SingularityDAO, Cogito Finance and SelfKey have initiated a strategic token merger to kick off the journey of Singularity Finance, an EVM layer 2 designed to bring closer the thriving segments of AI and tokenized RWAs on Ethereum-like blockchains.
SingularityDAO, Cogito Finance and SelfKey launch Singularity Finance, joint EVM L2
SingularityDAO, Cogito Finance and Selfkey, three innovative cryptocurrency teams, shared the details of their upcoming strategic alliance and token merger. As the new collaboration will tackle the challenges of AI usage in real-world asset tokenization, the fresh joint token SFI will serve as its economic backbone.
Combining the trio’s complementary technologies, new product Singularity Finance will fuel an infrastructure optimized for AI resources tokenization that, in turn, will accelerate Web3’s progress. Tokenizing AI assets such as GPUs and integrating them into existing DeFi applications will create new on-chain primitives, enabling more efficient funding sources for AI-driven innovations.
SingularityDAO cofounder Mario Casiraghi stresses the importance of the upcoming alliance for the spheres of Web3 and AI:
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.
Singularity Finance will bring RWAs on-chain using Cogito’s tokenization framework, creating decentralized markets where users can easily participate with the support of SelfKey’s compliant identity solution.
Singularity’s L2 will offer AI-powered financial tool services that enhance and automate analysis, portfolio and risk management, leveraging SingularityDAO’s AI-driven DynaVaults and other technologies.
SDAO, CGV and KEY tokens will be replaced by SFI: See conversion rates
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 core utility and governance cryptocurrency for Singularity Finance. Initially, the SFI token will be available on Ethereum and BNB Smart Chain, with the mainnet release planned for the first half of 2025.
SDAO will migrate to SFI at a ratio of 1:80.353 (1 SDAO = 80.353 SFI), while CGV migration to SFI will be activated at a ratio of 1:10.890 (1 CGV = 10.890 SFI). KEY is set to be replaced with SFI at a ratio of 1:1 (1 KEY = 1 SFI)
The pricing is based on the 200-day moving average of each token in the period up to Aug. 20, 2024.
Upon the 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 cofounder of SingularityDAO.
