SingularityDAO End Of Year Report: 2022 Deep Dive

Greetings DinoForce

A Deep Dive into 2022
For a summary and timeline of what occurred at SingularityDAO in 2022 please refer to this article. For those who want to learn more about the deeper goings on within the project, the following pages take a closer look at everything that was achieved this year and offer a glimpse into what is coming in 2023.

DynaSets: dynBTC & dynETH
With the very first DynaSets launching at the very end of 2021, as the core product of SingularityDAO these have always been one of the top priorities and are proving to be a huge success. First up was the closed and then open beta of dynBTC and dynETH which massively outperformed their underlying assets. With the beta underway in January, work had already begun on Protocol V1, enhanced and refined contracts. DynaSets opened in December of 2021 just 6 months after the project began, and were officially released to the public in November of 2022. With a combined total of $4,400,000+ in contributions from over 880 unique contributors, and the current live trading window substantially outperforming the wider markets, DynaSets are positioned to take 2023 by storm.

DynaSets: dynBTC/dynETH and LP Redeem/Withdrawal
With the full release of dynBTC and dynETH on new ‘Protocol V1’ Smart Contracts, users were able to withdraw and redeem LP tokens representing their portion of the DynaSet. With this enabled, DynaSets became truly decentralised and non-custodial solutions.

DynaSets: dynDYDX
Alongside the official launch of dynBTC and dynETH, a new beta DynaSet that leveraged the dYdX protocol to allow long/short leveraged strategies was also released within the DynaLabs section of the dApp. Users were required to accept some additional Terms & Conditions to participate in a very early example of one amazing product that is coming to the SingularityDAO Protocol.

DynaSets: dynL1BNB
A DynaSet on BNB Chain that was voted by the community, dynL1BNB consists of nine Layer 1 blockchain tokens in a single DynaSet and is set to launch in Q1 of 2023. For full details regarding this product, please refer to this article.

DynaSets: dynYIELD
Part of the 2022 Roadmap revealed that a stablecoin DynaSet as well as one with Yield Farming capabilities was in development. Those who proceed to read this article in its entirety will notice a common thread throughout, that of ‘dynYIELD’. Scheduled for launch in early 2023, dynYIELD will show off a lot of the new technologies that have been developed over the past 12 months, and be the first fully automated DynaSet to launch alongside the next generation of SingularityDAO, internally named “Protocol V2”.

DynaSets & Blockchain: Audits
To start, a huge shout out to the team at Hacken who handle SingularityDAO’s 3rd party audits, always professional, always helpful and reliable, and always prioritising the high-paced schedule and optimistic deadlines set by the team. Security of the product outweighs any other priorities and all code is optimised to meet the highest of safety standards, it can never be overlooked how important it is to do so.

With that said, due to the hard work and diligence of both teams, all contracts released in 2022 received the top security ratings which can be viewed here.

Blockchain: Protocol V1
In late 2021 ‘Protocol Beta’ was launched, and many lessons were learned, including the fact that R&D was clearly on the right track, but that further decentralisation and improvements were required.

With decentralisation being a top priority, work began immediately on V1, which launched mid-2022. These contracts focused mostly on decentralisation with the release of DynaSet LP Tokens delivering a fully on-chain, non-custodial solution.

With V1 just a few days old, planning was already underway to design Protocol V2.

Blockchain: Protocol V2
While 2022 was a big year for DynaSets, 2023 is set to be even bigger, with the launch of Protocol V2 bringing upgrades not only to Dynas, but to almost every aspect of SingularityDAO. While not quite ready to reveal all the details, here are just a few things that users can look forward to when it is released early in the new year.

• DynaSets Open 24/7/365
• The end of trading windows
• New types of DynaSets such as Index, Yield and more…
• Fully reworked staking mechanics
• The foundation for Tiers and SREP
• A whole new tokenomic structure with far-reaching benefits
• Additional decentralisation

That covers the blockchain work done in 2022, it’s time to move on to the dApp:

dApp: New Website/UI/UX
In the summer of 2022 with the launch of new DynaSets, SingularityDAO also launched its new website. This design is just the beginning of what the team is aiming to achieve.

Currently in the works is a new homepage that’s scheduled for release in the next few months.

In 2023 the team is looking to implement multiple languages and a ‘lite-mode’ for new users.

dApp: The Rebrand
In December of 2021 a branding agency was tasked to deliver a new look for SingularityDAO. After a study of fonts, colours, images and lines, and infinite rounds of reviews and discussions, new branding was delivered. The UI/UX team along with the art team at SingularityDAO took these newly delivered concepts and created the dApp and look that you now see when visiting the platform. While the rebrand was a big success, the full implementation of that is still ongoing and will continue well into the next year with improved User Interface and Experience.

dApp: New Features
A lot of focus regarding new features will be Protocol V2 and all the benefits it’ll bring. More on what this means for the dApp will be explained in a separate article very soon.

Launching in the coming months will be the User Dashboard, which will not only allow users to get general information on statistics like supply and TVL, but also information tied to their wallets directly like PnL and a quick overview of all outstanding yield making the Dashboard an excellent page to start your day.

After Dashboard, the focus will switch towards features that complement Protocol V2. SREP will introduce a lot of new features and the DAO participation structure and system will be implemented as well as other governance-related features. These updates all link back to Protocol V2, so expect to hear a lot more about them in the coming weeks.

Other features launching in 2023 will be an on-chain referral system and perhaps more customization if time allows.

2023 will hopefully also be the year for new Launchpad projects. There have been a lot of interesting projects planning to launch on the Launchpad, however, 2022 proved not to be the best time for such undertakings. The Launchpad isn’t forgotten, but there is a big dependency on market conditions.

Next up, something that makes DynaSets, Blockchain and the new dApp all possible, but gets little mention, is the Backend:

The Backend
A lot of work this year went into building, and then refining one of the core components of the DynaSet ecosystem’s backend infrastructure. There are two logical separations of backends — The Execution server which is responsible for executing the trades and the API Server which is responsible for exposing the required endpoints consumed by dApps and other services.

In the current version of Dynaset, these components have been deployed as containers. As the protocol is moving to a new version of DynaSets as part of Protocol V2, enhanced backend infrastructure has been designed and deployed to provide highly reliable and scalable services.

Through a partnership with SoftServe, one of the tech industries leading security advisors, a full audit of all backend infrastructure was also performed to guarantee top-level security. Those interested can read this report which was recently released by SoftServe.

Now, it’s time to take a look at what has been happening with Artificial Intelligence and Automation at SingularityDAO.

AI and Automation
The 2022 roadmap listed a number of projects related to AI and Automation. Most of these have been in the research and development stage now for the better part of a year, and while some are being used internally already, not much has been shared with the community. Read on to learn the latest.

AI and Automation: Price Prediction Neural Nets
What started as a project to create price prediction signals for current DynaSets, has evolved and split into two use cases for this technology. One of these remains to create signals, however, the first time that users of the SingularityDAO Protocol will see this technology applied will be in the predictive rebalancing of the upcoming dynYIELD DynaSet which turned out to be an amazing second use case for this tech. With dynYIELD launching in early 2023, the community will be able to really see AI in action.

Alongside this, some indicative connections between trends in social media and cryptocurrency price movements have been found, as discussed in the paper that was presented during the AGI-2022 conference and AI/AGI in FinTech Workshop this year. These connections are being incorporated into price prediction models to be further included in other products and offerings, such as the Market Scanner Dashboard (MSD).

AI and Automation: Trading Bots
Progress on trading bots has been steady, and they are now ready for deployment. Linking nicely back to the previous topic of Neural Nets utilised by dynYIELD, the first live use case of trading bots will be in combination with the AI of this DynaSet.

Studies in the field of market simulation and backtesting to improve state-of-the-art “Adaptive Multi-Strategy Agent” technology for market making as presented in another paper at the same AGI-2022 conference and AI/AGI in FinTech Workshop. This work is now extended to multi-asset portfolio management and re-balancing relying on the latter technological stack. The latter functionality may also become available in the Market Scanner Dashboard tool which is now under development so that the trading and market-making strategies can be evaluated against projected portfolio structures.

AI and Automation: Sentiment Analysis
In order to enable the price prediction study and application, a framework of programmatic collection for social media feeds related to the domain of crypto finance on Twitter and Reddit and came up with an analytical framework capable to perform efficient sentiment analysis and detection of cognitive distortions in social media content has been created and presented in this paper at INLP-2022 Worksop on Interpretable Natural Language Processing. This will also come bundled into the pioneering Market Scanner Dashboard tool.

AI and Automation: On-Chain Entity Aggregation and Event Detection
Following the fallout of Celsius and FTX the need to derive methodologies to monitor such events and the factors leading up to such cases became more prominent. Various avenues were explored from classical alerting methodologies based on wallets and entities to more AI-based flow aggregations. AI and automation methodologies were developed to assist Twitter detectives who were then able to break these stories before mainstream media. After achieving various levels of success using on-chain flow aggregations, ways to standardise such insight to maximise the value provided to the wider community are being explored.

Tackling novel cross-sections of AI and DeFi research involves rapid iteration based on results and effectiveness at each stage and efforts will continue in an iterative process through early next year with the goal of formalising methodologies to provide to the market.

AI and Automation: Flow-Based Risk Framework
Methods to monitor risk across DeFi markets were augmented and utilised to provide a more accurate overview of on-chain position health levels across the board. Utilising open data available at various levels from wallet to the protocol so as to tackle the lack of liquidity-based risk methodologies present in the market, AI and DeFi expertise were utilised to derive such metrics as signals for positions taken in different protocol types and structures.

Whilst Risk methodologies are readily available across the industry, the rapid advancement of standards for novel protocols requires quick and adaptable practices to continue to provide coverage across the market setting a standard. As these methods are tested over time internally, standardised open-sourced elements to the market will begin to be released to the market.

Governance Events
This year played host to the first 4 SingularityDAO Governance Events, which were:

• Launchpad Allocation Vote: After the successful launch of NuNet from the SingularityDAO platform, some users voiced their concerns over how allocations were handled. It was therefore decided to take community feedback and have a vote to choose a new method for future events.
• Governance and Organisation Vote: Following on from the launchpad allocation vote which led to the first iteration of a Tier System, further thought and discussion resulted in a governance event to further define some of the early layers of how such a system would be implemented across the protocol.
• Community DynaSet Vote Round 1: This was a two-part event, the first of which selected what type of DynaSet would be launched on BNB Chain.
• Community DynaSet Vote Round 2: The second round of this event chose the contents of the DynaSet to be included.

In 2023 steps will be taken to further leverage and enhance the DAO, gradually increasing the frequency and importance of proposals as well as integrating DAO participants further into the everyday functioning of the protocol. Once again this ties back to the enhancements that Protocol V2 is laying the groundwork for.

With most of the tech news covered, a pivot to more marketing-oriented topics is due.

Growth
With all the amazing advancements that the protocol has gone through in 2023, it was important to leverage these amazing achievements and deliver to them a new awareness of the project. In this section a few topics will be covered, overall social growth, events attended, partnerships signed, and integrations with other protocols.

Growth: BNB Chain
Token Holders: 950+ to 8400+
Stakers (Unbonded): 200+ to 4600+
Stakers (Bonded): 1200+
Combined: 14,200+

Growth: Ethereum Network
Token Holders: 7200+ to 8600+
Stakers (Unbonded): 1400+ to 3400+
Stakers (Bonded 6m): 1600+
Stakers (Bonded 12): 1100+
Combined: 14,700+

Growth: Combined
From looking at these numbers, a total of around 19,000 users hold SDAO tokens in some way or another. While efforts have been made to minimise overlap of non-unique holders and wallets with <1 SDAO, these numbers should be viewed as indicative, not exact. 2022 has shown strong and steady growth in users deciding to become a part of the DAO, with a more than doubling of unique addresses.

Growth: Team
The team developing the technology of the SingularityDAO Protocol has grown too. Entering 2022 there were just 23 members consisting of Blockchain, Frontend, Backend, and AI Devs, Quant Analysts, Financial Professionals and Marketing Gurus, and every single team has grown to some varying degrees, as well as a new team of Legal Advisors being brought on board. Now, consisting of 40 full-time contractors SingularityDAO is in a strong position moving into 2023, whatever challenges the year may decide to throw this way.

Growth: Social

Twitter: 29,000+ to 72,000+
Discord: Launched in 2022 and now at 20,000+
YouTube: 2,500+ to 4,000+
Instagram: 6,800+ to 7,300+
Telegram: The growth of Telegram has not been a priority this year and has sat at around 10,000 for some time. As the DAO grows it will become necessary to strategically move the community to a place that offers better interactions, discussions and management of topics, for this reason, 2023 will be the year of SingularityDAO’s migration to Discord.

Partnerships/Integrations
There is a growing narrative in crypto, that of ‘The DeFi Money Lego’. Protocol interoperation enables users to take part in more intricate and beneficial interactions. SingularityDAO’s DynaSets are one unique and highly effective building block of the DeFi ecosystem, and taking part in this ‘Money Lego’ both raises awareness of the project, and puts it in a strong position moving into 2023. Throughout the year a number of partnerships and integrations took place as SingularityDAO further integrated different aspects of the building blocks of DeFi.

Partnerships/Integrations:

• Trust Wallet: SingularityDAO was selected as one of the Trust Wallet Browser Extension Launch Partners
• InsurAce: Teaming up with InsurAce enables users to insure their assets held within SingularityDAO Smart Contracts
• Chainlink: Chainlink Oracles are used as a fallback oracle solution, to determine the value of DynaSets assets
• Eden Protocol: Integration with Eden Protocol protects DynaSets from front-running attacks
• dYdX: By leveraging the dYdX Protocol, SingularityDAO is able to offer users access to a beta version of DynaSets that is able to apply leverage to both long and short trades
• The Graph: The Graph is being utilised to access advanced data structures
• Delta Portfolio Tracker: With dynETH and dynBTC contributors now having full custody of their LP tokens, users can track their holdings on Delta
• Multichain: Enables users to bridge their tokens between Ethereum and BNB Chain
• Snowflake: Snowflake is used to structure the data being received from the AI

Events
This year SingularityDAO attended a number of events around the world, both big and small. Here are some of the highlights:

Events: Quant Team Retreat In Copenhagen — Denmark — March 27–29
During this retreat, the Quant, Finance and AI team worked together to map out the future for their respective areas of research and development. At the same time, they met up with SingularityDAO Partners HuginExpert. With the expertise of HuginExpert, trading knowledge and strategies were turned into complete digital mind maps, to be used as a foundation for building DynaSet strategies. Subsequently, this process led to the application of optimisation techniques in a qualitative and quantitative manner.

Events: Blockchain Team Retreat In Budapest — Hungary — January 22–27
During Blockchain Team Retreat in Budapest, the dev team got together to finish the DynaSet V1 design as well as set up the requirements for dynYIELD and decide what foundation is needed to take the protocol to the next level.

Events: Full Team Retreat In Lisbon — Portugal — July 10–21
On July 10th of 2022 a large portion of the SingularityDAO Team met up in Lisbon, what followed was an amazing two weeks of presentations, brainstorming sessions, and some after-hours team building activities. The result of this retreat was an international group of individuals becoming a tightly-knit family with shared visions, goals and dreams, and a firm plan for the future of the project.

Events: Blockchain Rio Festival — Brazil — September 1–4
SingularityDAO received a warm welcome from the Brazilian community at Blockchain Rio Festival. The whole community came together for 4 days of immersive interaction. A SingularityDAO Treasure hunt brought excitement and engagement throughout the festival as people flocked to find the seed phrases to a wallet that had SDAO waiting to be claimed. The festival was followed by after-party events with drinks, music and a great chance for the community to connect.

Events: Token2049 — Singapore; September 28–29
#Token2049 at the Marina Bay Sands, Singapore was a great success for SingularityDAO with a full community turnout. Most of the SingularityNet Ecosystem was at the expo including Hypercycle, SingularityDAO and Sophia Verse. Sophia the robot received a great reception with attendees interacting and taking selfies with her. Token2049 was also supported by several events spread out throughout the duration of the show, which gave an opportunity for the team to interact and connect with the community.

Events: Rarebloom — Colorado; October 14–15
The entire SingularityNET ecosystem was present at the Rarebloom Event in Colorado. The SingularityDAO community was welcomed to interact, watch live demos and receive free merchandise from the entire ecosystem. Rare Bloom is a Cardano community networking event composed of innovators, builders, entrepreneurs, creatives, marketers and educators. It was a great opportunity to directly interact with, get valuable feedback from and get to know the community.

Events: AI Web Seminars
SingularityDAO also organised the AI/AGI in FinTech Workshop in the fields of AGI-2022 conference and presented several talks and publications mentioned below and linked in the AGI-Fintech telegram channel. Other work has been presented at the INLP-2022 workshop.

Press Coverage
SingularityDAO received a lot of press coverage during the year, while unable to list them all here, included are a few of the most interesting articles and topics from some of the biggest Crypto Media Outlets from around the globe:

Press Releases: Asia Crypto Today
https://www.asiacryptotoday.com/crypto-asset-management-tool-which-beat-the-bear-market-launches/

Press Releases: Real Vision https://www.realvision.com/shows/cryptoverse/videos/distilling-the-essence-of-the-dao-0ab5?tab=details

Press Releases: Cointelegraph https://cointelegraph.com/news/as-bear-market-bites-crypto-project-vows-to-level-the-playing-field

Press Releases: Coindesk
https://www.coindesk.com/business/2022/05/19/singularitynet-singularitydao-receive-25m-to-accelerate-ai-backed-defi/

Press Releases: Yahoo News
https://uk.news.yahoo.com/dynasets-eagerly-anticipated-crypto-trading-165300970.html

Closing Comments
As is abundantly clear from the lengthy article above, it has been quite a year for SingularityDAO!

Only 19 months have passed since the project’s inception back in May of 2021 and already so much has been achieved. As always, a huge thank you to the whole community and all DAO participants who have stuck with the project these last months and continue to support the growth and progress of the protocol.

The year 2021 was all about building foundations, while 2022’s main focus was moving the project into a state suitable for wider public release, all eyes now turn to 2023 where SingularityDAO will take its rightful place as a leader in the DeFi space.

Make sure you join the protocol’s social channels so as not to miss out on any of what is to come.

Social Links
Telegram Community
Discord
Twitter
YouTube
Announcements Channel
Facebook
Instagram
Medium
Reddit

Audits