SingularityDAO, SelfKey, and Cogito Finance have announced a merger, which received backing from their communities. Singularity Finance will be created to optimize AI tokenization and accelerate DeFi innovation.
Merger Details
According to the vote results, over 95% of SDAO token holders and 99.9% of KEY token holders supported the merger proposal. By combining the technologies of these companies, a new Layer 2 ecosystem optimized for AI tokenization will be established. A token swap will be conducted to create a single asset, SFI, which will serve as the primary network currency.
Benefits and Plans
Singularity Finance will support the creation of new DeFi tools and accelerate AI innovations. This process involves token conversions: 1 KEY = 0.1 SFI, 1 SDAO = 8.0353 SFI, 1 CGV = 1.0890 SFI. Dr. Ben Goertzel will lead the council overseeing Singularity Finance operations. The aim is to create a Layer-2 platform that merges the strengths of SingularityDAO, SelfKey, and Cogito Finance.
Participants' Comments
Mario Casiraghi from SingularityDAO noted that the support from the SelfKey and SingularityDAO communities enabled the merger to proceed. Cloris Chen from Cogito Finance expressed satisfaction with the vote results, highlighting the shared goal of creating a leading AI and DeFi ecosystem.
The merger of SingularityDAO, SelfKey, and Cogito Finance into Singularity Finance will create a Layer 2 ecosystem supporting AI tokenization and DeFi innovations, reducing entry barriers and providing access to new financial opportunities.
