SingularityDAO announced a token merger with Cogito Finance and SelfKey. This partnership will create Singularity Finance (SFI), an Ethereum Virtual Machine (EVM) Layer-2 to tokenize the AI economy’s real-world assets (RWAs) and build DeFi infrastructure.
SingularityDAO seems to be preeminent in this troika, and its SDAO token has spiked since the announcement.
Singularity Finance: A New AI Protocol
SingularityDAO, a decentralized AI protocol spun off of SingularityNET, announced today that it would carry out a strategic token merger. This merger will take place with Cogito Finance and blockchain identity firm SelfKey to develop Singularity Finance.
Read More: What Are Tokenized Real-World Assets (RWA)?
This news comes a little over a month after parent company SingularityNET considered another AI technology partnership. Additionally, this parent company announced its own token merger with two other partners earlier this year. Today’s merger will convert each partner’s respective token into a new asset, SFI, which will serve as Singularity Finance’s network token.
“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,” SingularityDAO co-founder Mario Casiraghi said.
Each of the three partners’ tokens has a different exchange rate in SFI based on their respective valuations. SelfKey’s KEY will migrate at a 1:1 rate, and Cogito Finance’s CGV will be a little over 1:10.
One unit of SingularityDAO’s SDAO, however, will be exchanged for over 80 SFI units. SDAO’s price spiked initially; however, later, it gave away most of the gains.
Read More: How To Invest in Artificial Intelligence (AI) Cryptocurrencies?
The announcement additionally mentions a three-member leadership council for SFI and counts Singularity(both NET and DAO) employees for two seats.
SFI will aim to increase accessibility for AI-related assets and develop tokenization infrastructure. In the long term, it seeks to build a strong foundation for this fledgling investment sphere. By integrating these assets into the broader DeFi infrastructure, Singularity Finance can open up lucrative markets.
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