SingularityDAO, Cogito Finance, and SelfKey unite under a new project focused on tokenizing the artificial intelligence economy. The resulting “Singularity Finance” aims to create a Layer-2 network that facilitates the tokenization of assets such as GPUs while offering AI-powered financial tools.
Establishment of Singularity Finance through a Triumvirate MergerThe merger plans of SingularityDAO, Cogito Finance, and SelfKey have garnered significant attention in the industry. The new structure, named Singularity Finance, will rebrand SelfKey’s existing token KEY to the new token SFI. Additionally, SingularityDAO’s SDAO token will convert to SFI at a rate of 1:80,353, while Cogito Finance’s CGV token will convert at a rate of 1:10.89.
The conversion rate may vary following discussions with stakeholders.
Towards a Structure Similar to SingularityNETThis merger recalls a significant move previously made by SingularityNET. In June, SingularityNET joined forces with other AI-focused projects like Fetch.ai and Ocean Protocol to launch the Artificial Superintelligence Alliance (ASI) token. Now, SingularityDAO, emerging from the same ecosystem, draws attention with a similar consolidation initiative.
The announcement of Singularity Finance highlighted its vision for developing tokenized asset management and AI-enhanced financial solutions. This merger is expected to create substantial impacts within the AI-driven cryptocurrency ecosystem.
The innovations this new project will bring to the sector and the future roadmap of Singularity Finance are eagerly followed by enthusiasts and tech aficionados.
Following the news, the main network asset of SingularityDAO, SDAO, saw its price rise by over 10%. As of the news preparation, the altcoin traded at $0.3215, reflecting an increase of 11.52%. The main network assets of Cogito Finance and SelfKey, CGV and KEY, also experienced increases, with CGV rising by 18.65% and KEY by 11.93%.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Singularity Finance, an EVM Layer-2 for tokenizing the Real World Assets (RWA) of the AI economy, will be launched via a strategic token merger announced by SingularityDAO, Cogito Finance, and SelfKey.
Web3 will be accelerated by a platform optimized for AI tokenization that is powered by the combination of the three complimentary technologies. By integrating AI assets like GPUs into already-existing DeFi apps and tokenizing them, new onchain primitives will be created, opening up more effective financing sources for AI-driven developments.
With the help of SelfKey’s compliant identity solution, Singularity Finance will leverage Cogito’s tokenization framework to put RWAs onchain, establishing decentralized markets in which users may readily engage. Using SingularityDAO’s AI-driven DynaVaults and other technologies, Singularity’s Layer-2 will provide AI-powered financial tools services that improve and automate analysis, portfolio, and risk management.
Cogito Finance CEO Cloris Chen said:
“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 democratising AI-Fi, we can overcome these challenges and remain agile in adapting to an evolving regulatory landscape.”
SingularityDAO co-founder Mario Casiraghi added:
“We stand at the intersection of AI and DeFi, where much of the innovation currently taking place within the Web3 space is occurring. AI-Fi harnesses the immense potential of the AI economy by tokenising the AI value chain, creating unprecedented opportunities to access, exchange and monetise these assets.”
The three existing tokens—SDAO, CGV, and KEY—will be combined into a single token, SFI, which will function as Singularity Finance’s network token as part of the merger. With the mainnet release scheduled for the first half of 2025, the SFI token will first be accessible on Ethereum and BNB Chain. The conversion ratios between SDAO, CGV, and KEY will be as follows:
At a ratio of 1:80.353 (1 SDAO = 80.353 SFI), SDAO migrates to SFI. 1:10.890 is the ratio of CGV migration to SFI (1 CGV = 10.890 SFI). Migration of KEY to SFI at a 1:1 ratio (1 KEY = 1 SFI). The 200-day moving average of each token up to August 20, 2024, is the basis for pricing.
A leadership council for Singularity Finance will be formed when the merger is finalized to supervise and direct the activities of the combined financial ecosystem. Mario Casiraghi, CFO of SingularityNET and Co-Founder of SingularityDAO; Cloris Chen, CEO of Cogito Finance; and Dr. Ben Goertzel, CEO of SingularityNET and the Artificial Superintelligence Alliance, will serve as the council’s leaders. The community will have the chance to vote in a governance vote after the merger announcement, which will take place from October 21 to October 31.
The merger will solve the major issues with ownership and accessibility to AI-related revenues and assets that are now present. Users will be able to access yield prospects from compute and AI agents by using SFI-compliant tokenization infrastructure. Additionally, AI market players will be able to create additional liquidity for their assets, increasing the accessibility of high-quality yield supported by AI and hardware. Through its Layer 2—which includes integrated legal frameworks, distribution channels, a marketplace, and AI-powered asset management tools—Singularity Finance will address these issues.
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[PRESS RELEASE – Gros Islet, Saint Lucia, October 15th, 2024]
SingularityDAO, Cogito Finance, and SelfKey have announced a strategic token merger to launch Singularity Finance, an EVM Layer-2 for tokenising the AI economy’s Real World Assets (RWA).
Combining the trio’s complementary technologies will power a platform optimised for Artificial Intelligence tokenisation that will accelerate Web3. Tokenising AI assets such as GPUs and integrating them into existing DeFi applications will create new onchain primitives, enabling more efficient funding sources for AI-driven innovations.
Singularity Finance will bring RWAs onchain using Cogito’s tokenisation framework, creating decentralised markets where users can easily participate with the support of SelfKey’s compliant identity solution. Singularity’s Layer-2 will offer AI-powered financial tools services that enhance and automate analysis, portfolio, and risk management leveraging SingularityDAO’s AI-driven DynaVaults and other technologies.
Cogito Finance CEO Cloris Chen said: “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 democratising AI-Fi, we can overcome these challenges and remain agile in adapting to an evolving regulatory landscape.”
SingularityDAO co-founder Mario Casiraghi added: “We stand at the intersection of AI and DeFi, where much of the innovation currently taking place within the Web3 space is occurring. AI-Fi harnesses the immense potential of the AI economy by tokenising the AI value chain, creating unprecedented opportunities to access, exchange and monetise these assets.”
As part of the merger, the three existing tokens—SDAO, CGV, and KEY—will be converted into a unified token, SFI, which will serve as the network token for Singularity Finance. Initially, the SFI token will be available on Ethereum and BNB Chain, with mainnet released planned for the first half of 2025 and with 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) The pricing is based on the 200 days moving average of each token in the period up to 20th August 2024.
Upon closing of the merger, a leadership council for Singularity Finance will be established to oversee and guide the operations of the newly merged financial ecosystem. The council will be led 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 merger announcement, the community will have the opportunity to participate in a governance vote, which will run from 21 to 31 October.
The merger will address the significant challenges currently faced in the ownership and accessibility of AI-related assets and yield. By leveraging SFI compliant tokenisation infrastructure users will be able to access yield opportunities from compute and AI agents; in addition, AI market participants will be able to foster extra liquidity for their assets thereby making AI and hardware-backed high-quality yield more accessible. Singularity Finance will solve these challenges through its Layer2 including built-in legal frameworks, distribution channels, marketplace, and AI-driven asset management tools.
About SingularityDAO
SingularityDAO is a decentralised Portfolio Management Protocol designed to democratise access to sophisticated crypto asset management tools. The upcoming DynaVaults, multi-asset, 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 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
A blockchain-based identity platform that enables individuals and organisations to securely manage and control their digital identities, enhancing compliance with KYC requirements through decentralised technology. With a team experienced in decentralised identity since 2014 across major companies, SelfKey aims to revolutionise the KYC onboarding process by lowering costs, improving security, and upholding the principles of self-sovereign identity.
Three blockchain projects—SingularityDAO, Cogito Finance, and SelfKey—have joined forces to launch Singularity Finance, a new EVM layer 2 platform designed to tokenize real-world assets in the AI economy.
https://t.co/T4yv5XsNAN
— SingularityDAO (@SingularityDAO) October 15, 2024
As part of the union, the projects’ respective tokens, including SDAO, CGV, and KEY, will be merged into a single unified token called “SFI,” SingularityDAO said in a Tuesday press release.
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The conversion ratios are: 1 SDAO to 80.353 SFI; 1 CGV to 10.890 SFI; and 1 KEY to 1 SFI. The rates are based on the 200-day moving average up to August 20, 2024.
The merger is aimed at enhancing web3 applications using the technologies of the three projects. Through the new platform, the project members are also looking to enable more funding sources for AI-driven innovations by tokenizing AI assets and integrating them into DeFi applications.
Discussing the launch of Singularity Finance, Cloris Chen, CEO of Cogito Finance, said the solution could help bridge the gap between the potential of AI and the current limitations of its adoption, making it easier for a wider range of participants to benefit from 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,” Chen stated.
“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,” he added.
As noted in the press release, Singularity Finance will utilize Cogito’s tokenization framework to bring real-world assets onto the blockchain, supported by SelfKey’s compliant identity solutions. The collaboration will create decentralized markets that facilitate easier participation and leverage AI to improve financial tools and risk management.
A governance vote following the merger announcement will take place from October 21 to 31, allowing the community to participate in the future direction of the newly formed entity.
SingularityNET, which spawned SingularityDAO, previously merged with AI-focused projects Fetch.ai and Ocean Protocol to form the Artificial Superintelligence Alliance token (ASI). The ASI also revealed its plan to add CUDOS, a decentralized cloud computing platform, as an alliance member.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
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.
SingularityDAO, Cogito Finance, and SelfKey have announced a strategic merger to form Singularity Finance. This new entity will enhance the tokenization of the artificial intelligence economy through a specialized Layer-2 network. The unified platform will introduce the SFI token as its core network token, consolidating the three existing tokens, SDAO, CGV, and KEY, into a single currency to streamline transactions and governance within the ecosystem.
SingularityDAO, Cogito, SelfKey Merge to Form Singularity Finance, SDAO Price Rally 19% The collaboration between SingularityDAO, Cogito Finance, and SelfKey has resulted in the creation of Singularity Finance. This platform will transform the AI sector by tokenizing real-world assets and integrating AI into the decentralized finance (DeFi) landscape.
Moreover, the merger leverages each company’s strengths to create a robust Layer-2 solution on the Ethereum blockchain. It aims to democratize access to AI technologies and financial products. Following the merger announcement, SingularityDAO’s token, SDAO price, experienced a significant uptick, rising 19% to a trading price of $0.34.
Courtesy: CoinMarketCap The new entity will deploy Cogito’s advanced tokenization frameworks as the merger progresses. SelfKey’s identity solutions will also be integrated to ensure compliant user participation. This strategy will offer enhanced liquidity and improved access to AI-driven financial tools.
Token Consolidation and Future Plans In addition, the creation of Singularity Finance will consolidate SDAO, CGV, and KEY into the new SFI token. This move will unify the economic structure of the merged entities and simplify the user experience across its platforms.
However, the token conversion will take place based on different ratios, with consideration on the trading history of each tokens. In particular, the SDAO tokens will be exchanged for SFI at 1:80.353, CGV at 1:10.890, and for KEY token at 1:1 ratio. Selling of the SFI token will commence on the Ethereum and BNB Chain, but the expansion will be done on other blockchains after the mainnet scheduled for early 2025.
Before these changes occur some form of governance will be put in place to addresses them. As such, token holders will 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.
Moreover, the merger will introduce decentralized marketplaces and financial instruments that leverage Artificial Intelligence to optimize asset management, risk assessment, and investment strategies. More so, Singularity Finance will facilitate the tokenization of physical assets like GPUs and extend to computational resources and AI models, thereby broadening the scope of assets available onchain.
SingularityDAO will revolutionize AI and DeFi through this merger, paving the way for a tokenized future in artificial intelligence.
SelfKey will be engaging its community in a vote to decide the fate of a merger of Singularity DAO(SDAO) and Cogito Finance starting from the 1st of November this year. On approval of the deal, SelfKey lists shall form Singularity Finance, which is a Layer 2 blockchain that specializes in tokenization of AI assets.
The vote will continue until November 7, and any holders of the KEY token will be able to cast their vote, thus, it will provide SelfKey’s community with a voice in the further evolution of the platform.
Merger to Form Singularity Finance with KEY Holder Approval The integration will entail SelfKey, Singularity DAO, and Cogito Finance joining to create a single corporation known as Singularity Finance. This transition would also favour the holders of KEY tokens as a token swap mechanism would allow them to exchange their KEY tokens for the new platform’s token known as SFI. Thus, Singularity Finance intends to become the key RWA tokenization platform to focus on the AI economy.
Singularity Finance will utilize the combined expertise of SelfKey’s identity technology, Singularity DAO’s DeFi capabilities, and Cogito Finance’s financial models to establish a compliant ecosystem for tokenized AI assets.
By merging into a single platform, these entities plan to create advanced AI-driven financial services, bolstered by SelfKey’s decentralized identity solutions that offer compliance and security. The network will function as an EVM-compatible Layer 2, designed to support AI tokenization in a regulated environment.
SelfKey Snapshot Vote to Capture KEY Token Holder Participation The KEY Token holders willing to participate in the vote shall keep their tokens in their wallets by November 1 to establish a “snapshot”. This process ensures that only those who actively hold KEY on the day of the vote will gain the right to ballot on the Snapshot voting platform.
The three types of votes will be approval of the merger, rejection of the merger, or abstaining from the merger proposal to give the SelfKey community the power to decide the company’s next steps.
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Crypto journalist with years of experience providing in-depth analysis and news on blockchain and decentralized finance. With a keen eye for detail, Shahzaib delivers insightful articles that explore the latest trends, market movements, and innovations within the crypto and blockchain ecosystem. His work focuses on educating readers while offering expert commentary on the evolving landscape of digital assets, DeFi protocols, and the broader impact of blockchain technology.
SingularityDAO has completed a community vote on its planned merger with Cogito Finance and SelfKey. SingularityDAO was able to go forward with plans to create Singularity Finance, an EVM Layer 2 for tokenizing the AI economy, after SDAO holders unanimously approved the merger.
The popular governance framework, Snapshot, was used to present the proposal to SDAO holders to merge with Cogito Finance and SelfKey and combine technologies to establish Singularity Finance. 94.78% of the tokens used in the voting procedure, which included more than 15 million SDAO, approved the merger.
SingularityDAO Co-Founder Mario Casiraghi said:
“We’re grateful to all SDAO holders for participating in this pivotal governance vote and having their say on the future of SingularityDAO. With their approval, we will now move ahead with the proposal to create Singularity Finance as an L2 that combines the best elements of SingularityDAO with those of our partners SelfKey and Cogito Finance to accelerate DeFi and AI innovation.”
SingularityDAO is ready to go forward with the merger after the governance vote, pending an upcoming community vote on behalf of KEY holders that will decide SelfKey’s stance. The three initiatives would be able to coordinate to provide solutions for every phase of the Artificial Intelligence (AI) value chain with the establishment of Singularity Finance.
RWA tokenization and onchain identity management are two examples of the AI-driven financial services that Singularity Finance was conceived to serve. The Layer 2 will draw developers and users who want to learn more about the new use cases and assets the industry supports by establishing itself as a leader in the quickly expanding AI economy.
Cloris Chen, CEO of Cogito Finance, shared in a quote:
“The overwhelming community support for the SFI merger is a powerful testament to the shared vision we have for the future of finance. By combining our expertise and technologies, we are poised to unlock unprecedented opportunities at the intersection of AI and DeFi. Singularity Finance will be a leading force in driving innovation and accessibility in this dynamic landscape, empowering individuals and institutions alike.”
The integration of compliance and RWA tokenization solutions, provided by SelfKey and Cogito Finance, respectively, will improve the AI-powered portfolio management services that SingularityDAO already offers. Using SingularityDAO’s AI-powered DynaVaults and other technologies, these financial tools will improve and automate analysis, portfolio, and risk management.
A leadership council for Singularity Finance will be formed as a result of the planned merger to supervise the operations of the combined financial ecosystem. Mario Casiraghi, CFO of SingularityNET and Co-Founder of SingularityDAO; Cloris Chen, CEO of Cogito Finance; and Dr. Ben Goertzel, CEO of SingularityNET and the Artificial Superintelligence Alliance, will serve as the council’s leaders.
A diploma graduate who is passionate about digital currency and loves writing. He loves the concept of crypto and keeps himself up to date with the latest development and news of the crypto world.
SingularityDAO token holders have approved a merger with Cogito Finance and SelfKey to form Singularity Finance, an EVM layer 2 platform focused on tokenizing the AI economy.
The move comes after SingularityDAO announced last month it would join forces with Cogito Finance and SelfKey to form the AI-focused L2 platform, with a consolidated new token, SFI.
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The community vote, conducted through the Snapshot governance framework, saw more than 15 million SDAO tokens participating, with 94.7% approving the merger proposal.
“We’re grateful to all SDAO holders for participating in this pivotal governance vote and having their say on the future of SingularityDAO,” said Mario Casiraghi, SingularityDAO Co-Founder. “With their approval, we will now move ahead with the proposal to create Singularity Finance as an L2 that combines the best elements of SingularityDAO with those of our partners SelfKey and Cogito Finance to accelerate DeFi and AI innovation.”
The merger’s completion now awaits a community vote from SelfKey’s KEY token holders. The combined entity aims to develop solutions across the Artificial Intelligence value chain, including RWA tokenization and on-chain identity management.
Cloris Chen, CEO of Cogito Finance, said:
“The overwhelming community support for the SFI merger is a powerful testament to the shared vision we have for the future of finance. By combining our expertise and technologies, we are poised to unlock unprecedented opportunities at the intersection of AI and DeFi.”
The new organization will enhance SingularityDAO’s existing AI-powered portfolio management services with compliance and RWA tokenization solutions from SelfKey and Cogito Finance.
Singularity Finance will be led by a leadership council, including Dr. Ben Goertzel, CEO of SingularityNET and the Artificial Superintelligence Alliance; Cloris Chen, CEO of Cogito Finance; and Mario Casiraghi, CFO of SingularityNET.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
SingularityDAO is set to merge with Cogito Finance and SelfKey to form Singularity Finance, a layer-2 tokenization platform.
The move follows a governance vote in which the SingularityDAO (SDAO) community overwhelmingly approved the merger proposal. Voting saw more than 15 million SDAO tokens cast, with 94.78% in favor of the proposal.
SingularityDAO is a decentralized platform for AI-powered digital asset management, while SelfKey offers a self-sovereign digital identity system, and Cogito Finance focuses on real world asset tokenization within the SingularityNET ecosystem.
Tthe three platforms announced their merger plans in October, with this coming amid reports of how mergers could drive AI and web3 adoption.
With the merger proposal approved, Cogito Finance, SelfKey, and SingularityDAO have the go-ahead to form Singularity Finance, a new EVM layer-2 platform for the tokenization of the AI economy.
Mario Casiraghi, co-founder of SingularityDAO, noted that SDAO holders’ approval of the merger is pivotal for DeFi and AI innovation. Singularity Finance, as a layer-2 network, will incorporate technologies from SingularityDAO, SelfKey, and Cogito Finance, Casiraghi added.
In addition to SelfKey’s compliance solutions and Cogito Finance’s RWA tokenization service, Singularity Finance will feature financial tools for automated analysis and risk management, leveraging SingularityDAO’s technologies.
Singularity Finance aims to support various AI-driven financial services, including real-world asset tokenization and on-chain identity management. The layer-2 platform intends to position itself as a leading platform for developers and users in the growing AI economy, according to a SingularityDAO press release sent to crypto.news.
“By combining our expertise and technologies, we are poised to unlock unprecedented opportunities at the intersection of AI and DeFi. Singularity Finance will be a leading force in driving innovation and accessibility in this dynamic landscape, empowering individuals and institutions alike.”
Cloris Chen, CEO of Cogito Finance.
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.
[PRESS RELEASE – Gros Islet, St. Lucia, November 8th, 2024]
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.
The leading crypto exchange, Binance, has recently issued a warning to delist five crypto from its platform, sparking market discussions. In a recent press release, the exchange said that it has added monitoring tags for Bluzelle (BLZ), CLV (CLV), SelfKey (KEY), Prosper (PROS), and VITE (VITE). The cryptocurrencies, under this tag, are usually seen as more volatile and at-risk assets of potential delisting.
Binance Adds Monitoring Tags For These Five Crypto Binance has recently announced its plans to include five cryptocurrencies in its Monitoring Tag list. This move signals heightened volatility and potential risks for the assets, especially amid the ongoing broader crypto market selloff.
According to the exchange, the tokens with the Monitoring Tag are closely reviewed and face potential delisting if they fail to meet the listing requirements. In other words, this tag indicates a warning for the investors, which requires them to complete quizzes every 90 days, ensuring they understand the risks before putting their bets into these assets.
Meanwhile, these five tokens are now under close scrutiny by the exchange. Notably, the BLZ token, which is known for its decentralized data storage solutions, faces potential delisting from the exchange. Simultaneously, the other four crypto also face similar pressure, which has sparked concerns among investors.
Usually, any positive announcements from the top crypto exchanges tend to boost the market confidence in the assets. Similarly, any other announcement or negative developments like delisting and others, could significantly weigh on the investors’ sentiment and trigger a decline in the prices.
PENDLE And SEI Receives Positive Outlook The latest Binance announcement also mentions the removal of the Seed Tag from Pendle (PENDLE) and Sei (SEI). This removal signals improved stability in these projects, indicating they are no longer in the exchange’s high-risk category. Notably, the Seed Tag generally applies to new, innovative projects that exhibit early-stage volatility, but passing this phase can boost investor confidence.
Meanwhile, the exchange’s criteria for reviewing tokens include various factors, such as the commitment of the project team, network security, and public communication. Despite that, both PENDLE and SEI price dropped about 4% and 5%, respectively, today.
However, the tokens added to the Monitoring Tag often see heightened volatility, impacting trading activity. This step also serves as a reminder to investors about the risks of certain crypto projects. Tokens on this list often experience market instability, reflecting the platform’s rigorous evaluation process.
Despite that, the BLZ price was up over 4% today and exchanged hands at $0.126. Its trading volume rocketed nearly 170% to $15.73 million, indicating a growing confidence of the investors towards the crypto despite the recent warning.
BLZ Price However, the other four crypto CLV, KEY, PROS, and VITE prices noted a sharp decline, with all these four crypto falling nearly 20% today. This reflects the influence of Binance on the investors’ sentiment and the potential risks associated with the assets.
Binance, a leading cryptocurrency exchange has announced plans to remove Gifto (GFT), IRISnet (IRIS), SelfKey (KEY), OAX (OAX), and Ren (REN) from all trading pairs. The decision follows a routine review to ensure listed assets maintain high standards and meet evolving industry requirements.
The announcement has triggered 25 to 40% price drops for the affected tokens. The exchange remains committed to fostering a secure and transparent trading environment, adapting to dynamic market and regulatory conditions.
Binance to Remove GFT, IRIS, KEY, OAX, and REN Binance announced on November 26 that it would delist multiple tokens, including Gifto (GFT), IRISnet (IRIS), SelfKey (KEY), OAX (OAX), and Ren (REN). This announcement triggered a 25 to 40% decline in the prices of these coins as traders rushed to liquidate their positions, fearing further losses.
The impacted pairs, such as GFT/USDT, IRIS/USDT, KEY/USDT, OAX/BTC, OAX/USDT, REN/BTC, and REN/USDT, will cease trading as of the scheduled cutoff. One of the top crypto exchanges has warned users that pending orders will be automatically canceled once trading ends. Furthermore, deposits for these tokens will not be credited to accounts after the delisting date, while withdrawals will cease after February 2025.
This decision follows Binance’s routine asset review process, which evaluates factors like trading volume, project development, and network stability. The move reflects its commitment to maintaining high listing standards while adapting to shifting market conditions. Traders holding these tokens are encouraged to act before the delisting deadline to avoid potential disruptions in their portfolios.
Price Movements and Volume Trends Amid Delisting Following the Binance delisting announcement, prices of affected cryptocurrencies have seen significant drops. Gifto (GFT) is currently trading at $0.01212, down 32% in the past 24 hours. Its 24-hour low and high range from $0.01176 to $0.01814. IRISnet (IRIS) dropped to $0.01058, crashing 36% since the announcement. Its 24-hour low reached $0.009892, and the high hit $0.01735.
SelfKey (KEY) has dropped 30% in 24 hours, trading at $0.002651, with a range of $0.002565 to $0.004157. OAX has also suffered a 31% drop, now at $0.114, with its low at $0.1096 and high at $0.1692. Ren (REN) is priced at $0.03942, down 32%. Its 24-hour range is $0.0352 to $0.05911. Despite this drop, Ren has gained 15% over the past month.
Binance’s delisting decision triggered a broader market sell-off. Investors reacted quickly, causing significant price drops across multiple tokens.
