Key takeaways:
- Testnet launches December 30, 2024, with a three-month incentive campaign for participants.
- Platform integrates Optimistic Rollups for scalable, cost-efficient transactions.
- Focuses on tokenizing AI Compute, AI Agents, and Data Ownership to empower users and developers.
Building a bridge between AI and blockchain
Singularity Finance, a blockchain and AI development firm, is set to launch the testnet for its EVM-compatible Layer 2 (L2) blockchain platform on December 30, 2024. Designed to address pressing challenges in blockchain scalability and interoperability, the platform combines AI-driven innovation with advanced blockchain infrastructure.
The launch will also feature an incentivized campaign running through March 30, 2025, aimed at rewarding early adopters and gathering feedback to refine its offering. Participants will earn points through network testing, dApp development, and community engagement, with points convertible to mainnet rewards upon launch.
A scalable and developer-friendly solution
Singularity Finance’s L2 blockchain utilizes Optimistic Rollups to increase throughput and reduce transaction costs. By offloading transaction processing from Ethereum’s mainnet, the platform ensures high-speed, cost-efficient transactions while maintaining Ethereum’s security.
The blockchain incorporates cross-chain bridges and advanced oracle systems, enabling smooth integration with other networks and fostering interoperability. Developers can access familiar tools for deploying smart contracts, creating a streamlined environment for building and validating decentralized applications (dApps).
Tokenizing the AI economy
Central to Singularity Finance’s vision is the tokenization of the AI value chain, targeting three key components:
- AI Compute: Monetizing hardware and energy resources for AI workloads.
- AI Agents: Facilitating the creation and exchange of AI-driven assets.
- Data Ownership: Empowering individuals to control and monetize their data within AI ecosystems.
“Our testnet launch is a crucial step towards democratising access to the rapidly expanding AI economy. By bridging DeFi with tokenized AI assets, we’re not just creating a new blockchain; we’re fostering an ecosystem where AI and finance converge to create unprecedented opportunities.”
—Cloris Chen, CEO and Co-Founder of Singularity Finance
Testnet campaign highlights
The testnet campaign is designed to attract developers, blockchain enthusiasts, and AI innovators. Key benefits include:
- Intuitive onboarding and user-friendly tools for developers.
- Reward systems with leaderboards to promote active engagement.
- Early opportunities to stress-test the network and provide feedback.
- A head start in building and validating dApps on the platform.
Participants will accumulate points by completing transactions on testnet dApps, exploring platform features, and contributing through educational content. These points can later be redeemed for benefits on the platform’s mainnet.
SFI token utility
The SFI token serves as a cornerstone of the Singularity Finance ecosystem, facilitating network security, governance, and seamless transactions. Key utilities include:
- Network security: Token holders can stake SFI tokens to secure the Layer-2 infrastructure by participating in node operations, ensuring network integrity.
- Gas token: SFI tokens are used to pay gas fees for transactions and smart contract executions within the ecosystem.
- Governance: SFI enables community-led governance, allowing token holders to vote on critical decisions shaping the platform’s direction.
- Tokenization fees: Organizations tokenizing their assets on the platform must pay an SFI-denominated launch fee, which is distributed to the community as node rewards.
- Transaction fees: A portion of fees collected from Singularity Finance dApps and services, such as SFI Vaults, DEXs, and AI tools, is burned, while rewards are distributed to ecosystem participants based on their engagement.
- Protocol fee distribution: Generated fees also support network operations and incentivize active contributors to the ecosystem’s growth and stability.
The SFI token is designed to power a dynamic and decentralized ecosystem, ensuring alignment between stakeholders and sustainable growth.
The bottom line
Singularity Finance’s upcoming testnet represents a major step toward integrating AI and blockchain, offering a scalable solution for tokenizing the AI economy. By leveraging advanced L2 technology, the platform seeks to redefine how AI interacts with decentralized finance, fostering new opportunities for developers and users alike.
