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SingularityDAO, SelfKey, and Cogito Unite to Launch Singularity Finance

By November 8, 2024 No Comments

Key takeaways

  • SingularityDAO, SelfKey, and Cogito token-holders approve a merger to create the new entity, Singularity Finance.
  • The merger will bring together each entity’s strengths, creating a Layer-2 blockchain platform focused on AI and DeFi innovation.
  • The new token, SFI, will unify the ecosystem and support onchain assets like AI compute and tokenized digital identities.

A united effort to merge AI and finance

In a move set to reshape the landscape of decentralized finance (DeFi), SingularityDAO, SelfKey, and Cogito Finance are merging to form a single, cohesive entity: Singularity Finance. The initiative, first announced on SelfKey X/Twitter page, was overwhelmingly approved by each community’s token-holders in recent governance votes, with majorities of 95% and 99.9% from SingularityDAO and SelfKey, respectively. This unified platform will combine the unique technologies of each entity to create a decentralized ecosystem optimized for AI and DeFi integration.

Singularity Finance merger announcement

The launch of Singularity Finance represents a merger not just in resources but in vision. Each founding member—SingularityDAO, SelfKey, and Cogito—brings a specialized focus to the platform, and together they aim to build a network that enables new financial opportunities within an AI-driven economy.

What the three founding entities contribute

  • SingularityDAO: Known for its decentralized asset management platform, SingularityDAO specializes in using AI to enhance crypto portfolio management. Its tools, such as multi-asset “dynavaults” and advanced risk management strategies, will now support a broader ecosystem as part of Singularity Finance.
  • SelfKey: This platform provides secure, blockchain-based digital identity solutions, allowing individuals and organizations to own and control their data. SelfKey’s expertise in self-sovereign identity will integrate into the new system, where identity management tools and user privacy will be central to the experience.
  • Cogito Finance: Focused on bringing traditional assets onto the blockchain, Cogito improves liquidity and security in DeFi. Through Singularity Finance, Cogito’s tokenized finance products will add stability and increase access to onchain assets, building trust in decentralized asset management.

For token-holders, this merger offers a powerful opportunity to participate in an expanded and diverse ecosystem with greater utility and potential for growth. With a unified SFI token, holders gain access to advanced financial products, AI-driven analytics, and secure identity solutions—all within one seamless network. The combined technology of Singularity Finance allows for reduced transaction fees, broader application possibilities, and access to a dynamic AI-DeFi market.

A new ecosystem for DeFi and AI innovation

Singularity Finance will operate on a Layer-2 blockchain designed to support the creation of tokenized AI assets and decentralized financial solutions. The new ecosystem will lower barriers to entry by enabling permissionless access, thereby attracting developers, investors, and users interested in exploring how AI and DeFi can intersect. By bringing together tokenized digital identity, secure asset management, and AI-improved financial tools, Singularity Finance will make it easier to create, trade, and manage a new class of AI-related assets.

A major step in uniting these ecosystems is the introduction of a single network token, SFI, which will replace the existing tokens from each platform. KEY, SDAO, and CGV tokens will convert into SFI at fixed rates:

  • KEY will convert at a ratio of 1 KEY = 0.1 SFI
  • SDAO will convert at a ratio of 1 SDAO = 8.0353 SFI
  • CGV will convert at a ratio of 1 CGV = 1.0890 SFI

“We’re delighted that the merger can proceed thanks to the support and votes from both the SelfKey and SingularityDAO communities. We’re grateful to all SDAO and KEY holders for participating in this pivotal governance decision. With their approval, we’re now set to move forward with creating Singularity Finance as a Layer-2 platform that merges the strengths of SingularityDAO with our partners SelfKey and Cogito Finance, accelerating innovation at the intersection of DeFi and AI.”

— Mario Casiraghi, Co-Founder SingularityDAO

Cloris Chen, CEO of Cogito Finance, echoed this sentiment, emphasizing the combined potential of their technologies. She noted that by combining expertise and advanced technologies, Singularity Finance will open new possibilities at the intersection of AI and DeFi. The merged platform, Chen explained, aims to drive both innovation and accessibility throughout the industry and establish itself as a leader within the fast-growing AI economy. With its Layer-2 ecosystem, Singularity Finance is expected to attract developers and users interested in exploring pioneering applications and assets.

To wrap it all up

The creation of Singularity Finance is a significant step for decentralized finance by linking AI technology, digital identity, and tokenized assets within a single ecosystem. Together they will offer new tools and financial models that push DeFi innovation forward while also creating the way for AI-driven assets and a new kind of financial autonomy.