SingularityDAO, Cogito Finance, and SelfKey have joined forces to announce a token merger that will give rise to Singularity Finance. This new EVM Layer-2 platform aims to tokenize the burgeoning AI economy’s Real-World Assets (RWA).
By integrating the complementary technologies of the three entities, the platform seeks to create a streamlined solution for tokenizing AI assets, including GPUs, facilitating their incorporation into existing decentralized finance (DeFi) applications.
SingularityDAO Accelerating AI Tokenization
The merger is poised to enhance the accessibility and efficiency of funding sources for AI-driven innovations. Singularity Finance plans to leverage Cogito’s advanced tokenization framework to bring RWAs on-chain.
This initiative will foster decentralized markets, allowing users to participate seamlessly, supported by SelfKey’s compliant identity solution. Furthermore, the platform will provide AI-powered financial tools to improve and automate analysis, portfolio management, and risk assessment using SingularityDAO’s AI-driven DynaVaults and related technologies.
Cloris Chen, CEO of Cogito Finance, highlighted the significant opportunities arising from the rapid expansion of the AI sector. However, she noted the existing barriers that hinder broader participation, stating,
“The rapid growth of the AI sector is creating significant opportunities for institutions and retail participants. 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.”
The development of a dedicated Layer-2 solution aims to democratize AI finance, making it more accessible to both institutions and retail participants. This strategic move will allow the consortium to remain adaptable within a shifting regulatory landscape.
A Unified Token for a New Ecosystem
As part of the merger, the existing tokens—SDAO, CGV, and KEY—will be converted into a single unified token, SFI. This token will serve as the network token for Singularity Finance, initially available on Ethereum and BNB Chain. The conversion ratios are as follows: SDAO will migrate at a ratio of 1:80.353, CGV at 1:10.890, and KEY at 1:1. These ratios reflect the 200-day moving average of each token leading up to August 20, 2024.
Upon completion of the merger, a leadership council will be established to oversee Singularity Finance. Dr. Ben Goertzel, CEO of SingularityNET, will lead the council alongside Cloris Chen and Mario Casiraghi, CFO of SingularityNET and Co-Founder of Singularity DAO. The merger addresses the challenges associated with the ownership and accessibility of AI-related assets, creating yield opportunities for compute and AI agents.
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