SingularityDAO, Cogito Finance, and SelfKey have announced plans to merge, creating a new project aimed at tokenizing the artificial intelligence (AI) economy.
The merged entity, named Singularity Finance, will develop a layer-2 network specifically designed to tokenize AI-related assets such as GPUs and provide AI-driven financial services, according to CoinDesk.
This consolidation follows a similar path to that of SingularityNET, the parent protocol of SingularityDAO, which merged in June with Fetch.ai and Ocean Protocol to establish the Artificial Superintelligence Alliance (ASI) token.
The current merger reflects the increasing focus on leveraging AI technologies within blockchain ecosystems and creating new methods to tokenize and manage valuable AI assets.
The merger involves the creation of a new token, SFI. SelfKey’s existing token KEY will convert into SFI, while SingularityDAO’s SDAO and Cogito’s CGV tokens will be integrated into the new token structure.
According to preliminary information, the exchange ratios will be 1:80.353 for SDAO and 1:10.89 for CGV, although these numbers could change based on discussions with stakeholders. The aim is to streamline the financial mechanisms of all three projects into a unified system that supports the rapidly evolving AI economy.
Singularity Finance’s platform will focus on tokenizing assets critical to AI development, such as GPUs, which are essential for training AI models.
Additionally, the new entity will offer AI-powered financial tools, enabling more efficient and intelligent financial transactions within the blockchain space. By combining the strengths of all three projects, Singularity Finance aims to become a leading player in the intersection of AI and decentralized finance (DeFi).
The merger is a part of a broader trend in the blockchain sector, where AI-focused projects are increasingly consolidating to maximize innovation and efficiency. These moves reflect the growing importance of AI technologies and the demand for more specialized financial tools within the blockchain industry.
