Key takeaways:
- Testnet launches on December 30, 2024 with a three-month incentive campaign for participants.
- The platform integrates Optimistic Rollups for scalable and profitable transactions.
- It focuses on tokenizing AI computing, AI agents, and data ownership to empower users and developers.
Building a bridge between AI and blockchain
Singularity Financea blockchain and artificial intelligence development company, will launch the testnet for its EVM-compatible Layer 2 (L2) blockchain platform on December 30, 2024. This announcement comes following the SingularityDAO, SelfKey and Cogito Finance merge which happened just last month. Designed to address pressing challenges in blockchain scalability and interoperability, the platform combines AI-driven innovation with advanced blockchain infrastructure.
The launch will also include an incentivized campaign running through March 30, 2025, which aims to reward early adopters and gather feedback to refine its offering. Participants will earn points through network tests, dApp community development and engagement, with points convertible to mainnet rewards upon launch.
A scalable and easy-to-develop solution
Singularity Finance’s L2 blockchain uses Optimistic Rollups to increase throughput and reduce transaction costs. By offloading transaction processing from the Ethereum mainnet, the platform ensures high-speed, profitable transactions while maintaining the security of Ethereum.
Blockchain incorporates cross-chain bridges and advanced Oracle systems, enabling seamless integration with other networks and fostering interoperability. Developers can access familiar tools to deploy smart contracts, creating an optimized environment for creating and validating decentralized applications (dApps).
Tokenize the AI economy
Central to Singularity Finance’s vision is the tokenization of the AI value chain, targeting three key components:
- AI Computing: Monetize hardware and power resources for AI workloads.
- AI Agents: Facilitate the creation and exchange of AI-powered assets.
- Data ownership: Empower people to control and monetize their data within AI ecosystems.
“The launch of our testnet is a crucial step towards democratizing access to the rapidly expanding AI economy. By uniting DeFi with AI tokenized assets, we are not only creating a new blockchain; “We are fostering an ecosystem where AI and finance converge to create unprecedented opportunities.”
—Cloris Chen, CEO and Co-Founder of Singularity Finance
Testnet Campaign Highlights
The testnet campaign is designed to attract developers, blockchain enthusiasts and AI innovators. Key benefits include:
- Intuitive onboarding and easy-to-use developer tools.
- Reward systems with leaderboards to promote active participation.
- Early opportunities to test the network and provide feedback.
- An advantage in the creation and validation of dApps on the platform.
Participants will accumulate points by completing transactions on testnet dApps, exploring platform features, and contributing through educational content. These points can later be redeemed for benefits on the platform’s main network.
SFI Token Utility
The SFI token serves as a cornerstone of the Singularity Finance ecosystem, facilitating network security, governance, and seamless transactions. Key utilities include:
- Network security: Token holders can stake SFI tokens to protect Layer 2 infrastructure by participating in node operations, ensuring network integrity.
- Gas tab: SFI tokens are used to pay gas fees for transactions and smart contract executions within the ecosystem.
- Governance: SFI enables community-led governance, allowing token holders to vote on critical decisions that shape the direction of the platform.
- Tokenization fees: Organizations that tokenize their assets on the platform must pay an introduction fee called SFI, which is distributed to the community as node rewards.
- Transaction fees: A portion of the fees collected from Singularity Finance dApps and services, such as SFI Vaults, DEXs, and AI tools, are burned, while rewards are distributed to ecosystem participants based on their participation.
- Protocol fee distribution: The fees generated also support network operations and incentivize active contributors to the growth and stability of the ecosystem.
The SFI token is designed to power a dynamic and decentralized ecosystem, ensuring alignment between stakeholders and sustainable growth.
The final result
Singularity Finance’s upcoming testnet represents an important step towards integrating AI and blockchain, offering a scalable solution to tokenize the AI economy. By leveraging advanced L2 technology, the platform seeks to redefine how AI interacts with decentralized finance, fostering new opportunities for both developers and users.
