Independent DeFi-based project SingularityDAO incubated by SingularityNET has raised $2.7 million in private sale funding from prominent investors in the crypto ecosystem, led by AlphaBit.
Moreover, the participants include GBV (Genesis Block Ventures), SMO Capital, QCP Capital, AU21, Jun Capital, Magnus Capital, and Moonwhale Ventures.
SingularityNET is a blockchain-focused AI marketplace founded by a well-known artificial intelligence researcher Dr. Ben Goertzel. More so, SingularityDAO focuses on gaining the benefits of AI to Decentralized Finance (DeFi).
In addition, SingularityDAO offers a layer-two non-custodial DeFi solution for getting yield and receiving diversified exposure to cryptocurrencies via automated baskets of funds.
Even more, SingularityDAO utilizes sophisticated AI to dynamically manage portfolios, execute efficient asset allocations and market-making operations to offer liquidity for high-quality tokens on DEXs, and predictively model asset management methods.
This provides a blockchain architecture consisting of three layers: a DynaSets layer, DynaSets’ liquidity pool layer, and the DAO layer. However, the DynaSet layer is the basic building block. Moreover, these are managed dynamically by the collection of utility tokens like Hedge Funds in traditional finance.
Added to this, DynaSet Asset Manager (DAM) manages each DynaSet. More so, DAM could be a human, but will more likely be an AI or a combination of the two. The second layer is normally used for yield farming through making loans to the DynaSets.
In the DAO layer, decentralized governance driven by SingDAO tokens. These tokens offer rights to vote on the platform’s proposed changes. Users can get SingDAO tokens by offering liquidity to DynaSets on Decentralized Exchanges (DEX). Furthermore, this develops a democratically-governed infrastructure of DeFi portfolios driven 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.
Marcello Mari also explained that the technology will be useful for thousands of users to get exposure in the critical time to the crypto-economy. Also, Leslie Tam who is a Co-founder and Partner at GBV explained that SingularityDAO has the strength to leverage AI technology.
In order to address the challenges of low liquidity and price volatility on buying small to mid-cap tokens in the DeFi ecosystem. Also, GBV is excited to participate in the fundraising to support Marcello and SingularityDAO.
Furthermore, the investment round will be crucial in increasing the growth of SingularityDAO as it prepares for the mainnet launch. Moreover, the SingularityDAO team also announced its first Governance Generation Event starting up to the distribution of 8 million governance tokens.