be unified under a new token, SFI.
SFI tokens will be convertible at established ratios: SDAO to SFI at 1:80.353, CGV to SFI at 1:10.890, and KEY to SFI at 1:1, the pricing being based on a 200-day moving average up to August 20, 2024.
Initially, SFI will debut on Ethereum (ETH) and the Binance Smart Chain, with a mainnet launch anticipated somewhere in the first half of 2025.
Singularity Finance council
The merger will also see the establishment of a Singularity Finance leadership council comprising Dr. Ben Goertzel of SingularityNET (AGIX), Cloris Chen of Cogito Finance, and Mario Casiraghi of SingularityDAO.
Together, the council will ensure the platform remains at the forefront of AI and DeFi innovation.
By leveraging SFI, users will have new yield opportunities from AI compute resources and agents.
Consequently, AI market participants will benefit from enhanced liquidity, fostering a more accessible and yield-generating AI ecosystem.
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