SingularityNET, a decentralised platform specialising in artificial intelligence (AI), has forged partnership with Minswap Labs, a multi-pool decentralised exchange (DEX) built on Cardano. The collaboration, announced on April 17, aims to merge DeFi technology with AI on the Cardano blockchain to enhance the efficiency and functionality of both sectors within the Web3 ecosystem.
AI Integration in Cardano’s DeFi Space
The partnership is multifaceted and focuses on various key areas. A primary objective is to utilise SingularityNET’s AI expertise to upgrade the Minswap platform. Through SingularityNET’s AI tech stack, Minswap plans to improve user interfaces, streamline transaction processes, and optimise liquidity provision using smart analysis and prediction.
The collaboration also aims to increase the accessibility and utility of SingularityNET’s native token, AGIX, by integrating it with Minswap. This move could offer new opportunities for AGIX holders to participate in DeFi activities within the Cardano ecosystem.
Furthermore, both companies intend to explore innovative methods of combining AI and DeFi technologies for mutual benefit, creating new products and solutions for the Web3 space.
Potential Advancements for the Minswap Platform
Ben Goertzel, CEO of SingularityNET, expressed enthusiasm about the partnership, stating that AI could enhance the Minswap platform’s offerings. This could include intelligent user interfaces, AI predictive and causal analysis in transactions, and assistance with liquidity provision.
The two companies plan to work together on liquidity pools, connections, and possibly integrating SingularityNET’s token bridge functionality with Minswap in the future. This could facilitate the interoperability of AGIX and ADA, increasing their utility on both platforms and within the broader Cardano community.
Price Movement of ADA and AGIX
The announcement of the partnership had an impact on both ADA and AGIX prices. ADA, Cardano’s native token, saw a slight decline of 3.3% in the past 24 hours.
Meanwhile AGIX experienced a 2% drop. At the time of writing, ADA is trading at $0.4443, and AGIX is trading at $0.8054, according to CoinMarketCap data.
Overall, the partnership between SingularityNET and Minswap heralds a new era of innovation in the Web3 space, offering exciting possibilities for the integration of AI and DeFi on the Cardano blockchain.