SingularityDAO, Cogito Finance, and SelfKey unite to launch Singularity Finance, an EVM L2 for AI economy

0 1,978 2 minutes read

Key Takeaways

Singularity Finance aims to tokenize AI assets to enhance DeFi applications.
The merger includes a token conversion with SDAO, CGV, and KEY into SFI.

Three blockchain projects—SingularityDAO, Cogito Finance, and SelfKey—have joined forces to launch Singularity Finance, a new EVM layer 2 platform designed to tokenize real-world assets in the AI economy.

— SingularityDAO (@SingularityDAO) October 15, 2024

As part of the union, the projects’ respective tokens, including SDAO, CGV, and KEY, will be merged into a single unified token called “SFI,” SingularityDAO said in a Tuesday press release.

The conversion ratios are: 1 SDAO to 80.353 SFI; 1 CGV to 10.890 SFI; and 1 KEY to 1 SFI. The rates are based on the 200-day moving average up to August 20, 2024.

The merger is aimed at enhancing web3 applications using the technologies of the three projects. Through the new platform, the project members are also looking to enable more funding sources for AI-driven innovations by tokenizing AI assets and integrating them into DeFi applications.

Discussing the launch of Singularity Finance, Cloris Chen, CEO of Cogito Finance, said the solution could help bridge the gap between the potential of AI and the current limitations of its adoption, making it easier for a wider range of participants to benefit from 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,” Chen stated.

“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,” he added.

As noted in the press release, Singularity Finance will utilize Cogito’s tokenization framework to bring real-world assets onto the blockchain, supported by SelfKey’s compliant identity solutions. The collaboration will create decentralized markets that facilitate easier participation and leverage AI to improve financial tools and risk management.

A governance vote following the merger announcement will take place from October 21 to 31, allowing the community to participate in the future direction of the newly formed entity.

SingularityNET, which spawned SingularityDAO, previously merged with AI-focused projects Fetch.ai and Ocean Protocol to form the Artificial Superintelligence Alliance token (ASI). The ASI also revealed its plan to add CUDOS, a decentralized cloud computing platform, as an alliance member.