Outside Source
SingularityDAO has joined forces with Cogito Finance and SelfKey to create a new EVM layer-2 platform aimed at tokenizing real-world assets for decentralized finance.
Decentralized autonomous organization SingularityDAO (SDAO) is merging with Cogito Finance and SelfKey to create a unified solution focused on tokenizing real-world assets.
The so-called Singularity Finance, which will act as an EVM-supported layer-2 network, aims to facilitate the tokenization of artificial intelligence assets, such as GPUs, and enhance the capabilities of existing decentralized finance applications, according to a press release shared with crypto.news.
The layer-2 solution is set to utilize Cogito’s tokenization framework to bring real-world assets on-chain, while SelfKey will provide an identity solution to enable user participation in decentralized markets. The platform plans to offer AI-driven financial tools to improve analysis, portfolio management, and risk assessment, leveraging SingularityDAO’s existing DynaVaults, per the press release.
SingularityDAO unveils new token for layer-2 solution
As part of the merger, the existing tokens — SDAO, CGV, and KEY — will convert into a unified token, SFI, which will serve as the primary token for Singularity Finance. Initial availability of SFI is set for Ethereum and BNB Chain, with the mainnet launch planned for the first half of 2025. Following the news, SingularityDAO’s native token SDAO surged 17%, propelling its price to $0.33.
The merged ecosystem will be governed by a leadership council, including key executives from the three companies, according to the press release. A community governance vote is scheduled to take place from Oct. 21 to Oct. 31, allowing stakeholders to decide the future direction of the platform and its operations.
This article first appeared at crypto.news
