SingularityDAO: End of Year Update 2021
Wow, what a year! As a team, we at SingularityDAO would like to take this opportunity to thank you for all your support during 2021 and wish you all a Happy New Year. It has been such an amazing year and we could not have done it without all of you. From those of you who have been with us since day one, to people who are just now discovering us, thank you for everything.
With 2021 drawing to a close it seemed like the perfect time to reflect on everything that has happened over the past 12 months and what a 12 months it has been!
What is SingularityDAO?
SingularityDAO is a DeFi Protocol designed to remove the stress, fear and hassle currently associated with Decentralized Finance and Cryptocurrency. Our team are at the forefront of DeFi 2.0 and are already pushing hard towards 3.0 — The brain child of Ben Goertzel (CEO and Founder of SingularityNET) and Marcello Mari (CEO of SingularityDAO) SingularityDAO is taking the tools of traditional finance and rebuilding them for the blockchain. Using the Artificial Intelligence backbone that SingularityNET is building, we are creating advanced AI Algorithms capable of watching market sentiment, performing technical analysis, automatically rebalancing assets while also watching global economic events, politics, and many of factors to make well informed trading decisions in order to beat the market and generate profit. Our platform hosts a whole range of DeFi tools, but let’s begin by talking about our primary offering, non-custodial decentralized hedge funds, named DynaSets.
What are DynaSets?
A DynaSet is a dynamically managed set of assets. You can think of it somewhat like a basket of tokens automatically rebalanced by a combination of humans and AI, incredibly similar to a Hedge Fund in traditional finance.
For this example, let’s consider a DynaSet composed of USDC and BTC. If the indicators that our trading and AI team have set suggest to them that BTC is showing signs of a price increase, the trading team ‘DAM’ (Dynamic Asset Manager) of Humans and/or Artificial Intelligences then exchanges USDC for BTC. They then wait for BTC to reach a target price point, before swapping it back into USDC thereby generating “Alpha”.
January to April
During these first few months of the year SingularityDAO was a team of just 5 people planning and making acquaintances. Marcello, Mario our CFO and Jerome, one of our lead Developers, along with Ben were busy brainstorming what has now become the SingularityDAO Platform and all things included.
While Jerome was hard at work laying the foundations for all that has since then been built and making sure we had a project to launch, Marcello and Mario were racing around meeting potential investors and partners to ensure that the launch happened.
All the hard work of the previous few months came to fruition in May when we held our Governance Generation Event and the SDAO token was released into the world. At that same time we began to Airdrop 5% of our total supply to SingularityNET’s AGIX holding community.
For a team of only 5 people it was a massive achievement to do all this, but also incredibly hard work so hiring went into overdrive and the team started to grow.
With our team expanding rapidly we were able to move forward with creation of the SingularityDAO Platform and in June invited volunteers from our community to beta test the platform.
A massive shout out to all our community beta testers for such helpful and well considered feedback regarding the platform beta and many more things since.
Beta testing was under way, the development team was hard at work preparing the platform and our CEO Marcello Mari was being interviewed by CNN! After only 3 months since the project launched we were featured in not one but two CNN pieces airing on global TV.
Alongside this we were fortunate enough to have caught the attention of Gate.io who decided to list the SDAO token on their platform and of course while all of this was going on, we were still hiring!
August was a huge month for us, it marked the end of our Airdrop which saw the last of 5 million SDAO tokens distributed to AGIX holders.
We launched the open beta of the SingularityDAO platform, which you are all currently using to swap, provide liquidity, yield farm, stake SDAO, stake NuNet and even watch your DynaSets trade!
Bonded Staking began in September and our TVL sky rocketed to over 50% of our circulating supply being locked within our platform. Since then it has never dropped below that number.
Thanks again to everyone for showing such confidence in what we are doing and supporting it from day 1.
Alongside the launch of Epoch 1 and Bonded Staking, we of course continued development and hiring. By this point that team of 5 from the start of the year was closer to 35!
October was a special month for the SingularityDAO team, almost every single team member made the trip from all corners of the world to meet up in France for 5 days. What was previously a group of strangers working on a DeFi project became a group of friends and colleagues working collaboratively to make a shared dream come to life. Work was done, presentations were made, projects were planned, workshops were held, food was eaten and wine was drunk! A true team was formed.
Of course that’s not all, we began our relationship with Hacken who now handle all of security and audits and have truly been a wonderful partner to us.
Epoch 1 also rolled over in Epoch 2 at this time and even more people placed their trust in SingularityDAO and staked their tokens.
Another special month, this time for both SingularityDAO and the SingularityNET Ecosystem as a whole. NuNet was launched from our freshly released Launchpad. 2 million dollars was contributed in just 90 seconds.
What an amazing result and with that, NuNet, the second spin-off and third member of the Ecosystem was born.
We didn’t stop there though, we also launched the SDAO token on Binance Smart Chain and opened SDAO/BNB and SDAO/BUSD pools on Pancake Swap.
It probably won’t surprise you to hear that December was a special month for SingularityDAO, the truth is, every month in 2021 was special for one reason or another, we have been truly blessed to have such a great project, team and community.
December really was extra special though and ended the year with a bang! We opened the month with our Advent Calendar and invited the whole community to apply to join the beta test of DynaSets. We onboarded a few very special influencers too, some of which have already begun putting out content with much more to follow.
We launched staking, yield farming and our own bridge for Binance Smart Chain. The DynaSet beta began with the launch of dynSING (SDAO/NTX/AGIX/USDC), dynBTC (BTC/USDC) and dynETH (ETH/USDC) and around 3 million dollars was contributed to aid in the testing. Once again thank you all for placing such faith in the products we are developing.
December really was a busy month though, because not only did we announce a partnership with SoftServe to assist us in refining and strengthening our platform ready for deep AI integration in the New Year, we also won the PancakeSwap auction which enabled people to stake SDAO and earn CAKE.
This barely scrapes the surface of all that happened in December, so let’s close this off with a quick list of cool reveals:
- DynaSet Deep Dives including how Fees are currently distributed to DAO members
- AI 2021–22 Roadmap including a hint from CTO Chris Poulin of a confidential project involving DeepMind
- SingularityDAO Discord Server opens
- 1inch Integration
- Call-to-Action for two governance events happening in January — dynUSD and Launchpad Allocation
Closing thoughts from Marcello Mari, SingularityDAO CEO
2021 has been one of the most incredible years for me personally and professionally as a founder bringing to life the initial vision of SingularityDAO as imagined by Ben Goertzel and myself in the fall of 2020.
We achieved so much especially thanks to an outstanding team of talents that have joined the initial team of founders and, of course, you, our community!
A special thanks also goes to the SingularityNET Foundation for the consistent and ongoing support in all that we do.
Without all of you this would have not been possible.
With this in mind we look forward to 2022, the year in which we’ll build and launch more DynaSets and more products. We’ll build and train more machine learning, sign new partnerships, hire more people and bring SingularityDAO to the success it deserves!
Ad Astra, Per Aspera!