By
Svetlana Soroka
April 29th, 2024
The announcement of the new partnership had an impact on both ADA and AGIX prices.
SingularityNet, a decentralized platform focused on AI, has teamed up with Minswap Labs, a multi-pool decentralized exchange (DEX) built on Cardano. Announcing on April 17, SingularityNet stated that the two companies would be working together to transform decentralized finance (DeFi) on the Cardano blockchain by integrating DeFi technology with artificial intelligence (AI).
The new partnership between Minswap Labs and SingularityNet signals a new age of innovation, which promises to enhance the functionality and efficiency of AI and DeFi within the Web3 ecosystem.
Bringing AI to Cardano’s DeFi Ecosystem
As per the announcement, the new partnership is multi-faceted and will focus on a number of key areas. One of the main goals is to use SingularityNET’s AI expertise to supplement the Minswap platform. As such, Minswap will leverage SingularityNET’s AI tech stack to improve the user interfaces, enhance transaction processes, and optimize liquidity provision via smart analysis and prediction.
In addition, the new collaboration will amplify accessibility and the utility of SingularityNET’s native token, AGIX, through integration with Minswap. As a result, the new partnership might open up new methods for AGIX hodlers to engage in DeFi activities in the Cardano ecosystem.
Furthermore, the two companies intend to create new products and solutions for the Web3 ecosystem by exploring new ways of combining both AI and DeFi for mutual benefit. Both businesses are additionally keen to develop new products and solutions for the Web3 ecosystem as a whole, looking for creative ways to integrate AI and DeFi technologies that will benefit both.
Ben Goertzel, CEO of SingularityNET, was excited about the new partnership and said that AI could change many things about the Minswap platform. His said:
“The use of modern AI can 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.”
Together, the two businesses will work on liquidity pools (LPs), various connections, and maybe even adding SingularityNET’s token bridge functionality to the Minswap platform in the future. This could make it easier for AGIX and ADA to work together and make them more useful on both platforms and in the larger Cardano community.
ADA and AGIX Ready for the Price Rally?
The announcement of the new partnership had an impact on both ADA and AGIX prices. Cardano’s ADA price has slightly declined by 3.3% over the last 24 hours, while AGIX has seen a 2% decline over the same time period. At the time of writing, ADA is trading at $0.4443, while AGIX is trading at $0.8054, according to CoinmarketCap data.