The DeFi portfolio manager SingularityDAO has appointed research scientist Chris Poulin as the new chief technology officer and head of artificial intelligence, focusing completely on the company’s ambitions for AI-driven investment solutions.
Chris Poulin will be appointed with developing SingularityDAO’s DynaSets, which is an AI-powered system for building a curated basket of crypto investments. DynaSets hold a collection of DeFi tokens in one contract and allows investors to more easily manage their portfolios. The position of Chris Poulin in the company also will focus on developing new AI-driven products for the DeFi sector. Before he joined SingularityDAO, Chris Poulin is MIT-trained and served for 13 years as a managing partner for Patterns and Predictions, which was a Boston-based predictive analytics company. He was also the senior director for machine learning and data science at Microsoft.
It is seen that decentralized finance has emerged as one of the biggest use cases for blockchain technology. But many say that future iterations of DeFi protocols are likely to include more automation features, that might be including AI-managed derivative products, AI-mitigated risk management solutions and user scoring. Artificial intelligence has also been pointed as a potential value driver for automated market makers, DeFi lending and even insurance.
Currently, DeFi is attracting yield-seeking investors looking to earn passive income on their crypto holdings. According to CoinMarketCap that the DeFi sector has a total market capitalization of around $116 billion.
On Monday, the TVL (total value locked) was at around $160 billion, which in fact exceeded the peak from May of this year. Cointelegraph recently also reported that DeFi protocol BENQI reached $1 billion in TVL and that too in less than a week after its launch. This made DeFi market reach a new milestone. The milestone was achieved much faster than other leading DeFi projects that launched over the past year. DeFi is soaring high currently and slowly it seems going to be at one of the highest points.