Gros Islet, St. Lucia, November 8th, 2024, Chainwire
SingularityDAO, SelfKey, and Cogito Finance have agreed to form Singularity Finance after the communities approved the merger. SDAO and KEY token-holders voted overwhelmingly in favor of the proposal.
The merger follows a governance vote in which the SingularityDAO (SDAO) community approved the proposal. Of more than 15 million SDAO tokens cast, 95% backed the motion. The SelfKey community also approved the merger through a community vote that resulted in 99.9% of KEY voters giving it their support.
SingularityDAO, SelfKey, and Cogito Finance will combine their technologies to create a Layer 2 ecosystem optimized for AI tokenization. This will support the creation of new DeFi primitives while accelerating AI innovation.
The creation of Singularity Finance will now be initiated and a token swap will occur to create a single asset, SFI, which will serve as the network token.
- 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
Dr. Ben Goertzel, CEO of SingularityNET and the Artificial Superintelligence Alliance, will lead a council overseeing Singularity Finance operations. The team will also include Cogito Finance’s Cloris Chen and SingularityDAO’s Mario Casiraghi.
Mario Casiraghi, Co-Founder SingularityDAO said: “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.”
Cloris Chen, CEO of Cogito Finance, shared her excitement about the community vote, stating: “The overwhelming support from both the SingularityDAO and SelfKey communities for the SFI merger is a testament to our shared vision for the future of finance. Together, with combined expertise and leading technologies, we’re set to unlock new possibilities at the intersection of AI and DeFi. Singularity Finance will not only drive innovation and accessibility across the industry but also position itself as a leader in the fast-evolving AI economy, creating a Layer 2 ecosystem that attracts developers and users eager to explore pioneering use cases and assets.”
Through its Layer-2 blockchain, Singularity Finance will support onchain assets such as AI compute, reducing barriers to entry and providing permissionless access to new financial opportunities. By uniting the capabilities of SingularityDAO, Cogito, and SelfKey, Singularity Finance will position itself at the vanguard of the movement to tokenize AI and unlock greater onchain value.
About SingularityDAO
SingularityDAO is a decentralized Portfolio Management Protocol designed to democratize access to sophisticated crypto asset management tools. The upcoming dynavaults, multiasset, multistrategy vaults leveraging AI-enhanced analytics and risk management tools, provide the much needed infrastructure in the volatile world of DeFi.
Learn more: https://singularitydao.ai/
About Cogito Finance
Cogito’s mission is to bring tokenized traditional assets onchain for increased liquidity, security, and transparency. It offers a suite of carefully-engineered, fully transparent, and institutional-grade investment products. Led by a team of finance and technology experts, Cogito is pioneering the future of onchain finance.
Learn more: https://www.cogito.finance/
About SelfKey
SelfKey is building a blockchain-based identity system that allows identity owners to truly own, control and manage their digital identity. Its blockchain based self-sovereign identity system enables individuals and organizations to find more freedom and privacy. Structured as a DAO, SelfKey empowers individuals and corporations to take back ownership of their identity data.
Learn more: https://selfkey.org/
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