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The world of technology, particularly in the artificial intelligence (AI) space, is constantly evolving. The latest development in this transformation comes from the merging of three prominent altcoin projects: SingularityDAO, Cogito Finance, and SelfKey. These projects have come together to create a new Layer-2 (L2) platform under the name Singularity Finance. This exciting merger was announced on October 15th and will operate on the Ethereum Virtual Machine (EVM), aiming to expand the AI economy within Web3.
Altcoin Projects Join Forces
The primary goal of this merger is to tokenize real-world assets (RWA) using artificial intelligence, accelerating the tokenization process of AI assets and integrating them into existing decentralized finance (DeFi) applications (dApps). Singularity Finance aims to create new financial tools powered by AI on the blockchain, providing consistent and regulated funding sources for AI-powered innovations. Leveraging Cogito’s tokenization framework, the platform will bring tokenized RWA AI assets to decentralized markets, offering wider accessibility. Additionally, SelfKey’s identity solutions will ensure regulatory compliance, making it easier for users to securely participate in these markets.
AI-Powered Financial Tools
Singularity Finance will offer a range of AI-powered tools and services, including applications like DynaVaults. These applications will support AI analysis, portfolio management, and risk assessment, creating a more sophisticated AI finance ecosystem. Cogito Finance CEO Cloris Chen highlighted the importance of this merger, stating:
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“The rapid growth of the AI sector is creating significant opportunities for both institutions and individual participants. However, there are still barriers on both the demand and supply sides, limiting broader participation in the AI economy. By developing our own Layer-2 solution, we are democratizing AI-Fi and remaining agile in adapting to the evolving regulatory landscape.”
New SFI Token Conversion Rates
As part of the merger, SingularityDAO’s SDAO, Cogito’s CGV, and SelfKey’s KEY tokens will be merged into a new token called SFI. The conversion rates for the new SFI tokens are as follows: 1:80.353 from SDAO to SFI, 1:10.890 from CGV to SFI, and 1:1 from KEY to SFI. These ratios are based on the 200-day moving averages up to August 20, 2024. Initially, SFI will be launched on both Ethereum (ETH) and Binance Smart Chain, with the mainnet launch planned for the first half of 2025.
The merger will also establish the Singularity Finance governance council, which will include key figures such as SingularityNET (AGIX) CEO Dr. Ben Goertzel, Cogito Finance CEO Cloris Chen, and SingularityDAO’s Mario Casiraghi. This council will work together to ensure that the platform remains at the forefront of AI and DeFi innovation. Following the announcement, both KEY and CGV tokens saw significant price increases. According to TradingView, KEY rose by over 10%, while CGV surged by 20%, reflecting the growing investor interest and expectations surrounding the new project.
For more updates on this exciting merger and the future of AI in finance, stay tuned to The Bit Journal.
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