SingularityDAO Raises $2.7M in Private Sale Led by AlphaBit to Usher AI-Driven DeFi
April 28, 2021
SingularityDAO, the independent DeFi-centric project incubated by SingularityNET, has raised $2.7 million in private sale funding from a number of prominent investors in the cryptocurrency space.
SingularityDAO is the DeFi-centric project incubated by SingularityNET, a blockchain-based AI marketplace founded by Dr. Ben Goertzel, a well-known artificial intelligence researcher. SingularityDAO focuses on bringing the benefits of AI to the world of decentralized finance, which presents one of the most natural applications for AI-driven algorithms.
SingularityDAO is a layer-2, non-custodial DeFi solution for earning yield and receiving diversified exposure to cryptocurrencies through automated baskets of assets. Structured as a decentralized autonomous organization, SingularityDAO is a multi-layer ecosystem centered around DynaSets, diversified baskets of cryptocurrency assets dynamically managed by AI and curated by the protocol.
SingularityDAO uses sophisticated AI to dynamically manage portfolios, execute efficient asset allocations and market making functions to provide liquidity for high-quality tokens on DEXs and predictively model asset management strategies.
This gives a blockchain architecture consisting of the following three layers.
- A layer of DynaSets, the basic building block. These are dynamically managed collections of utility tokens, much like hedge funds in traditional finance. Each DynaSet is managed by a DynaSet asset manager (DAM), which can be a human, but will more likely be an AI or a combination of the two.
- Liquidity pools associated with the DynaSets. These are used for farming yield by making loans to the DynaSets.
- The DAO layer, decentralized governance driven by SingDAO tokens. These tokens grant rights to vote on proposed changes to the platform. Users can earn SingDAO tokens by providing liquidity to DynaSets on DEXes.
This creates a democratically-governed infrastructure of DeFi portfolios driven and optimized by SingularityNET’s AI.
SingularityDAO CEO Marcello Mari said,
“We are proud and humbled by the staggering support received by some of the world’s leading blockchain venture capitalists, which signals that AI-DeFi is going to be the next big thing in crypto by bringing financial sophistication to DeFi with AI-managed funds powered by SingularityNet’s superior AI technology. SingularityDAO’s will help thousands of users to get exposure to the crypto economy in this critical time.”
Co-founder and partner at GBV Leslie Tam said,
“SingularityDAO has the potential to leverage AI technology to address the challenges of low liquidity and price volatility when purchasing small- to mid-cap tokens in the DeFi ecosystem. GBV is excited to have participated in the fundraising to support Marcello and the team at SingularityDAO.”
Following the unveiling of SingularityDAO in November 2020, the project has been busy delivering its promise of AI-driven DeFi. The investment round will be critical in speeding up the development and growth of SingularityDAO as it gears up for mainnet launch.
In order to foster the decentralization of its ecosystem, SingularityDAO’s team has announced today its first governance generation event, opening up to the distribution of eight million governance tokens.
SingularityDAO is a unique Layer-2, non-custodial DeFi solution. It is a fully decentralized autonomous organization governed democratically that allows members to create, manage and trade dynamic crypto indexes called DynaSets. DynaSets represent diversified portfolios of crypto assets, including high-quality small- to mid-cap tokens, and enable yield farming and hedging solutions for target assets. SingularityDAO is a SingularityNET incubated project.
Marcello Mari, SingularityDAO CEO
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