Key highlights:
- SingularityDAO, SelfKey, and Cogito Finance merge to create Singularity Finance, backed by strong community support.
- The merger enables a token swap to create SFI, a unified asset fueling the new platform.
- Singularity Finance aims to advance AI tokenization and broaden access to decentralized finance on a Layer 2 blockchain.
A strategic union to advance DeFi and AI
In a groundbreaking move for the blockchain sector, SingularityDAO, SelfKey, and Cogito Finance have officially merged to form Singularity Finance. This merger was announced on October 15th and is now confirmed, following overwhelming community support. The decision, marked by a significant governance vote, is set to redefine the landscape of decentralized finance (DeFi) and AI applications by combining the strengths of these three influential entities.
SELFKEY Merge
Read our announcement about our strategic token merge with @SingularityDAO and @CogitoFi to launch Singularity Finance!
An EVM Layer-2 for tokenising the AI economy’s Real World Assets (RWA)
Full article here 👉https://t.co/zpzJI8YtBC pic.twitter.com/sATwrQnMUE
— SelfKey (@SelfKey) October 15, 2024
The merger was solidified after governance votes within the SingularityDAO and SelfKey communities. More than 15 million SDAO tokens participated in the decision, with 95% supporting the motion, while 99.9% of KEY token holders also approved the proposal. This strong consensus underscores shared confidence in the collective vision behind Singularity Finance.
Details on the token swap
With the merger now confirmed, preparations are underway for a token swap that will streamline assets into a single network token, SFI. Conversion rates for existing tokens have been set as follows:
- KEY: 1 KEY = 0.1 SFI
- SDAO: 1 SDAO = 8.0353 SFI
- CGV: 1 CGV = 1.0890 SFI
This consolidation will simplify user engagement with the platform, centralizing value and governance within Singularity Finance.
What each entity brings to the table
- SingularityDAO – A leader in decentralized portfolio management, SingularityDAO is known for its AI-powered analytics and advanced risk management tools. By integrating these capabilities, Singularity Finance will offer cutting-edge financial infrastructure tailored to the dynamic DeFi market.
- SelfKey – Focused on self-sovereign identity management, SelfKey provides blockchain-based tools that allow individuals and organizations to maintain full control over their digital identities. This aspect will enable Singularity Finance to incorporate secure identity solutions, enhancing trust and transparency within the ecosystem.
- Cogito Finance – Specializing in bringing real-world assets onchain, Cogito Finance contributes its expertise in liquidity and transparent investment products. This focus will enrich Singularity Finance with institutional-grade financial tools, setting a new standard for onchain finance.
Vision for the future of AI and DeFi
Singularity Finance’s Layer 2 blockchain is designed to facilitate AI tokenization, enabling more accessible onchain assets such as AI compute. The platform’s decentralized nature will reduce entry barriers and promote inclusive participation in new financial opportunities. The collective capabilities of SingularityDAO, SelfKey, and Cogito Finance will position Singularity Finance as a frontrunner in the evolving AI economy.
Dr. Ben Goertzel, CEO of SingularityNET, will lead the council overseeing Singularity Finance operations, with support from notable figures including Mario Casiraghi of SingularityDAO and Cloris Chen of Cogito Finance. Casiraghi expressed gratitude for the community’s support, expressing excitement regarding the vote:
The overwhelming support from both the SingularityDAO and SelfKey communities for the SFI merger is a testament to our shared vision for the future of finance. Together, with combined expertise and leading technologies, we’re set to unlock new possibilities at the intersection of AI and DeFi. Singularity Finance will not only drive innovation and accessibility across the industry but also position itself as a leader in the fast-evolving AI economy, creating a Layer 2 ecosystem that attracts developers and users eager to explore pioneering use cases and assets.
Similarly, Mario Casiraghi, Co-Founder of SingularityDAO also shared his thoughts:
We’re delighted that the merger can proceed thanks to the support and votes from both the SelfKey and SingularityDAO communities. We’re grateful to all SDAO and KEY holders for participating in this pivotal governance decision. With their approval, we’re now set to move forward with creating Singularity Finance as a Layer-2 platform that merges the strengths of SingularityDAO with our partners SelfKey and Cogito Finance, accelerating innovation at the intersection of DeFi and AI.
The bottom line
Singularity Finance is poised to become a transformative force in blockchain, fusing the technological prowess of SingularityDAO, SelfKey, and Cogito Finance. With the merger approved and token swap underway, the newly formed platform aims to push boundaries in AI and DeFi, fostering a robust and innovative ecosystem that appeals to developers and users alike.
If you’re interested in other potential developments in the world of AI, feel free to explore our AI sector.
Source: https://coincodex.com/article/52740/singularitydao-selfkey-cogito-finance-launch-singularity-finance/