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[PRESS RELEASE – Gros Islet, St. Lucia, November 8th, 2024]
SingularityDAO, SelfKey, and Cogito Finance have agreed to type Singularity Finance after the communities authorized the merger. SDAO and KEY token-holders voted overwhelmingly in favor of the proposal.
The merger follows a governance vote wherein the SingularityDAO (SDAO) group authorized the proposal. Of greater than 15 million SDAO tokens solid, 95% backed the movement. The SelfKey group additionally authorized the merger by means of a group vote that resulted in 99.9% of KEY voters giving it their help.
SingularityDAO, SelfKey, and Cogito Finance will mix their applied sciences to create a Layer 2 ecosystem optimized for AI tokenization. This can help the creation of recent DeFi primitives whereas accelerating AI innovation.
The creation of Singularity Finance will now be initiated and a token swap will happen to create a single asset, SFI, which is able to function the community 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 Synthetic Superintelligence Alliance, will lead a council overseeing Singularity Finance operations. The staff may even embody Cogito Finance’s Cloris Chen and SingularityDAO’s Mario Casiraghi.
Mario Casiraghi, Co-Founder SingularityDAO stated: “We’re delighted that the merger can proceed due to the help and votes from each the SelfKey and SingularityDAO communities. We’re grateful to all SDAO and KEY holders for collaborating on this pivotal governance choice. With their approval, we’re now set to maneuver ahead with creating Singularity Finance as a Layer-2 platform that merges the strengths of SingularityDAO with our companions SelfKey and Cogito Finance, accelerating innovation on the intersection of DeFi and AI.”
Cloris Chen, CEO of Cogito Finance, shared her pleasure in regards to the group vote, stating: “The overwhelming help from each the SingularityDAO and SelfKey communities for the SFI merger is a testomony to our shared imaginative and prescient for the way forward for finance. Collectively, with mixed experience and main applied sciences, we’re set to unlock new potentialities on the intersection of AI and DeFi. Singularity Finance won’t solely drive innovation and accessibility throughout the business but in addition place itself as a pacesetter within the fast-evolving AI economic system, making a Layer 2 ecosystem that draws builders and customers desperate to discover pioneering use instances and property.”
By way of its Layer-2 blockchain, Singularity Finance will help onchain property corresponding to AI compute, decreasing obstacles to entry and offering permissionless entry to new monetary alternatives. By uniting the capabilities of SingularityDAO, Cogito, and SelfKey, Singularity Finance will place itself on the vanguard of the motion to tokenize AI and unlock larger onchain worth.
About SingularityDAO
SingularityDAO is a decentralized Portfolio Administration Protocol designed to democratize entry to classy crypto asset administration instruments. The upcoming dynavaults, multiasset, multistrategy vaults leveraging AI-enhanced analytics and danger administration instruments, present the a lot wanted infrastructure within the unstable world of DeFi.
Study extra: https://singularitydao.ai/
About Cogito Finance
Cogito’s mission is to carry tokenized conventional property onchain for elevated liquidity, safety, and transparency. It affords a collection of carefully-engineered, absolutely clear, and institutional-grade funding merchandise. Led by a staff of finance and expertise consultants, Cogito is pioneering the way forward for onchain finance.
Study extra: https://www.cogito.finance/
About SelfKey
SelfKey is constructing a blockchain-based id system that enables id house owners to actually personal, management and handle their digital id. Its blockchain based mostly self-sovereign id system allows people and organizations to seek out extra freedom and privateness. Structured as a DAO, SelfKey empowers people and companies to take again possession of their id information.
Study extra: https://selfkey.org/
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