Key Takeaways
- Singularity Finance goals to tokenize AI belongings to reinforce DeFi purposes.
- The merger features a token conversion with SDAO, CGV, and KEY into SFI.
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Three blockchain tasks—SingularityDAO, Cogito Finance, and SelfKey—have joined forces to launch Singularity Finance, a brand new EVM layer 2 platform designed to tokenize real-world belongings within the AI financial system.
— SingularityDAO (@SingularityDAO) October 15, 2024
As a part of the union, the tasks’ respective tokens, together with SDAO, CGV, and KEY, shall be merged right into a single unified token referred to as “SFI,” SingularityDAO stated in a Tuesday press launch.
The conversion ratios are: 1 SDAO to 80.353 SFI; 1 CGV to 10.890 SFI; and 1 KEY to 1 SFI. The charges are primarily based on the 200-day transferring common as much as August 20, 2024.
The merger is aimed toward enhancing web3 purposes utilizing the applied sciences of the three tasks. By means of the brand new platform, the mission members are additionally trying to allow extra funding sources for AI-driven improvements by tokenizing AI belongings and integrating them into DeFi purposes.
Discussing the launch of Singularity Finance, Cloris Chen, CEO of Cogito Finance, stated the answer may assist bridge the hole between the potential of AI and the present limitations of its adoption, making it simpler for a wider vary of individuals to profit from the AI financial system.
“The fast progress of the AI sector is creating important alternatives for each establishments and retail individuals. Nonetheless, obstacles nonetheless exist on each the demand and provide sides, limiting broader participation within the AI financial system,” Chen said.
“By creating our personal Layer-2 resolution democratizing AI-Fi, we are able to overcome these challenges and stay agile in adapting to an evolving regulatory panorama,” he added.
As famous within the press launch, Singularity Finance will make the most of Cogito’s tokenization framework to deliver real-world belongings onto the blockchain, supported by SelfKey’s compliant id options. The collaboration will create decentralized markets that facilitate simpler participation and leverage AI to enhance monetary instruments and danger administration.
A governance vote following the merger announcement will happen from October 21 to 31, permitting the group to take part sooner or later path of the newly shaped entity.
SingularityNET, which spawned SingularityDAO, beforehand merged with AI-focused tasks Fetch.ai and Ocean Protocol to type the Synthetic Superintelligence Alliance token (ASI). The ASI additionally revealed its plan so as to add CUDOS, a decentralized cloud computing platform, as an alliance member.
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