Singularity Finance is set to launch its mainnet in the first half of 2025, with a focus on tokenizing AI assets using the EVM Layer 2 platform. The tokens SDAO, CGV, and KEY will be merged into one unified token for the network, named SFI, which will initially be available on Ethereum and BNB chains.
In a strategic initiative to merge artificial intelligence (AI) with decentralized finance (DeFi), SingularityDAO, Cogito Finance, and SelfKey are developing a cutting-edge EVM Layer 2 platform aimed at bringing the AI economy onto the blockchain. This collaboration has led to the formation of Singularity Finance, with a specific focus on Real-World Assets (RWA).
The goal of this alliance is to enhance innovation driven by AI, making it easier to bring these assets on-chain while tackling existing challenges related to ownership and accessibility.
Mario Casiraghi, co-founder of SingularityDAO, highlighted the significance of this merger, stating, “AI-Fi unlocks the remarkable capabilities of the AI economy by tokenizing its value chain, thus creating unique opportunities to access, trade, and capitalize on these assets.”
Features of the New Singularity Finance Platform
Singularity Finance aims to deliver a comprehensive solution for the realms of AI and DeFi, facilitating the tokenization of AI assets like GPUs and their seamless integration into current DeFi ecosystems.
This platform strives to convert traditionally illiquid assets into decentralized, tradeable financial instruments, thereby introducing innovative on-chain financial mechanisms and streamlined funding opportunities for AI advancements.
The tokenization framework from Cogito Finance will be crucial for migrating RWA onto the blockchain, while SelfKey’s identity solution will ensure that user participation remains secure and compliant.
An advisory council will oversee Singularity Finance, featuring industry leaders such as Dr. Ben Goertzel (CEO of SingularityNET), Cloris Chen (CEO of Cogito Finance), and Mario Casiraghi (CFO of SingularityNET).
This council will steer the platform’s growth and the incorporation of AI-driven financial solutions, including SingularityDAO’s DynaVaults, which focus on enhancing risk management and optimizing investment portfolios through AI.
The community will also have an opportunity to weigh in on the merger through a governance vote taking place from October 21 to October 31, 2024.
SFI Token: The Native Currency of Singularity Finance
This merger leads to the consolidation of three tokens—SDAO, CGV, and KEY—into a single network token, SFI.
The conversion of tokens will follow a specific ratio determined by a 200-day moving average as of August 20, 2024: SDAO will convert to SFI at a rate of 1:80.353, CGV at 1:10.890, and KEY at a rate of 1:1.
SFI tokens are expected to debut on Ethereum and BNB chains, with the mainnet set for release in early 2025.
By leveraging the strengths of SingularityDAO, Cogito Finance, and SelfKey, this initiative aims to revolutionize the DeFi sector, making AI-powered financial products and services more accessible to a broader audience.
