Indigo Protocol

Indigo Protocol is a Cardano-based protocol for creating synthetic assets, known as iAssets, that track the price of external assets. INDY is its governance token, issued as a Cardano native asset. The protocol lets users mint synthetic exposure by locking collateral rather than by holding the underlying asset itself.

A user locks collateral in a collateralised debt position and mints an iAsset against it, with the position required to stay above a minimum collateral ratio. If it falls below, the position can be liquidated to keep the synthetic asset backed. Oracles supply the reference prices the iAssets track, so oracle accuracy is central to the design.

INDY is the protocol's governance token, used to vote on proposals such as which iAssets to support and how risk parameters are set, and to participate in staking within the protocol. Governance matters more than usual for a synthetic-asset system because collateral ratios and liquidation rules determine whether the iAssets stay backed.

Cardano uses an extended UTXO model rather than Ethereum's account model, so protocols there are built from validator scripts acting on individual outputs rather than from a single shared contract state. Indigo's positions and iAssets are Cardano native assets, and INDY transfers settle on Cardano with fees paid in ADA.

Indigo Protocol is currently priced at $0.08104, down 3.93% in the last 24 hours. It is ranked #1722 by market capitalization. Over the past 7 days, INDY is down 6.73%.

Indigo Protocol has a market capitalization of $1.30M.

There are currently 16.05M INDY in circulation. Indigo Protocol has a maximum supply of 35.00M INDY, meaning no more than this amount will ever exist.