Proposal: Whitelist SingularityDAO (SDAO) with 150K BNT Co-investment

This proposal is expected to appear on Snapshot for voting on 2021-09-26T12:00:00Z. Make sure to stake your vBNT for voting before this date and time to participate in the DAO decision.

Proposal to Whitelist SingularityDAO (SDAO) with 150K BNT Co-investment

TL;DR

  • Proposal to whitelist SDAO.
  • Requesting a 150,000 BNT co-investment to start
  • Transaction fees: 0.2%
  • There are no apparent security concerns that would prohibit whitelist status.
  • There is no reason to doubt the legitimacy of the SDAO project.

Token Address: 0x993864e43caa7f7f12953ad6feb1d1ca635b875f

Project Website: https://www.singularitydao.ai/

Platform Whitepaper: https://www.singularitydao.ai/file/2021/04/Platform-Whitepaper-3.pdf
Governance Whitepaper:https://www.singularitydao.ai/file/2021/04/Governance-Whitepaper-3.pdf

Token Security

SDAO does not have an elastic supply or rebase mechanism. The singularity DAO token contract has a mint function to increase the supply but does not have any burn functions. The SDAO token supply is fixed at 100,000,000 of which 24,010,493 are in current circulation. The contracts and addresses with the highest concentration of SDAO tokens are eco-system Fund, and investor vesting multisig wallets.

Project

SingularityDAO is a decentralised, blockchain-based organisation with the main goal of governing DynaSets. DynaSets are diversified baskets of cryptocurrency assets dynamically managed by AI and curated by the protocol. SingularityDAO brings the financial sophistication of AI-managed funds to DeFi, deploying SingularityNET’s AI technology to navigate complex markets.

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. The protocol is democratically governed as a Decentralized Autonomous Organization (DAO) with a governance token (SDAO).

Tokenomics

Voting power in SingularityDAO is granted by the SingularityDAO token (SDAO). The DAO allows users to vote on proposals using liquid democracy, also known as delegative democracy. The users can vote directly on proposals or take a more hands-off approach by delegating their tokens’ voting power to someone else to vote for them. The DAO will control, in a democratic way, which DynaSets are on the platform. It will also have the power to make changes to the economic variables and protocols of the platform or even amend governance protocols. Proposals can be tabled only by the SingularityDAO team at first, with this power being decentralized to the community of token holders progressively over 5 phases.

Community and Communication

SingularityDAO is active on:

Available Audits

SingularityDAO has been audited by CertiK in August 2021:

Market and Trading Data

  • SDAO’S price at the time of writing is $3.91
  • All-time high: $6.61 (Sep 6, 2021)
  • All-time low: $0.3827 (May 23, 2021)
  • 24,010,493 Circulating Supply
  • 100,000,000 Max Supply
  • The current market capitalization is $93,823,995
  • The SDAO token is available on Kukoin, Gate.io, Uniswap (V2), Uniswap (V3), 1inch Exchange.
  • The last 24-hour spot volume is $7,635,511

Benefit for Bancor

Through this listing, the Bancor ecosystem will benefit from exposure to SDAOs by hosting one of the deepest liquidity pools for SDAO pairs, which can attract yield farmers and speculators of yield. The intention is to increase the size of the pool over time. The goal is to increase liquidity in tokenized yield markets so that yield farmers can hedge their risk and traders can speculate on volatile APY rates.

Founders

Marcello Mari

Marcello is the CEO of SingularityDAO and Director of Comms at SingularityNET. He was part of the founding team of SingularityNET in 2017. He was a contributor to TechCrunch, Wired, and The Guardian, following a career in marketing and PR across a number of tech startups in London.
https://www.linkedin.com/in/marcellomari/

Ben Goertzel

Ben is the co-founder, CEO, and Chief Scientist of SingularityNET. Under Dr. Goertzel’s guidance, SingularityNET is bringing AI and blockchain together to create a decentralized open market for AIs. He developed one of the first Open Source AI frameworks for broad-based AGI development and research. Among his other roles, Dr. Goertzel is the Chairman of the Artificial General Intelligence Society and the OpenCog Foundation, Chief Scientist of robotics firm Hanson Robotics, co-founder of SophiaDAO, co-founder of NuNet, Chief AI Scientist and co-founder of Rejuve, co-founder of Awakening. Health, co-founder and Chairman of Singularity Studio and Chairman of Novamente.
https://www.linkedin.com/in/bengoertzel/

Mario Alberto Casiraghi

Mario is CFO of SingularityNET and SingularityDAO. Prior to SingularityNET he was co-founder and head of blockchain entertainment company Xfinite, for which he raised over $25 million via STO. He started his blockchain journey as the founder of DandYlion and a partner at Blockchain Solution Partners. Prior to working in blockchain, Mario spent six years in financial markets working at Bank of America Merrill Lynch and RBS as a specialist in Debt Capital Markets, where he completed more than 50 transactions and around €80 billion in financing.
https://www.linkedin.com/in/macasiraghi/

2 Likes

Thank you for the proposal. I’ve moved it to the correct category.

To complement it, the top 10 holders are exchanges, contracts and one wallet with 0.507% of the circulating supply (Figure 1).


Figure 1 - Top 10 SDAO ERC-20 holders, taken from $2.6498 | Singularity Dao (SDAO) Token Tracker | Etherscan

As stated above, the token has a minting mechanism, which does not go against the whitelisting requirements:

  1. Minting of new tokens should be restricted and conform to the whitepaper and the security audit.

The token is relatively new, so there’s a concern with price upside w.r.t. accrued IL. According to coingecko, the only DEX it is traded on is Uniswap V2 (Figure 2).


Figure 2 - Spot markets for the ERC-20 SDAO, taken from SingularityDAO price, SDAO chart, market cap, and info | CoinGecko

According to Uniswap v2 analytics, the SDAO/ETH and SDAO/USDT pool have a $1,975,697 TVL and $1,924,328 24hr volume. A 150k BNT co-investment would allow for $1,050,000 TVL on the SDAO/BNT pool.


Figure 3 - SDAO/ETH and SDAO/USDT pools on Uniswap v2

1 Like

Hi @SingularityDAO,

Welcome and thanks for posting this proposal. I had question regarding the LM incentives on the uniswap pools:

do you know approximately how long they will last? I am also wondering if Singularity DAO would be willing to incentivize the Bancor pool in the future should the whitelisting go through successfully? Note that at the moment we can’t support LM rewards for 3rd party tokens but will have this capability with our V3 release.

I would also like for this pool to be the deepest SDAO pool in the future:

image

and we can consider a co-investment increase as a follow up proposal should this past. Ideally, our liquidity depth should be greater than Uniswap.

1 Like