Proposal: Add $INDY as a collateral asset to Lenfi
Proposal Description
I would like to add the $INDY token as a collateral asset in Lenfi.
- Approve
- Disapprove
- Abstain
Short Summary
Indigo is an autonomous synthetics protocol for on-chain price exposure to real-world assets, built on Cardano. iBTC and INDY are Cardano synthetic versions of BTC and ETH from Indigo and iUSD is a decentralized and overcollateralized Cardano native stablecoin.
- Project and token overview
Indigo allows anyone to create synthetic assets, known as iAssets. iAssets can be created using currencies such as stablecoins and ADA. They have the same price effect as holding the asset being replicated. This allows you to gain profit from the increase in price of an asset without owning the original asset itself.
Indigo is currently the 1st largest protocol by TVL on Cardano (as per DefiLlma) and its token $INDY allows holders to benefit from the revenue of the protocol thru staking.
- Explain the positioning of the token in the Cardano ecosystem. How will it benefit the protocol?
Users will borrow assets on Lenfi using $INDY as collateral. Indigo being the biggest protocol by TVL on Cardano Lenfi protocol will benefit in terms of volume and TVL.
- What’s the asset’s utility?
- Governance
- Staking to get $INDY rewards and earn $ADA from liquidated CDPs
- Liquidity farming on DEX’s
- Token data
Market Cap (Taptools): 45M ₳ (14.02.2024)
Circulating Supply (Taptools): 9.78M - 27.9% (14.02.2024)
Total Supply (Taptools): 35M
TVL (Taptools): 165M ₳ (14.02.2024)
Volume 24h (Taptools): 320K ₳ (14.02.2024)
Conclusion
Adding $INDY to Lenfi is a key move as Indigo is the biggest Defi Protocol by TVL on Cardano.
References
- Website
- Whitepaper
- GitHub
- Discord
- PolicyID - 533bb94a8850ee3ccbe483106489399112b74c905342cb1792a797a0