The three projects' tokens will consolidate into Singularity Finance (SFI).
Three decentralized finance (DeFi) projects are planning to merge their operations and tokens to create a new AI-focused layer-2 protocol.
SingularityDAO, Cogito Finance and SelfKey will combine their protocols and tokens to form Singularity Finance, according to an announcement shared with CoinDesk on Tuesday. The new entity will operate on a layer-2 network and tokenize assets like GPUs to power AI-driven financial tools.
The three projects will also consolidate their tokens into a new asset, Singularity Finance (SFI). SelfKey's KEY token will become SFI, while SingularityDAO's SDAO and Cogito's CGV will merge into SFI at ratios of 1:80.353 and 1:10.89 respectively. These ratios may change based on discussions among stakeholders in the three protocols.
The new project will mark the second major consolidation in the AI-focused decentralized protocols space this year. In June, SingularityNET, the protocol from which SingularityDAO emerged, completed a similar merger with fellow AI protocols Fetch.ai and Ocean Protocol to form the Artificial Superintelligence Alliance token (ASI).
Singularity Finance will be governed by a decentralized autonomous organization (DAO) with members able to stake SFI to participate in governance and earn rewards from the protocol's operations. The DAO will also oversee the distribution of SFI to users who stake GPUs on the network and participate in AI-powered financial markets.
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