SingularityDAO, Cogito Finance And SelfKey To Merge Into New AI-Focused SFI Token: Everything You Need To Know About It

According to the updates shared with Finbold on Tuesday, October 15, SingularityDAO, Cogito Finance and SelfKey plan to conduct a strategic token merger to launch Singularity Finance, an EVM Layer-2 for tokenising the AI economy’s Real World Assets (RWA). This new project will focuse on tokenizing the artificial intelligence economy.

Notably SingularityNET, the protocol from which SingularityDAO emerged, finished a similar merger in June with fellow AI-focused projects Fetch.ai and Ocean Protocol to form the Artificial Superintelligence Alliance token (ASI). Next, let’s take a close look at this innovative token merger plan.

Table of Contents

Latest News & Updates on SFI Token Merge

What is SFI Token?

SFI Tokenomics

What is the Significance of SFI Toke Merge

What is SingularityDAO?

What is Cogito Finance?

What is SelfKey?

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Latest News & Updates on SFI Token Merge

On October 15, SingularityDAO, Cogito Finance and SelfKey have announced their plan to merge into a combined project focused on tokenizing the artificial intelligence economy. With this new initiative, the three partners expect to expand the artificial intelligence (AI) economy within Web3.

The primary objective of the merger is to tokenize real-world assets (RWA) within the realm of artificial intelligence (AI), thereby accelerating the tokenization process for AI assets and facilitating their integration into existing decentralized finance (DeFi) applications (dApps).

The newly formed entity, Singularity Finance, will introduce a layer-2 network dedicated to the tokenization of assets such as GPUs and provide AI-powered financial tools. With AI assets on the blockchain, Singularity Finance aims to establish new financial primitives that will foster AI-driven innovation through more coherent and streamlined funding sources. Beside, the Singularity Finance platform will utilize Cogito’s tokenization framework to bring RWA AI assets into decentralized markets, making them accessible to a wider audience.

Following the merger announcement, SingularityDAO’s token, SDAO price, experienced a significant uptick, rising 19% to a trading price of $0.34.

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What is SFI Token?

As part of the merger, SingularityDAO’s SDAO, Cogito’s CGV, and SelfKey’s KEY tokens will be be converted into a unified token, SFI, which will serve as the network token for Singularity Finance.

Initially, SFI will debut on Ethereum (ETH) and the Binance Smart Chain, with mainnet released planned for the first half of 2025.

The pricing of SFI token is based on the 200 days moving average of each token in the period up to 20th August 2024.

By leveraging SFI, users will have new yield opportunities from AI compute resources and agents. Consequently, AI market participants will benefit from enhanced liquidity, fostering a more accessible and yield-generating AI ecosystem.

SFI Tokenomics

Notably, the token conversion will occur based on different ratios, with consideration on the trading history of each tokens. Specifically, the conversion ratios between SDAO, CGV, and KEY set as follows:

• SDAO migration to SFI at a ratio of 1:80.353 (1 SDAO = 80.353 SFI)
• CGV migration to SFI at a ratio of 1:10.890 (1 CGV = 10.890 SFI)
• KEY migration to SFI at a ratio of 1:1 (1 KEY = 1 SFI)

Besides, upon the conclusion of the merger, a leadership council for Singularity Finance will be established to oversee and guide the operations of the newly integrated financial ecosystem. The council will be chaired by Dr. Ben Goertzel, CEO of SingularityNET and the Artificial Superintelligence Alliance; Cloris Chen, CEO of Cogito Finance; and Mario Casiraghi, CFO of SingularityNET and Co-Founder of SingularityDAO.

Following the announcement of the merger, community members will have an opportunity to  exercise their voting rights in several rounds of voting to take place before the end of October. This will create a community-based approach in the new financial environment.

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What is the Significance of SFI Toke Merge

The merger aims to tackle the pressing issues currently faced in the ownership and accessibility of AI-related assets and yield. By utilizing SFI-compliant tokenization infrastructure, users will gain access to earning opportunities derived from computational power and AI agents.

Furthermore, participants in the AI market will be able to enhance the liquidity of their assets, making high-quality yields backed by AI and hardware more accessible. Singularity Finance will address these challenges through its Layer 2 solution, which includes built-in legal frameworks, distribution channels, marketplace, and AI-driven asset management tools.

According to Cloris Chen, CEO of Cogito Finance, the merger addresses critical limitations in the AI economy:

“The rapid growth of the AI sector is creating significant opportunities for both institutions and retail participants. However, barriers still exist on both the demand and supply sides, limiting broader participation in the AI economy. By developing our own Layer-2 solution democratizing AI-Fi, we can overcome these challenges and remain agile in adapting to an evolving regulatory landscape.”

What is SingularityDAO?

SingularityDAO is a decentralized finance platform leveraging artificial intelligence to streamline the management of crypto assets. It enables individuals to invest their crypto assets securely, mitigate losses with sophisticated risk management strategies, and enhance profit potential.

SingularityDAO is dedicated to helping users maximize profit and minimize risk through advanced AI algorithms and quantitative analytics. This makes it a unique player at the intersection of AI and DeFi, driving the deep integration of blockchain technology and artificial intelligence to bring innovation and change to the entire cryptocurrency and DeFi industry.

The SDAO token serves as the native utility token of the platform. It is used to govern the SingularityDAO ecosystem, enabling token holders to vote on various aspects of the platform, including the creation of new DynaSets. The token also plays a role in the platform’s incentive structure, rewarding users for their participation in the ecosystem.

What is Cogito Finance?

Cogito Finance is a Blockchain-based financial solutions provider, offering institutional-grade products through smart contract vaults by bringing traditional financial assets into Onchain Finance. Through tokenization, Cogito addresses challenges in DeFi, such as unsustainable yield farming, credit risk, and regulatory uncertainty. As a SingularityNET ecosystem partner, they leverage Ben Goertzel’s expertise to implement Artificial Intelligence in their processes, including portfolio management.

Cogito’s mission is to tokenize traditional assets and bring them onto the blockchain, enhancing liquidity, security, and transparency. It provides a comprehensive range of meticulously designed and fully transparent investment products that meet institutional standards. Led by a seasoned team of finance and technology professionals, Cogito is at the forefront of the evolution of onchain finance.

What is SelfKey?

SelfKey is a self-proclaimed identity management platform that empowers individuals and organizations to maintain complete control over their identities. The creators have introduced the concept of Self-Sovereign Identity (SSID). Additionally, SelfKey has developed a claims protocol that facilitates the sharing of only essential information—such as age, nationality, or gender—with third parties as needed.

As a blockchain-based identity platform, SelfKey enables individuals and organizations to securely manage and control their digital identities while enhancing compliance with KYC requirements through decentralized technology. With a team experienced in decentralized identity since 2014 across major companies, SelfKey aims to revolutionize the KYC onboarding process by reducing costs, improving security, and upholding the principles of self-sovereign identity.

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