Singularity's June Confidential DeFi Update

Good morning, good afternoon, and good evening to everyone across the globally distributed DeFi network. We're glad you're here.

This past month, we have consistently focused on advancing our protocol from both technical and security perspectives, deploying on different chains, and announcing new partnerships.

As a reminder, Singularity’s mission is to enable liquid funds, venture funds, and institutions to have discretion and maintain the confidentiality of their on-chain strategies in a compliant manner.

Product Update

After deploying on mainnet last month, we accelerated our efforts to improve user experience, expanded to additional chains, announced new partnerships, and implemented enhanced security measures.

Let’s dive in.

Deployments and Integrations:

Completed Deployment: Ethereum and Arbitrum

Deployment Testing: BounceBit

Completed Integrations: Rocket Pool, zkMe, and Quadrata

Integration Testing: Sablier

New Partnerships:

• zkMe (Enabling KYC’d users access to the Arbitrum blockchain)

  • zkMe issues on-chain zero-knowledge KYC attestations to users without disclosing any personal information

    • Singularity can onboard their 600,000+ KYC-verified individual users seamlessly to Singularity, many of whom are already active on the Arbitrum blockchain.

• Quadrata (Enabling KYB’d users access to the Arbitrum blockchain)

  • Quadrata enables Singularity users and their existing users a portable digital passport for compliant access to Web3 applications while preserving user privacy

  • Partnership Benefits: Integrating Quadrata’s KYB/KYC solution with Singularity’s infrastructure, we can provide 200+ institutions access to DeFi on the Arbitrum blockchain.

New Security Measures:

Understanding the added layer of smart contract risk our users face, we take this very seriously. Therefore, we have contracted Cube3AI to provide an additional layer of security and monitoring for our contracts.

Cube3.AI uses machine learning to monitor in real-time and can stop nefarious transaction attempts, protecting our users 24/7, 365 days a year.

Want to partner with us? Connect with us by clicking the link below:

Introducing Compliant Staking

In an effort to bootstrap TVL we are launching an innovative mechanism called Compliant Staking to reward users for - as the name suggests - lock their assets in Singularity and in return earn points and ultimately improving the obfuscation for all users in the Singularity protocol.

How does Compliant Staking work?

This process begins with users completing KYB/KYC procedures. Afterward, they deposit and lock their assets into the Singularity contract and mint an equivalent amount of sgTokens on a 1:1 basis. These sgTokens are permissionless and can be freely used for additional liquidity wherever supported.

For example, let's say a user has 10 ETH in their KYC or KYB-verified wallet. They can stake and lock the 10 ETH to mint 10 sgETH and earn Singularity points.

We'll be announcing compliant staking later this week, along with our first partner for the staking campaign.

If this is something of interest to you, please reach out to [email protected] or connect with us below:

Additional Awareness Pieces:

Check out our blog to read more about the types of features you can do with Singularity.

Integrations, partners, investors, and users are all welcome to connect with the team.

Thanks for reading our June update!

🟢 The Singularity team