Artificial intelligence and the crypto space are finding common grounds, Fetch.ai recently launched its NFTs for AI arts. SingularityDAO also focuses on creating AI-driven investment portfolios.
SingularityDAO, a DeFi portfolio manager, has named Chris Poulin as its new chief technology officer and head of artificial intelligence, highlighting the company’s goals for AI-driven investing solutions.
Poulin’s new job will entail working on SingularityDAO’s DynaSets, an AI-powered method for curating a curated portfolio of crypto investments.
DynaSets are contracts that contain a collection of DeFi tokens in one place, making it easier for investors to manage their portfolios. The development of innovative AI-driven products for the DeFi sector is also part of the job description.
Poulin worked as a managing partner for Patterns and Predictions, a Boston-based predictive analytics firm, for 13 years before joining SingularityDAO. He also worked at Microsoft as a senior director of machine learning and data science.
Decentralized finance has been one of the most popular applications of blockchain technology, but proponents believe that future iterations of DeFi protocols will include additional automation features, such as AI-managed derivatives, AI-mitigated risk management solutions, and user scoring.
Artificial intelligence has also been proposed as a possible value driver for automated market makers, deferred payment loans, and even insurance.
DeFi continues to attract yield-seeking investors eager to profit from their crypto assets in the form of passive income. Early-stage DeFi plays have also piqued the interest of investors because of their potential to appreciate swiftly. According to CoinMarketCap, the DeFi sector has a total market valuation of roughly $116 billion.
After the industry’s total value locked, or TVL, reached a new high, the DeFi market recently achieved another milestone.
According to industry insiders, TVL was valued at over $160 billion on Monday, slightly higher than the record reached in May of this year.
BENQI, a DeFi protocol, just achieved $1 billion in TVL less than a week after debuting, according to Cointelegraph. The goal was met far faster than other major DeFi programs that debuted in the previous year.
