Gros Islet, Saint Lucia, October 15th, 2024, Chainwire
SingularityDAO, Cogito Finance, and SelfKey have announced a strategic token merger to launch Singularity Finance, an EVM Layer-2 for tokenizing the AI economy’s Real World Assets (RWA).
Combining the trio’s complementary technologies will power a platform optimized for Artificial Intelligence tokenization that will accelerate Web3. Tokenizing AI assets such as GPUs and integrating them into existing DeFi applications will create new onchain primitives, enabling more efficient funding sources for AI-driven innovations.
Singularity Finance will bring RWAs onchain using Cogito's tokenization framework, creating decentralized markets where users can easily participate with the support of SelfKey's compliant identity solution. Singularity’s Layer-2 will offer AI-powered financial tools services that enhance and automate analysis, portfolio, and risk management leveraging SingularityDAO's AI-driven DynaVaults and other technologies.
Cogito Finance CEO Cloris Chen said: “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 democratising AI-Fi, we can overcome these challenges and remain agile in adapting to an evolving regulatory landscape.”
SingularityDAO co-founder Mario Casiraghi added: “We stand at the intersection of AI and DeFi, where much of the innovation currently taking place within the Web3 space is occurring. AI-Fi harnesses the immense potential of the AI economy by tokenising the AI value chain, creating unprecedented opportunities to access, exchange, and monetise these assets."
As part of the merger, the three existing tokens—SDAO, CGV, and KEY—will be converted into a unified token, SFI, which will serve as the network token for Singularity Finance. Initially, the SFI token will be available on Ethereum and BNB Chain, with mainnet release planned for the first half of 2025 and with the conversion ratios between SDAO, CGV, and KEY set as follows:
- SDAO migration to SFI at a ratio of 1:80.353 (1 SDAO = 80.353 SFI)
- CGV migration to SFI at a ratio of 1:10.890 (1 CGV = 10.890 SFI)
- KEY migration to SFI at a ratio of 1:1 (1 KEY = 1 SFI)
The pricing is based on the 200-day moving average of each token from 20 August 2024.
Upon closing of the merger, a leadership council for Singularity Finance will be established to oversee and guide the operations of the newly merged financial ecosystem. The council will be led by Dr. Ben Goertzel, CEO of SingularityNET and the Artificial Superintelligence Alliance; Cloris Chen, CEO of Cogito Finance; and Mario Casiraghi, CFO of SingularityNET and Co-Founder of SingularityDAO. Following the announcement of the merger, the community will have the opportunity to participate in a governance vote, which will run from October 21 to October 31.
The merger will address the significant challenges currently faced in the ownership and accessibility of AI-related assets and yield. By leveraging SFI-compliant tokenization infrastructure, users will be able to access yield opportunities from compute and AI agents; in addition, AI market participants will be able to foster extra liquidity for their assets, thereby making AI and hardware-backed high-quality yield more accessible. Singularity Finance will solve these challenges through its Layer2, which includes built-in legal frameworks, distribution channels, marketplace, and AI-driven asset management tools.
About SingularityDAO
SingularityDAO is a decentralized Portfolio Management Protocol designed to democratize access to sophisticated crypto asset management tools. The upcoming DynaVaults, multi-asset, multi-strategies vaults leveraging AI-enhanced analytics and risk management tools, will provide the much-needed infrastructure in the volatile world of DeFi.
Learn more here.
About Cogito Finance
Cogito's mission is to bring traditional assets onchain for increased liquidity, security, and transparency. It offers a suite of carefully-engineered, fully transparent, and institutional-grade investment products. Led by a team of finance and technology experts, Cogito is pioneering the future of onchain finance.
Learn more here.
About SelfKey
SelfKey is a blockchain-based identity platform that enables individuals and organizations to securely manage and control their digital identities, enhancing compliance with KYC requirements through decentralized technology. With a team experienced in decentralized identity since 2014 across significant companies, SelfKey aims to revolutionize the KYC onboarding process by lowering costs, improving security, and upholding the principles of self-sovereign identity.
Learn more here.
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