- The Singularity Finance merger aims to integrate AI and tokenized real-world assets (RWA) into DeFi, creating new opportunities in Web3.
- The unified SFI token will serve as an economic backbone, accelerating the convergence of AI and blockchain innovation.
Following recent developments, SingularityDAO, Cogito Finance and SelfKey have proposed a strategic merger to form Singularity Finance, as shared in a CNF. update. This new entity will serve as an EVM Layer-2 solution to tokenize real-world assets (RWA) of the AI economy.
The proposal outlines a plan to merge the three entities, creating Singularity Finance, an EVM Layer-2 solution focused on integrate artificial intelligence (AI) with real-world assets (RWA) tokenized on Ethereum-like blockchains. This collaboration aims to address AI challenges in RWA tokenization, with the unified token, SFI, acting as the economic backbone of the new ecosystem.
The proposed merger will combine each team’s complementary technologies, with Singularity Finance aiming to accelerate Web3’s progress by tokenizing AI assets such as GPUs and integrating them into decentralized finance (DeFi) applications. Mario Casiraghi, co-founder of SingularityDAO, highlighted the importance of this alliance, emphasizing its role in advancing the AI and DeFi sectors. He declared:
We find ourselves at the intersection of AI and DeFi, where much of the innovation currently happening in the Web3 space is occurring. AI-Fi harnesses the immense potential of the AI economy by tokenizing the AI value chain, creating unprecedented opportunities to access, exchange and monetize these assets.
Token Merger and Future Developments
As part of this merger, existing tokens SDAO, CGV and KEY would be converted into SFI, which will function as the primary utility and governance token of Singularity Finance. The conversion rates were set: SDAO at 1:80,353, CGV at 1:10,890 and KEY at 1:1. SFI will initially launch on Ethereum and BNB Smart Chain, with a planned release to mainnet in 2025.
Additionally, a governing council, led by prominent figures such as Dr. Ben Goertzel and Cloris Chen, will guide the operations of the new financial ecosystem. Through this strategic alliance, Singularity Finance aims to provide On-chain RWAoffering AI-powered financial tools for analysis, risk management and more, revolutionizing both the AI and blockchain industries.