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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