SingularityDAO merges tokens to launch Singularity Finance

SingularityDAO (CRYPTO:SDAO) has announced a strategic token merger with Cogito Finance and SelfKey to establish Singularity Finance (SFI), a new protocol designed to integrate real-world assets (RWAs) from the AI economy into decentralised finance (DeFi). 

This initiative aims to advance innovation within the AI-DeFi sector by tokenising assets, creating new opportunities for trading and investment.

The merger will convert each participating company's tokens into SFI, the new network token for Singularity Finance. 

According to the announcement, SelfKey’s KEY tokens will be exchanged at a 1:1 ratio, while Cogito Finance’s CGV tokens will have a conversion rate of over 1:10. 

SingularityDAO’s SDAO will see a more significant conversion rate, with each unit being exchanged for more than 80 SFI tokens. 

The merger has already caused a temporary spike in the value of SDAO, though much of the initial gains have been adjusted.

Mario Casiraghi, co-founder of SingularityDAO, emphasised the project's position at the intersection of AI and DeFi, stating, “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.”

The new entity, Singularity Finance, will operate as an Ethereum Virtual Machine (EVM) Layer-2 network, designed to support the tokenisation of AI-based assets. 

The protocol's goal is to build DeFi infrastructure that can make AI-related investments more accessible to users, enabling seamless integration with the broader DeFi market.

The announcement also highlighted the establishment of a three-member leadership council to guide Singularity Finance, which includes representatives from SingularityNET and SingularityDAO. 

By bringing these entities together, Singularity Finance seeks to enhance the liquidity and utility of AI assets, opening new avenues for growth and development within the AI-DeFi ecosystem.

Through this merger, SingularityDAO aims to expand its role in the emerging sector of AI and blockchain integration, promoting a new wave of digital asset investment that leverages both AI capabilities and DeFi infrastructure. 

The company envisions this merger as a step toward building a strong foundation for a sector that continues to gain momentum and attract investor interest.

At the time of writing, the SingularityDAO (SDAO) price was $0.2918.