Blockchain AI Startup SingularityNET Launches Layer 2 Noncustodial DeFi Solution
SingularityNET has announced a new project in the decentralized finance (DeFi) space, designed to improve funding for early and mid stage blockchain projects by leveraging AI and tokenomics to create radically more liquidity for their tokens.
SingularityNET is a full-stack AI solution powered by a decentralized protocol. SingularityNET’s core goal is to provide an intelligent fabric for AI algorithms to talk to each other — and in doing so, to provide both a teeming commercial marketplace for advanced AI solutions across vertical markets and the basis for the emergence of the world’s first true Artificial General Intelligence.
The new project, called SingularityDAO, will introduce a new set of financial tools to solve the liquidity problem of blockchain projects.
“SingularityDAO’s novel DeFi mechanisms make it more beneficial and less risky to hold portfolios of utility tokens that individually have only modest liquidity – thus increasing the liquidity available to the projects that issued these tokens,” SingularityNET said. “Our ultimate goal is to create market conditions that are favorable to high-quality innovative projects using tokens to achieve rapid financial growth.”
According to SingularityNET, SingularityDAO has been designed to make effective use of AI at every level, including management of dynamic token-sets, predictive market-making to ease the provision of liquidity for these token-sets on DEXes, and predictive modelling based hedging strategies.
“Humanity needs more high-quality decentralized technology projects – and that means resources must get directed to the many high-quality decentralized tech projects that already exist,” said Dr. Ben Goertzel, founder and CEO of SingularityNET Foundation. “If we can increase the liquidity available to the utility tokens of these projects, we clear the path for investment. This is the raison d’etre of SingularityDAO. SingularityDAO democratizes AI for advanced financial prediction, risk management, arbitrage, and automated market making – with a focus on lower-liquidity altcoins and their aggregates, and a mission of using decentralized AI and DeFi to create new mechanisms that can radically accelerate the growth of the decentralized tech economy.”
Dr. Goertzel added that there is an appetite among crypto investors for non-custodial versions of the sophisticated mechanisms available in traditional finance.
“We are also seeing a large number of new blockchain technologies coming out aimed at bypassing the speed and cost issues that limit current Ethereum-based DeFi projects – both higher-layer technologies built on top of Ethereum, and alternative blockchains designed for scalability in the fintech context,” Dr. Goertzel said. “Putting these factors together, it’s likely DeFi is going to explode in 2021 to an unprecedented degree. With SingularityDAO, we’re aiming to direct this explosion with the benefit of AI, and help create a tremendously better situation for early-stage decentralized tech projects and their corresponding utility tokens.”
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