SingularityNET and Minswap Enter Strategic Partnership to Revolutionize DeFi on Cardano
It’s an exciting day for the Web3 sector. SingularityNET, the world’s first decentralized Artificial Intelligence (AI) network, has joined forces in a partnership with Minswap Labs, the company behind the premier decentralized exchange on Cardano.
This partnership showcases the commitment of the two partners to their shared values of openness and decentralization, as well as their drive to collaborate and innovate to bring better products and solutions to the Web3 ecosystem.
The two partners have agreed to explore and develop multiple integrations that focus on leveraging SingularityNET’s AI technology to enhance the Minswap platform, as well as utilize Minswap’s decentralized exchange infrastructure to enhance the accessibility and usability of SingularityNET’s native token. The result? A bridging of AI and DeFi that unlocks new functionalities and efficiencies within both domains.
Beyond the immediate benefits of an AI-enhanced interface, the two companies are ambitiously looking to explore the optimization of liquidity pools and the strategic use of token incentives to encourage participation within their respective ecosystems.
We are happy to report that our collaboration has already started since Minswap has supported SingularityNET in its Artificial Superintelligence (ASI) Alliance governance vote by taking the snapshot of AGIX holders in the Liquidity Pools that belong to Minswap, which represent 99% of the TVL on the Cardano network.
SingularityNET CEO, Dr. Ben Goertzel, shared his thoughts about the partnership:
“As AI comes to dominate the world economy, and decentralized AI plays an increasing role, close collaboration between AI and DeFi technologies will become increasingly critical in multiple ways. There is a variety of ways to use modern AI to enhance what a top-grade DEX like MinSwap already does, from providing intelligent interactive user interfacing to help end-users better leverage MinSwap’s capabilities, to uses of AI predictive and causal analysis within agents carrying out transactions on the exchange and assisting with liquidity provision. Conversely, MinSwap has a potentially pivotal role to play as we extend further SingularityNET AI functions into the Cardano ecosystem, providing the token liquidity needed to fuel these AI applications.”
Long Nguyen, CEO and Founder of Minswap Labs, also commented:
“We are thrilled to partner with SingularityNET, the world’s leading decentralized AI platform. Our shared vision of decentralization will enhance our capabilities and contribute to the growth of the Web3 industry. We closely monitor their progress in AGI and were thrilled with the listing of their AGIX token on our DEX back in April 2022. Our communities have a strong connection, and this partnership will benefit both ecosystems. We are planning numerous initiatives together especially related to Minswap V2, but also including LP collaboration, different AI integrations, and potentially incorporating token bridge capabilities from SingularityNET into Minswap.”
While this collaboration highlights the multifaceted applications that AI can have in enhancing the functionalities of leading projects in the DeFi world, it’s also instrumental in providing the essential token liquidity to fuel the expansion of SingularityNET’s AI functions.
By blending AI with DeFi, the two partners aim to enhance the capabilities and reach of their respective platforms and, ultimately, pave the way for future innovations in the digital economy.
This collaboration is a testament to the shared vision of SingularityNET and Minswap: to drive success and innovation through collaboration, leveraging their combined resources and networks to maximize impact and drive innovation within the Web3 space.
About SingularityNET
SingularityNET was founded by Dr. Ben Goertzel with the mission of creating a decentralized, democratic, inclusive and beneficial Artificial General Intelligence (AGI). An AGI is not dependent on any central entity, is open to anyone and is not restricted to the narrow goals of a single corporation or even a single country. The SingularityNET team includes seasoned engineers, scientists, researchers, entrepreneurs, and marketers. Our core platform and AI teams are further complemented by specialized teams devoted to application areas such as finance, robotics, biomedical AI, media, arts and entertainment.
About Minswap
Minswap is a Decentralized Exchange (DEX) awarded the Best DeFi Awards at the Cardano Summit 2022 and 2023. The purpose of a DEX is to enable permissionless trading of token pairs. For each swap, a fee is taken, which goes to the Liquidity Providers (LPs). Anyone can provide Liquidity as well, hence profits are decentralized. Minswap has pioneered several ideas in the Cardano ecosystem such as the FISO model (touted as the fairest ISO model in the Cardano community) or a focus on Protocol Owned Liquidity.
