SingularityDAO, Cogito Finance, and SelfKey Merge to Launch Singularity Finance, a New EVM Layer 2 Platform Designed to Tokenize Real-World Assets in the AI Economy

As part of the union, the projects' respective tokens, including SDAO, CGV, and KEY, will be merged into a single unified token called "SFI," SingularityDAO said in a Tuesday press release.

Three blockchain projects have joined forces to launch a new platform designed to tokenize real-world assets in the AI economy.

SingularityDAO, Cogito Finance, and SelfKey announced Tuesday the launch of Singularity Finance, an EVM layer 2 platform for the AI economy.

As part of the union, the projects' respective tokens — SDAO, CGV, and KEY — will be merged into a single unified token called "SFI," according to a press release from SingularityDAO. The conversion ratios are: 1 SDAO to 80.353 SFI; 1 CGV to 10.890 SFI; and 1 KEY to 1 SFI. The rates are based on the 200-day moving average up to August 20, 2024.

The merger is aimed at enhancing web3 applications using the technologies of the three projects. Through the new platform, the project members are also looking to enable more funding sources for AI-driven innovations by tokenizing AI assets and integrating them into DeFi applications.

“The rapid growth of the AI sector is creating significant opportunities for both institutions and retail participants,” Cloris Chen, CEO of Cogito Finance, said in the press release.

“However, barriers still exist on both the demand and supply sides, limiting broader participation in the AI economy."

"We believe that launching Singularity Finance, a solution that integrates decentralized AI technology and鏈聞 ChainWorld Web3, will help bridge this gap and open up the potential of AI to a wider range of participants, ultimately benefiting the AI economy,” Chen added.

Singularity Finance will utilize Cogito's tokenization framework to bring real-world assets onto the blockchain, supported by SelfKey's compliant identity solutions, according to the press release.

The collaboration will create decentralized markets that facilitate easier participation and leverage AI to improve financial tools and risk management.

A governance vote following the merger announcement will take place from October 21 to 31, allowing the community to participate in the future direction of the newly formed entity.

SingularityDAO, a decentralized AI network, was previously part of another merger. SingularityNET, which spawned SingularityDAO, merged with AI-focused projects Fetch.ai and Ocean Protocol in 2023 to form the Artificial Superintelligence Alliance (ASI) token.

The ASI also revealed its plan to add CUDOS, a decentralized cloud computing platform, as an alliance member in August.