In a definitive turn of events, SingularityDAO, SelfKey, and Cogito Finance have officially joined forces to form Singularity Finance. The announcement of this merger, which was made on October 15th and has now been confirmed, has been backed by robust community support. This strategic union, marked by a major governance vote, is set to significantly reshape the landscape of decentralized finance (DeFi) and AI applications by amalgamating the strengths of these three influential entities.
The merger was solidified after governance votes within the SingularityDAO and SelfKey communities. Over 15 million SDAO tokens participated in the decision, with 95% supporting the motion. Additionally, 99.9% of KEY token holders also approved the proposal. This unanimous consensus underscores a shared confidence in the collective vision behind Singularity Finance.
With the merger now confirmed, preparations are underway for a token swap that will consolidate assets into a single network token, SFI. Conversion rates for existing tokens have been determined as follows: 1 KEY equals 0.1 SFI, 1 SDAO equals 8.0353 SFI, and 1 CGV equals 1.0890 SFI. This consolidation will simplify user engagement with the platform, centralizing value and governance within Singularity Finance.
SingularityDAO, renowned for decentralized portfolio management, brings AI-powered analytics and advanced risk management tools to the table. SelfKey, focused on self-sovereign identity management, provides blockchain-based tools that allow individuals and organizations to maintain full control over their digital identities. These aspects will enable Singularity Finance to incorporate secure identity solutions, enhancing trust and transparency within the ecosystem. Cogito Finance, specializing in bringing real-world assets onchain, contributes its expertise in liquidity and transparent investment products, setting a new standard for onchain finance.
The vision behind Singularity Finance is to facilitate AI tokenization on a Layer 2 blockchain, enabling more accessible onchain assets such as AI compute. The platform’s decentralized nature is designed to reduce entry barriers and promote inclusive participation in new financial opportunities. The collective capabilities of SingularityDAO, SelfKey, and Cogito Finance will position Singularity Finance as a frontrunner in the evolving AI economy.
Dr. Ben Goertzel, CEO of SingularityNET, will lead the council overseeing Singularity Finance operations, with support from notable figures including Mario Casiraghi of SingularityDAO and Cloris Chen of Cogito Finance. Chen expressed gratitude for the community’s support, 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, we’re set to unlock new possibilities at the intersection of AI and DeFi.”
Mario Casiraghi, Co-Founder of SingularityDAO, echoed these sentiments, “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.”
With the merger approved and token swap underway, Singularity Finance is poised to become a transformative force in blockchain, combining the technological prowess of SingularityDAO, SelfKey, and Cogito Finance. The newly formed platform aims to push boundaries in AI and DeFi, fostering a robust and innovative ecosystem that appeals to developers and users alike.
