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Improving Defi with AI: SingularityDAO Nets $2.7M in Private Sale

3 min read

SingularityDAO, an independent project from the AI-driven marketplace SingularityNET, believes decentralized finance will be the fastest vehicle for improving the world, with artificial intelligence (AI) steering the wheel. Support for SingularityDAO’s vision was recently shown in a private funding round led by Alphabit that netted $2.7 million from the likes of GBV (Genesis Block Ventures), SMO Capital, QCP Capital, AU21, Jun Capital, Magnus Capital and Moonwhale Ventures. This capital injection from prominent figures in crypto aids SingularityDAO, incubated in November 2020, in launching a mainnet as soon as possible.  

AI Driven Benefits for Investors, Projects, and the Cryptosphere

In defi, the best ideas may not get the best funding, while some important ideas might be too difficult for investors to comprehend. This creates a loss of value for investors, startups, and the blockchain community as a whole, since innovations can be delayed due to the lack of capital projects need for growth. Unfortunately, the future Googles and Amazons of the decentralized sector may never realize their potential, passed over for slick looking whitepapers backed by weaker ideas.

Singularity DAO seeks to create a win-win situation for investors and projects alike by harnessing the power of AI. AI curated indexes, or baskets, can increase investors’ exposure to quality projects, each with futures promising greater innovations for nascent decentralized technologies. The benefits are cyclical, as capable projects receive more funding to grow and thus eventually return value to investors and the crypto space. As these projects eventually prove their worth to the market at large, a side-effect of financial gains is that blockchain technology progresses at a faster pace when more funding is concentrated towards the success of true innovators in the field.

How SingularityDAO Brings AI to Defi

Independent from but developed by the AI experts at SingularityNET, SingularityDAO is well poised to bring the benefits of AI to defi. SingularityDAO’s AI will assist in choosing promising projects’ altcoins and bundling them into Dynamic Asset Sets, or DynaSets, for users to choose from. To simplify things a step further, a “MetaSet,” or an index of various DynaSets weighed by quality, will also be offered, increasing exposure for those with less expertise in the broad swathe of innovative projects and technologies represented in each DynaSet. 

Additional value is then created via AI-assisted liquidity pools and farming. Since the tokens represented in these indices naturally have low to mid-market caps, AI-led strategies will be used to best retain value despite the volatility that often comes attached with small cap cryptos. As for the final say in what happens, this layered system of project tokens, AI aggregated indexes, and AI strategic farming is governed by human holders of a limited number of SingDAO governance tokens.

What Does SingularityDAO Mean for Defi?

Ben Goertzel, an AI expert and founder of SingularityNET, states in an interview that “The finance sector has always been an early adopter of advanced technologies,” and he hopes to bring a higher level of sophistication to this marriage of defi and innovation. By increasing the efficacy of seed capital so that it ends up in the most promising hands, SingularityDAO aims to increase defi’s efficiency in rewarding innovation. SingularityDAO’s own innovative approach, backed by $2.7 million from some of the most influential names in crypto, should be an exciting and rewarding new addition to the world of defi.   

Disclaimer: The information presented here does not constitute investment advice or an offer to invest. The statements, views, and opinions expressed in this article are solely those of the author/company and do not represent those of Bitcoinist. We strongly advise our readers to DYOR before investing in any cryptocurrency, blockchain project, or ICO, particularly those that guarantee profits. Furthermore, Bitcoinist does not guarantee or imply that the cryptocurrencies or projects published are legal in any specific reader’s location. It is the reader’s responsibility to know the laws regarding cryptocurrencies and ICOs in his or her country.

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