Singularity's May 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, our focus has been on advancing our protocol from both technical and security perspectives. Additionally, some team members had the opportunity to attend the Consensus conference in Austin, Texas.

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

May was a historic month for us! After nearly two years of dedicated effort and countless iterations, our technical team successfully deployed on Ethereum mainnet. 🎉

We are beginning with a beta soft launch, but this is still an incredible achievement for the team.

If you want to try it out, you can find the link to our dapp here:

We welcome your feedback. Please note that you will be prompted to complete KYC/KYB procedures to access Singularity.

In addition, to enhance the usability and design of our user interface and experience, we have upgraded our Notes Management Tool.

This tool, available as a Google Chrome extension, simplifies the management and transactions within DeFi through our protocol.

Please connect with us if you’d like to learn more and use our protocol.

Practical use-case

On-chain confidentiality has a place for a lot of use-cases in the DeFi ecosystem but one that should not be overlooked are confidential OTC swaps.

Specifically, users of Singularity can utilize confidential OTC swaps within our protocol with 100% obfuscation and confidentiality.

In DeFi, settlements are often automated through mechanisms like atomic swaps. This means once both parties input the agreed-upon amounts into a DeFi OTC application, the swap is automatically executed.

How does Singularity ensure all OTC transaction data is discreet?

Within Singularity, users desiring to conduct an OTC swap can do so with total obfuscation, provided they have completed KYC or KYB processes, eliminating the need for an escrow service.

Utilizing atomic swaps, our users can conduct negotiations directly if there is a pre-existing relationship, or Singularity can facilitate matching buyers and sellers through our extensive liquidity network.

To illustrate this with a practical example:

• Institutional User A possesses 1000 ETH and Institutional User B holds an equivalent value in Token X. Both assets are deposited into the Singularity contract.

• Importantly, Institutional User A and User B both have passed KYC or KYB, qualifying them to use our protocol.

• Having a pre-existing relationship, Institutional User A and Institutional User B decide to negotiate the terms of the transaction offline.

• Upon reaching an agreement, User A and User B can then execute an atomic swap using the OTC swap feature in our contract obfuscated by zk-proofs.

• The transaction details and wallet addresses are completely hidden from others.

• If auditing is required, Users A and B can upload their private zk proofs to our compliance tool and receive a printout of the flow of funds.
  
  Read more here:

Team Update

Latest Events: 

• 🇺🇸 Consensus: Jay Xu (Co-Founder & Lead Engineer) and Jonah Schulman (BD & Growth Lead) attended Consensus and had a great time networking, and meeting with partners and potential investors.

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 May update!

🟢 The Singularity team