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SingularityDAO is looking to advance to Singularity Finance with strategic merger with Cogito Finance and SelfKey.
Key Notes
SingularityDAO to merge with Cogito Finance and SelfKey.The alliance will seek to enhance AI and tokenization solutions.The trio aims to emulate related move from the ASI Alliance.SingularityDAO is mulling a merger deal with Cogito Finance and SelfKey. Together, the trio will form a project to tokenize the Artificial Intelligence (AI) economy. The new entity, dubbed Singularity Finance, will focus on providing a Layer 2 network for tokenizing assets. It will also provide AI-powered financial tools
SDAO, CGV, and KEY Token Prices React to Merger
Based on the potential consolidation, SelfKey’s existing token with the ticker KEY will transition to Singularity Finance’s new token, SFI. Similarly, SingularityDAO’s SDAO and Cogito’s CGV will merge into SFI, at ratios of 1:80.353 and 1:10.89, respectively. Depending on stakeholder discussion, the process and other details are subject to change.
The latest move underscores SingularityDAO’s vision for developing tokenized asset management and AI-enhanced financial solutions. In the long run, this merger is expected to create substantial impacts within the AI-driven cryptocurrency niche.
Following the news of the potential merger, the sentiment around each project saw a significant boost. At the time of this writing, SDO traded at $0.3358, corresponding with a 15.78% surge in the last 24 hours and a weekly increase of 20.2%.
To complement the growth, the trading volume surged by an impressive 225.36% in one day and reached $573,020. In a similar pattern, the price of Cogito Finance CGV surged by 12.87% within 24 hours and traded at $0.04634. Its trading volume has yet to record the jump seen on SDAO, but its market cap is growing steadily. KEY’s price is also up by 13.76%, currently trading for $0.004392.
SelfKey’s trading volume value far outweighs SDAO’s. The token’s trading volume rose by 592.41% in 24 hours and currently rests at $26.82 million. Generally, these surges experienced by SDAO and KEY are indicators of high trading interest and a show of confidence in the respective altcoins’ future potential.
Learning from the Artificial SuperIntelligence Alliance (FET)
It is worth noting that SingularityNET completed a similar merger with fellow AI-focused projects Fetch.ai and Ocean Protocol five months ago. Notably, SingularityNET is the protocol from which SingularityDAO emerged. The trio Fetch.ai, Ocean Protocol, and SingularityNET merged to form the Artificial Superintelligence Alliance token (ASI).
The new project from their merger focuses on interoperability and resource sharing. Ultimately, the ASI seeks to offer a strong foundation for the next blockchain and AI advancements. Phase 1 of the merger commenced on July 1, during which the native tokens of SingularityNET and Ocean Protocol, OCEAN, and AGIX were integrated into FET on the Ethereum blockchain.
Phase 2 involves deploying the ASI token across multiple blockchains and onboarding community members, particularly those who opted to self-custody their assets. The new pivot by SingularityDAO, Cogito Finance, and SelfKey closely models what ASI Alliance has achieved lately.
The AI and tokenization niche is a green one at the moment, underscored by top firms’ move into the niche.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
