SDAO soars 17% as SingularityDAO unveils merger with Cogito Finance, SelfKey

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.

Called Singularity Finance, which will act as an EVM-powered layer-2 network, it aims to facilitate the tokenization of AI assets such as GPUs and improve the capabilities of existing decentralized finance applications, according to a shared press release. via crypto.news.

The Layer-2 solution is set to use Cogito’s tokenization framework to bring real-world assets on-chain, while SelfKey will provide an identity solution to enable user engagement in decentralized markets. The platform plans to offer AI-powered financial tools to enhance analysis, portfolio management and risk assessment by leveraging SingularityDAO’s existing DynaVaults, according to the press release.

SingularityDAO announces new token for layer-2 solution

As part of the merger, existing tokens (SDAO, CGV, and KEY) will convert into SFI, a unified token that will serve as the primary token for Singularity Finance. Initial availability of SFI is set for Ethereum and BNB Chain, with the launch of the mainnet planned for the first half of 2025. Following the news, SingularityDAO’s native token SDAO increased by 17%, increasing its price to $0.33.

According to the press release, the combined ecosystem will be managed by a leadership council that includes key executives from the three companies. A community governance vote that will allow stakeholders to decide the future direction of the platform and its operations is scheduled for October 21 to October 31.