SingularityDAO has announced a token merger with Cogito Finance and SelfKey. This collaboration will result in the establishment of Singularity Finance (SFI), a Layer-2 protocol on the Ethereum Virtual Machine (EVM) designed to tokenize real-world assets (RWAs) within the AI economy and enhance DeFi infrastructure.
SingularityDAO appears to take the lead in this partnership, as its SDAO token has seen a substantial increase since the announcement.
Singularity Finance: A New AI Protocol
SingularityDAO, a decentralized AI protocol that emerged from SingularityNET, has announced today its plans for a strategic token merger. This merger will involve Cogito Finance and blockchain identity company SelfKey to create Singularity Finance.
Read More: What Are Tokenized Real-World Assets (RWA)?
This development follows just over a month after the parent company, SingularityNET, explored another partnership in AI technology. Moreover, earlier this year, the parent company revealed its own token merger with two other collaborators. Today’s merger will convert the tokens of each partner into a new asset, SFI, which will function as the network token for Singularity Finance.
“We find ourselves at the crossroads of AI and DeFi, where significant innovations are currently underway within the Web3 space. AI-Fi leverages the vast potential of the AI economy by tokenizing the AI value chain, offering unprecedented opportunities to access, exchange, and monetize these assets,” stated Mario Casiraghi, co-founder of SingularityDAO.
The exchange rates of the three partners’ tokens into SFI vary according to their respective valuations. SelfKey’s KEY will transition at a 1:1 rate, while Cogito Finance’s CGV will convert at slightly over 1:10.
In contrast, one unit of SingularityDAO’s SDAO will be exchanged for more than 80 units of SFI. Initially, the price of SDAO surged; however, it later receded from most of its gains.
Read More: How To Invest in Artificial Intelligence (AI) Cryptocurrencies?
The announcement also highlights the formation of a three-member leadership council for SFI, which includes two seats occupied by employees from Singularity (including both NET and DAO).
SFI aims to enhance accessibility to AI-related assets and foster the development of tokenization infrastructure. In the long term, it seeks to establish a robust foundation for this emerging investment domain. By integrating these assets into the wider DeFi infrastructure, Singularity Finance is positioned to unveil lucrative market opportunities.
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